The Solana chain enjoyed a series of wins this month, starting with the listing on Robinhood earlier this month. Terra Bridge also disclosed that it had brought support for Solana and other crypto tokens. This week, capital markets firm Maple Finance revealed it has expanded to Solana. The institutional capital marketplace hopes its Solana app will have $300 million worth of liquidity before next year.
Most recently, Solana ventures announced a partnership with Yield Guild Games as it seeks to foster blockchain gaming in the Southeast Asian market.
In the market, while Solana’s native token wasn’t the standout altcoin, it recorded decent performance this month in a prevailing bearish market. Here’s a look at Solana’s performance across the month:
Market Metrics
Market capital
The circulating value of Solana surpassed the $46 million mark in the first week of April – a mark the network hadn’t touched since January 17. However, by mid-month, it had fallen back to levels seen towards the end of March. Solana printed a monthly high market capital of $46.35 billion on April 4 before descending to a monthly low of $32 billion on April 18. The recovery has since been pretty much static. At the time of writing, Solana has a market cap of $32.35 billion and ranks as the sixth-largest asset by this metric.
Circulating supply
The circulating supply of SOL at the start of the month was 325,254,900 tokens at $134.50 against the dollar.
While the price declined, the circulating supply sustained a rising trajectory towards the end of the month. Currently, SOL is trading at $88.95, while the circulating supply has increased to 334,403,259 SOL.
Token, Transactions, and Account Metrics
Daily non-vote transactions
The all-time transaction count on Solana stood at 71,622,993,538) on the last day of April. Only 11.64% of all transactions in April were marked as non-vote.
The number of daily non-vote transactions traced a series of troughs and peaks across April. At the start of the month, there were 18.26 million non-vote transactions. This figure rapidly dropped in the first few days of the month and, on April 9, dug out the lowest daily count across the month – 6.53 million transactions.
Afterward, this number rose to a monthly high of 21 million on April 15 – more than thrice the lowest figure recorded in the month. While this figure fell again to 11 million three days later, it rose to 20 million between April 21 and 22. On the last day of the month, only 8 million non-vote transactions were recorded.
Daily active wallets and daily new token accounts
The number of daily active wallets on Solana – each could be tied to more than a single token account – grew fairly consistently in April. The only barring event was a single-day dip on April 20.
On April 1, there were 626,830 active wallets on Solana. The count stagnated and moved around sideways before climbing after April 7, when there were 497,460 active wallets. The increase continued, more or less consistently, until April 20, when there was a sudden plunge. There was a next-day recovery, and growth resumed towards the end of the month. The latest count, as of April 31, logged 829,330 active wallets.
Tokens
Solana Program Library (SPL) is the token standard on the Solana blockchain, which executes a common implementation for Solana tokens – fungible tokens (SPL tokens) and non-fungible tokens (NFTs).
Daily new SPL tokens (excluding NFTs)
Solana saw the highest number of daily new SPL tokens so far this year in April. Starting the month at 154 tokens, this metric reached 397 on April 14. The lowest count of the month was on April 10, when there were a meager 68 new SPL tokens on the network.
Daily new NFTs
Like new SPL tokens, the number of new non-fungible tokens (NFTs) created on Solana reached a year-to-date peak figure last month. 98,510 NFTs were created on the chain on April 8, the highest of any day since December 28. This yearly high followed an April low of 41,020 on April 6.
Daily SPL token transfers (including NFTs, excluding wrapped SOL)
The number of daily SPL token transfers grew over the month. It slightly declined in the early days from 4.77 million (519,570 active token accounts) on April 1 to 3.12 million (380,860 active accounts) on April 9 – the lowest figure recorded in the month. An extended day after day increase afterward saw this figure reach a monthly apex of 4.96 million token transfers on April 24.
Daily SOL transfers (including SOL and wrapped SOL)
The total count of SOL and wrapped SOL transfers largely fell across the stretch of April. On the first day of the month, there were 5.14 million such transfers. This number progressively fell over the month, only recovering following the slump to 2.02 million transfers on April 9. 1.79 million transfers were recorded on the last day of the month – the lowest figure in April.
Network Metrics
Daily network fees for non-vote transactions
The all-time total fees incurred by users engaging in non-vote transactions is 74,074 SOL. In April, the single-day lowest sum users incurred was the 36.79 SOL seen on April 9, while the highest network fees for successful non-vote transactions was recorded on April 15 – 121.48 SOL. Notably, April brought much better fee performance than the preceding month. The daily figures stayed below the lowest fee recorded in March, 105.63 SOL on March 27.
Daily active vote accounts
The total daily active vote accounts have consistently increased by the day. The said trend continued in April. On April 1, there were 1,668 active vote accounts, a figure which increased over the month, reaching 1,752 on April 29. Overall, there were 89 more accounts across the month.
DeFi performance
Market share and Total Value Locked (TVL)
Solana maintained the fifth rank among top chains, albeit with a plunging market share. The chain had a 3.47% market share on April 1. It steadily dragged downwards to 3.16% on April 30.
Since having around 5% of the market share last December, this figure has been dwindling towards current figures. For context, Solana had a market rate of 3.42% at the end of March.
The Total Value Locked (TVL) on Solana only saw significant growth in April earlier on in the month. Starting on April 1, the TVL stood at $7.75 billion. The next day, it touched a monthly high of $8.18 billion. Since then, the only way was downwards, and on April 27, the figure sat at $6.34 billion, the lowest for the month.
The overall downturn in total value locked on the Solana DeFi ecosystem was characteristic of its best-performing protocols. Of the top ten, only one had optimistic growth of TVL as of the last day of the month – sixth-ranked Orca ($420 million in TVL), which had an 8.45% increase over the last 30 days.
Fourth-ranked Serum recorded the harshest dip within this period – shrinking over 55%. The TVL of the two leading protocols, Solend and Marinade Finance, plunged by 25% and 36%, respectively.
To learn more about Solana, visit our Investing in Solana guide.
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