Solana NFT Performance Rose In Q1 2022-Bybit and SolanaFM Solana Report

To help investors understand the Solana network performance in Q1 2022, cryptocurrency trading platform Bybit and Solana FM have released an analysis report. Overall, there was a rising trend in Solana’s 30-day rolling mean of daily active unique addresses throughout that time period. Also, Solana dApp projects have a substantially larger amount of active unique addresses compared to those on competitor chains, like OpenSea, Spookyswap, Legacy, and Mobox. In the latter stages of the quarter, Magic Eden took the lead, followed by Serum, Raydium, and finally Mango.

Solana transaction numbers exceeding competing networks’

According to DappRadar and Solfm statistics, the daily transaction figures on Solana projects outstripped the transactions on alternatives projects on other chains. Mango Markets, Raydium, and Magic Eden all trailed Serum when it came to daily transaction volume. Furthermore,  Solana’s activity is significantly higher than that of other chains, such as BNB Chain, Fantom, and Polygon, according to the data.

The number of sales transactions also played a large role in the total number of transactions. However, excluding bot and whale trades between $10,000 and $100,000, these transactions have actually reduced, showing a decrease in selling pressure. But, the aforementioned rise in transactions by whales between 10k and 100k were primarily sell transactions, suggesting that their late arrival to the sale party may have contributed to the ongoing sell pressure.

DeFi suffers a setback as NFT rises

NFT ecosystem on Solana has grown substantially over the past month, even while NFT traction on ETH has begun to decline. There were 9.2 million transactions on Magic Eden versus 1.67 million on OpenSea, an increase of 76.13%. A closer look into the expansion revealed, however, that bots played a role in increasing transaction volumes. For instance, on April 30th, a seven-hour outage of the Solana network was attributed to bots that overstretched the network’s capacity.

Few protocols still hold sway in Solana’s DeFi environment. There is a 68% decrease in the network’s TVL from its all-time high of $15.08 billion, to the current $4.8billion. The top five dApps are all roughly 90% down from their all-time high in terms of token price performance. More than half of the TVL in the network comes from the top five dApps, Solend, Tulip Protocol, Marinade Finance, Serum & Raydium. During the first quarter of 2022, Solana’s DeFi faced comparable difficulties as the Ethereum DeFi ecosystem.