The Solana Network: Strong and Resilient Amidst User Activity Shift

The Solana network has remained unaffected by the recent surge in user activity from Pump.fun, which allowed users to create and sell meme tokens. However, the network’s performance has improved significantly, with over 3 million active users in two weeks. The network’s resilience is attributed to its robust infrastructure and wide variety of use cases.

One of the primary reasons for the outflow of users from Pump.fun is the introduction of SunFun, a hub for meme tokens on the TRON network. As a result, the number of daily active users on PumpThing has decreased from 56,000 to 33,000, while the percentage of token-issuing wallets dropped from 15,000 to 3,000.

Despite concerns about its health due to this decline, the data indicates that the Solana network is still performing well, earning over $4 million per week compared to its average transaction fees of only $0.002. The network remains one of the most active networks in terms of token transfers and NFT activities.

Bot Activity on the Rise

The Solana network has experienced a surge in bot activity, with roughly two-thirds of all bot activities happening on it. Meanwhile, JitoSOL, formerly referred to as dApp, is currently charging approximately $327,000 per day, down from its peak of $3 million.

The rise in bot activity is a clear indication that the Solana network is an attractive proposition for both developers and users. Additionally, the decrease in users from Pump.fun has resulted in broader use cases changing. Although meme tokens were once the primary use case on the system, recent usage of the network now encompasses other use scenarios, such as decentralized finance (DeFi) and gaming.

This is a good thing for the network, as it increases its overall utility and appeal to broader users. In terms of prices, SOL has traded lower at $128.79, while JTO, the native token of JitoSOL, has experienced reversal, trading near its yearly lows of $2.11, which is around 50% less than its July peak.

The Future of Solana

The Solana network is proving to be strong and diverse, as demonstrated by its low fees, high scalability, and wide range of use cases, which helped overcome the outflow of users from Pump.fun. While this may have caused some concern about the health of the company, the data indicates that it is still flourishing.

Solana’s ability to accommodate a wide range of uses, low fees, and significant scalability make it ideally placed to remain one of the most prominent blockchain networks in the cryptocurrency industry.

Learn More

For more insights and information on the Solana network and its ecosystem, check out this article on CoinSeeks.com: “Solana Network Survey: Strong and Resilient Amidst User Activity Shift”.