Solana’s financial performance suffered in the 2nd quarter of the year as the US Securities and Exchange Commission (SEC) alleged that several cryptocurrency exchanges were illegally engaging in transactions of unregistered securities, including Solana’s currency, SOL.
The above resulted in Solana retreating significantly, however it has shown strong resilience and over time has bounced back, leaving hopes for a successful close to the year.
Positive and negative measurements
Solana had a mix of positive and negative metrics during Q2 of the year.
Revenue in SOL decreased 15.0% quarter over quarter as the percentage of daily fees paid decreased.
At the same time, the activity of those paying fees increased in May 2023, an increase that coincided with user accounts interacting with an unknown program.
Average daily transactions – non-voting – increased 24.1% quarter-over-quarter, but did not increase with fee-paying activity in May.
Non-voting transaction growth was sustained entering Q3 2023 and was supported by DePIN and consumer-facing projects including Helium, Dialect and Tensor.
Network staking remained stable in the second quarter, while the average number of validators decreased 21.1% quarter-over-quarter.
Conclusion
The expansion of the decentralised finance (DeFi) sector remains at the heart of the Solana ecosystem. In addition, a comprehensive development strategy has been put in place to expand the ecosystem into other sectors.
Despite the regulatory challenges presented in the second quarter, Solana appears to remain competitive and resilient, continuing its growth strategies, attempting to further grow its community, and continuing its strong plans for 2023.
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