Solana Outperforms as Network Activities Skyrocket With the Influx of New Developers

The Solana blockchain network is accelerating at an incredible pace, and as a result, the network has experienced significant growth while hitting some notable milestones.

In a recent report, Solana detailed the network development cycles observed over the past few months, which have resulted in massive network growth for different substructures within the Solana ecosystem.

A remarkable feat attained this year is reflected in Solana’s network performance, according to the updated network performance status recorded since the last report.

On certain occasions, Solana recorded 200 million daily transactions, while daily DEX volume hit $398 billion. Liquidity inflows soared to $200 million, and new wallet downloads crossed 400,000. The network has remarkably maintained 100% uptime for more than 15 months. 

Solana’s app revenue has displayed a thriving ecosystem, indicating a rise in funding and economic incentives.

A chart depicting revenue growth shows that app revenue for the network has soared consistently since the third quarter of 2023, with the past two quarters displaying a major increase, as app revenue crossed the $1 billion mark.

Due to the stress test established due to the high network activity recorded over the past months, the report revealed that several improvement opportunities had been spotted and subsequently strengthened. Fee throughput was boosted by 80% courtesy of a new scheduler.

Lastly, developer momentum has drawn new users into the network, further indicating that network strength has been heightened over time. Notably, developers are a key part of network growth, as they are responsible for building network applications designed to attract new users and draw in new developers.

The report revealed that Solana had emerged as the number 1 blockchain ecosystem for new developers joining the network, with more than 3,200 monthly active developers and more than 83% year-over-year growth, with 7,625—the highest developer count exploring the network in the previous year.