Solana witnessed an increase in daily active users driven by the growth of DeFi and NFT. Long term growth potential is suggested by rising TVL, growing NFT market and increasing trading volume.

The Solana [SOL] network witnessed a significant increase in daily active users in recent weeks, according to data from Token Terminal. Despite the negative sentiment surrounding Solana in recent months, the platform has outperformed many other cryptocurrencies in terms of user engagement.

Source: token terminal

Read Solana’s [SOL] Price forecast 2023-2024

One reason for this growth in daily active users is the growing interest in Solana’s DeFi and NFT spaces. In particular, Solana’s daily active DeFi users witnessed a spike in the past month, contributing to growth in terms of Solana’s total value locked (TVL).

According to DeFiLlama, the TVL for Solana increased from $206 million to $242.77 million in just one month.

Source: Dune analysis

Solana NFTs are making a comeback

Interest in Solana NFTs has also increased. According to Solana Floor data, the network’s NFTs are increasingly being bought, sold and traded. The total bottom value of Solana NFTs has increased significantly over the past month as shown in the charts below. The volume of Solana NFTs traded also increased during the same period.

Source: Defi Lama

In addition, dApp activity on the network grew rapidly, which also contributed to the spike in daily active users. Popular dApps such as Magic Eden, Raydium, and Saber all witnessed an increase in the number of unique active wallets on their respective platforms.

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Magic Eden, one of the largest dApps on the Solana network, saw growth in volume and transactions. According to Dapp Radar, volume on Magic Eden is up 21.12% over the past month and trades are up 73.15%.

Source: Dapp Radar

Increase the volume

The positive indicators are reflected in Solana’s on-chain activity, which has seen a significant spike in recent weeks, according to data from Santiment. The network’s volume has grown from $206 million to $1.45 billion in just one month, indicating increased market activity and liquidity.

Source: Sentiment

While the price of SOL was $16.20 at the time of writing and down 1.31% in the past 24 hours, the long-term growth prospects of the Solana network looked promising due to the increasing number of daily active users, the growing interest in DeFi and NFTs, and rising dApp activity.

This post Solana daily active users are increasing: how will this affect SOL’s performance in 2023?

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