Solana’s native token (SOL) has been unsurprisingly feeling the cold hands of the crypto winter alongside other crypto assets. But recent data has revealed that the Solana network has also not been spared amidst the woes of the declining market, as the network usage plummets to 2-year low levels, with financial performance declining as well.
Solana network usage has decreased by 17.6%
According to data from crypto market intelligence provider, Messari, the average number of daily transactions on the Solana network has decreased by 17.6% to levels witnessed for the first time in over a year, signifying a decrease in network usage.
Additionally, due to the declining network performance, Solana witnessed a 44.4% decrease in revenue in the second quarter of 2022. The average transaction fees also dipped by 40.6%.
On the plus side, the NFT mint rate on the Solana network saw a dramatic increase. Daily new NFTs minted monthly surged by 46.4% to over 7 million NFTs in Q2 2022. This growth complements the previous outstanding surges witnessed from September 2021 until the following year.
The Mainnet Beta v1.10 is addressing Solana’s network outage issues
Despite the underwhelming performance in the Q2 report, Solana’s network appears to have improved massively due to the Mainnet Beta v1.10 Series upgrade, whose early stages were executed in late May. The v1.10 upgrade was introduced to check the concerning network outages the chain had been experiencing in previous months.
After a few months of implementation, the upgrade appears to have addressed these concerns. This has possibly contributed to the increase in unique fee payers on the Solana network, as recorded in the report. The v.1.10 also helped in improving the transaction speed of the network. Further updates are expected to follow soon.
Meanwhile, Solana (SOL) has been heading in the general direction of the crypto markets, as the bears have not left it out in their current rampage. Notwithstanding, like most assets currently, Solana has begun its course to recovery – the asset has gained by 3.73% in the past 24H to trade at $42 as of press time, a reasonable increase from its $27.46 value on June 18.