Additionally, the average daily new fee payers grew by 430% QoQ to 1.3 million, signaling a growing user base. Related Reading: Worldcoin Rejection At $2.1 Sparks Concerns Of Prolonged Downtrend The average transaction fee on Solana increased by 6% QoQ to 0.00015 SOL (approximately $0.023), while the median transaction fee dropped by 19% to 0.000008 SOL (around $0.0013). As of October 15, Solana’s market capitalization also grew by 5% QoQ, reaching $71 billion and maintaining its position as the fifth-largest cryptocurrency, trailing only Bitcoin, Ethereum, Tether, and Binance Coin. However, the Real Economic Value (REV) of Solana, which tracks transaction fees and miner extractable value (MEV) for validators, decreased by 25% QoQ to 1.3 million SOL (approximately $196 million), with 56% of this total coming from transaction fees.
Average daily NFT volume fell by 27% QoQ to $2.5 million, with Magic Eden maintaining a dominant market share despite experiencing a 44% decline in volume. Network Activity Thrives Despite the challenges, the number of funding rounds for projects within the Solana ecosystem saw a reduction of 37% QoQ, with only 29 projects announcing funding. Yet, the total amount raised soared to $173 million, a 54% increase QoQ and the highest quarterly funding since Q2 2022.
Solana Stablecoin Market Cap Rises To $3.8 Billion One of the standout metrics from the report is the growth of Solana’s Total Value Locked (TVL) in decentralized finance (DeFi), which rose by 26% quarter-over-quarter (QoQ) to reach $5.7 billion. This growth positioned Solana as the third-largest network in terms of DeFi TVL, surpassing Tron in late September.
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