Solana holds steady amid reduced on-chain activity, DeFi Development Corp's 17K SOL acquisition
- Solana's on-chain activity declined in June, with DEX volume and Real Economic Value dropping 35% and 48%, respectively.
- DeFi Development Corporation purchases 17,760 SOL, boosting its total holdings to 640,585 SOL.
- SOL held steady above $150 on Friday.
Solana (SOL) held steady on Friday despite a lag in on-chain activity in June, with its Real Economic Value (REV), App Revenue, and Decentralized Exchange (DEX) volumes dropping 48%, 38%, and 35%, respectively. Meanwhile, DeFi Development Corporation (DFDV) resumed its Solana accumulation strategy after acquiring 17,760 SOL.
Solana sees reduced on-chain activity in June, DeFi Corp continues SOL acquisition
The Solana blockchain experienced a decline in network activity in June, with notable drops across key metrics, including REV, app revenue, and DEX volumes, according to a report by Blockworks Research.
Solana's REV, which measures the economic demand for transacting on its blockchain, dropped 48% to $63 million in the past month — although it generated 31% of global demand for on-chain transactions, leading Tron and Ethereum, which saw demand of 28% and 23%, respectively.
App revenue also declined by $150 million in June, representing a 38% decrease from the previous month. Despite the decline, Solana apps accounted for 35% of all app revenues across blockchains, with Binance Smart Chain coming in second at 17%, noted Blockworks analysts.
Likewise, Solana DEXs recorded $90 billion in revenue in June, with meme coins accounting for 61% of the total exchange volume. This reflects a 35% decline month-on-month, although DEX volume is still up 50% from last June.
The decline in Solana's on-chain activity comes amid an increase in SOL acquisitions by publicly traded companies in the past months.
DeFi Development Corporation announced it purchased 17,760 SOL on Thursday after raising an additional $112 million from a private placement. The purchase, which was made at an average price of $153 per SOL, boosted its total holdings to 640,585 SOL — including $97.3 million in staking rewards.
Other companies acquiring Solana as their primary reserve asset include Upexi, Sol Strategies and Classover Holdings.
SOL trades at $152 on Friday, down 0.4% at the time of publication.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi
