|

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

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 addition to

More from Michael Ebiekutan
Share:

Editor's Picks

Binance revokes SignalPlus API keys over potential security threat

Binance, the largest cryptocurrency exchange, announced on Thursday that it revoked the Application Programming Interface (API) keys linked to SignalPlus, a third-party institution-grade technology firm.

XRP gains ground as Ripple CEO says US crypto users aren’t going anywhere after midterms, calls for clear rules

Ripple (XRP) ticks higher on Thursday, trading near $1.32. The remittance token is up roughly 10% from last week’s trough at $1.20, suggesting that the path of least resistance is gradually flipping upward.

Top Altcoins Price Forecast: Ripple, Cardano and Solana extend post-midterms rally

Top altcoins, including Ripple (XRP), Cardano (ADA), and Solana (SOL) are trading in the green on Thursday, extending a steady recovery so far this week, driven by the post-US midterms relief.

Bitcoin claims $80,500 as short liquidations mount

Bitcoin (BTC) extends its rebound, climbing above $80,500 on Thursday after closing above the key Exponential Moving Averages (EMAs) the previous day. The rebound comes as a short squeeze triggers nearly $800 million in liquidations over the past 24 hours.

Bitcoin: Binance security breach and hawkish Fed push BTC lower
Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.