• Solana outperforms the likes of Ethereum and Binance Smart Chain in Total Value Lock (TVL) while maintaining 100 percent average uptime for six straight months. 

• Its active user count has, however, declined by 5 percent in the last 30 days. 

Solana (SOL) makes incredible progress in the crypto-sphere as its network activities boom and outperform industry giants. According to data, Solana recorded a 14 percent surge in its Total Value Locked (TVL) last month. This signifies a bounce back from the severe decline recorded last year following several downtimes and the seven major exploits that hit the chain.

The TVL of Solana started the year with $209.25 million. Since then, there has been an increase of 217 percent to hit $664 million as of press time. Interestingly, the heavyweight L1 networks like Ethereum, Binance Smart Chain, and Avalanche declined by 13 percent, 6 percent, and 10 percent respectively when Solana recorded an uptick last month.

The negative growth of TVL is not limited to layer 1 solutions as Arbitrum, a Layer 2 scaling solution also fell by 7 percent last month. Optimism, however, defied the odds to make a 10 percent surge in its TVL last month. 

A careful observation of the Solana network shows a contradictory movement of its users’ activity within the period. 

Solana Active User Count and SOL Price Performance

According to Token Terminal, there was a 5 percent decline in active user count in the past 30 days. This means no major improvement has been recorded since last year’s downtimes and exploits. In the past 180 days, the daily active user count has fallen by 15 percent.

In the last 12 months, it has recorded a whopping 50 percent fall. Just last week, the number of active user activity reduced by 1.6 percent due to the declined trading volume across the decentralized exchanges on the chain. It was also observed that zkSync, which has very low TVL, surpassed Solana in Decentralized Exchange (DEX) trading Volume in the period under review. 

Solana, however, had other surges apart from TVL. It’s transaction fee and network revenue recorded a surge. According to Solscan, network fees imposed on successful non-vote transactions moved to a high of 53.06 SOL on August 2. Compared to 31.64 SOL recorded last month, this is a significant growth in network fees. This is said to be a general issue as all network fees spiked by 50 percent last month. On a year-on-year basis, L1’s revenue surged by 21 percent. 

Solana recorded a 100 percent average uptime each month in the past six straight months and is said to be a contributing factor to the growth. Since this was a major issue last year as it eroded trust and raised concerns about the stability of the network, the current development appears as good news. 

In other areas, Solana recorded an impressive $24.7 million in daily transactions as of June, surpassing Ethereum which only got half of Solana’s numbers. 

The native token (SOL ) is doing equally well; it surged by 19 percent in the last 30 days and recorded a 5.5 percent surge in the last seven days. Its 24-hour growth is also 5.6 percent, pushing the price to $24.75 as of press time. Regardless, Solana is still down by 90 percent from its all-time high of $259.96. 

Recommended for you:

• Buy Bitcoin Guide
• Bitcoin Wallet Tutorial
• Check 24-hour Bitcoin Price
• More Bitcoin News
• What is Bitcoin?