Solana appears to have risen from the ashes of the second quarter this year. SOL took a major blow that understandably comes along with the larger crypto market. However, the network has seen significant increases in several parts of the ecosystem.

Work in progress

The Solana ecosystem has seen a rare positive update from the second quarter of 2022. Despite the headwinds, the network continued to grow during the quarter. A ‘State of Solana Q2 2022’ report by James Trautman on Messari revealed further details of the network.

A common saying describes Solana’s situation that major innovations usually happen in bear markets. And that’s exactly what the Solana ecosystem did by expanding the NFT markets, moving toward EVM compatibility, and launching Solana Mobile.

Of the many stats, daily unique fee payers remain an interesting piece among Solana users. Despite a decline relative to other metrics, network usage by unique fee payers continued an upward trend.

Unique fee payers hit a record high (ATH) of 450,000 in May, doubling from the previous record of 280,000 in January 2022. The growth here is attributed to the growth in newly established NFT marketplaces on Solana.

Source: Messari

Contrary to the above factor, network usage dropped sharply on Solana rather than market conditions.

Average daily transactions decreased 17.6%, while revenue fell 44.6% due to deteriorating network performance.

Nevertheless, there was a remarkable improvement in Solana during the second quarter.

Solana was able to deploy the early stages of the Mainnet Beta v1.10 series at the end of May. This launch has subsequently contributed to increasing network stability.

Source: Messari

Furthermore, there appears to be a correlation between volatility and daily earnings, which is generally associated with movements in network value.

Still, the gap between daily revenue and network value has “closed” since late 2021. The network managed to see some rare peaks and even dips in both revenue and value during the quarter.

Source: Messari

Solana is still scraping through this tough market as we steer through a relief rally.

According to CoinMarketCap, SOL was trading at $38.54 during press time. The token’s value has fallen in the past day as a result of increasing FUD from the Fed meeting later this week.

This post Solana: Network gains offer rare win for SOL traders

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