Solana’s Market Cap and Ranking
Solana (SOL) concluded the quarter with an impressive $8.4 billion market cap, marking a substantial 17% increase Quarter-on-Quarter (QoQ).
Despite a brief dip, SOL outperformed several altcoins, climbing from 10th to 7th position in the ranking during the same period.
Price and Trading Activity
During the quarter, SOL was traded at $23.82, reflecting a 0.07% surge within an hour.
Revenue Growth and Token Burn
Messari, a leading crypto market intelligence platform, reported that SOL experienced a 19% growth in revenue, totaling around $4 million, and a 10% increase to 185,400 SOL. Approximately half of these fees were burned, while the rest were distributed to block producers as incentives. Interestingly, the burned tokens did not significantly impact the inflation rate, which stood at 5.8% at the end of the quarter.
Analysis suggests that the inflation rate is expected to decrease by 15% every epoch year until it reaches 1.5%. Currently, 71.6% of the stakable SOL supply has been staked, with holders choosing to avoid dilution from issuance. At the end of the quarter, SOL’s annualized real yield rate was slightly positive at 1.1%, representing a 31% increase QoQ.
Despite the surge in market cap and revenue, Solana’s network activity saw a decline, reaching yearly lows. Daily non-vote transactions dropped by 25% QoQ to 24.7 million, and the average daily fee payers decreased by 37% QoQ to 94,100. Additionally, the average daily signers decreased by 23% QoQ to 235,500.
In a remarkable achievement, Solana surpassed ADA in market cap ranking earlier this month. As of the latest update, SOL was trading at $23.82, with a marginal 0.07% increase within one hour.