The total value of blocked assets (TVL) on the Solana network has almost doubled since the beginning of the year and amounts to 30.95 million SOL.
The monthly number of transactions on Solana has remained relatively stable this year, while the number of voting transactions has increased.
(Transactions on Solana are a combination of transactions with and without voting)
Despite previous problems such as network outages and the FTX story/ Alameda, Solana achieved 100% uptime this year, demonstrating significant improvement and ability to handle challenges.
Rising Total Value Locked (TVL), outstanding DeFi transaction speed, and stable monthly transaction volume highlight Solana's potential to become a hub for vibrant economic activity.
Solana has implemented solutions such as state compression and isolated fee markets to solve key problems in its technical infrastructure.
For clarity, thanks to state compression, the cost of creating an NFT on Solana has decreased by more than 2000 times (!).
The cost of creating NFTs with and without state compression technology
Creating 1 million NFTs on Solana before the implementation of this technology would cost $253,000 and only $113 after implementation.
A similar collection would cost $33.6 million on Ethereum and $32.8 thousand on Polygon.
< p> The liquid staking market is rapidly developing, in which the leading positions are occupied by the Marinade Finance protocols, Lido Finance and Jito. Solana liquid staking protocols have less than 3% of the total SOL locked up, meaning there is huge potential for growth.
More and more companies are showing interest in using new technologies in their business processes and improving payment systems. This interest is growing particularly rapidly due to the integration of Visa's USDC payment system on Solana, the expansion of liquid staking capabilities on Solana, and partnerships with companies such as Shopify.
Firedancer: When to hit the 1 million transactions per second mark?
Other potential factors supporting Solana's growth include an increase in the number of enterprise companies using them technology, the successful implementation of the Firedancer (independent client-validator) concept and an increase in the number of applications aimed at ordinary consumers.
Solana has demonstrated impressive technology advancements, successfully overcoming critical challenges, and identified potential growth areas in infrastructure, application development, and collaboration with traditional financial institutions.
However, potential issues related to uncertainty regarding FTX/Alameda's SOL share could pose risks to Solana's growth path.
SOL is FTX's largest asset, holding over 71.8 million locked SOL tokens worth $1.16 billion, representing approximately 17% of the total SOL in circulation and approximately 13% of their total number.
Note: These are addresses known to us. FTX may have others.
Solana's journey illustrates the overall development of blockchain: it is full of promise, interrupted by difficulties, but constantly evolving.
