- Solana processed more transactions than the next nine chains combined.
- Solana was the third highest-grossing company in March.
Solana (SOL) has emerged as the most widely used blockchain by some margin, hitting a record high in the first quarter of 2024.
A look at Solana’s first quarter performance
An X post shared by popular cryptocurrency influencer Lark Davis shows that Solana facilitated a whopping 2.4 billion transactions in the first quarter. This dominance can be gauged by the fact that the next nine networks on the list process a combined number of transactions lower than Solana.
Source: Lark Davis/X
Solana has historically dominated trading activity in the Web3 space, but last month’s memecoin craze pushed it to its limits. In fact, a large number of coins were created out of thin air on the chain, attracting a large number of retail merchants.
This speculation resulted in more transactions, which in turn increased the network’s fee revenue.
According to AMBCrypto’s analysis of token terminal data, Solana generated more than $34 million in revenue in March, making it the third-highest revenue-generating platform on Web3. Compared to last month, Solana’s revenue has increased nearly six-fold.
Source: Token Terminal
In addition to fees, the number of users actively participating in the network also surged, more than doubling from 426,000 in February to 932,000 in March.
Source: Token Terminal
Solana gets a reality check
Solana was certainly active in the first quarter, but high network usage exposed few gaps in its arsenal.
AMBCrypto previously reported that the chain suffers from high transaction failure rates and that developers have been unable to issue quick fixes to resolve the issues.
Realistic or not, the market cap of SOL in BTC terms is:
FUD due to network congestion has affected market sentiment towards the native coin, SOL. AMBCrypto’s analysis of Santiment data shows that the fifth-largest cryptocurrency received more negative comments than positive comments last week.
Pessimism was reflected in the 7% decline in prices during the week.
Source: Santiment