Coin98 Analytics recently unveiled the Solana Q4 2023 Financial Report, shedding light on various pivotal aspects of Solana’s performance during the quarter. Notably, SOL’s income indicators exhibited remarkable growth, soaring 3.4 times compared to Q3 and an impressive fourfold increase compared to the same period in the previous year.
In the year 2023, the SOL blockchain handled almost 104 billion vote transactions and over 9.8 billion non-vote transactions. Q4 brought a significant doubling of average daily active addresses, alongside a notable increase of $1.16 billion in Solana’s Total Value Locked [TVL]. Additionally, the network saw the minting of over 11.8 million new NFTs. This is particularly noteworthy considering SOL’s recent dip in NFT sales, lagging behind its competitor, Polygon.
According to the provided data, Solana’s NFT trading volume experienced a 17.1% decrease, totaling $4.5 million in sales. This contrasts sharply with Polygon’s impressive 84.9% surge in trading activity, amounting to $9 million in sales.
Solana’s native token, SOL, witnessed an exponential price surge in 2023, rallying an astounding 500%. Positive factors such as the blockchain’s swift transactions, low fees, and a plethora of meme coins issued on the platform contributed to SOL’s price skyrocketing to approximately $120, up from $38 at the beginning of November.
Solana Dethrones Ethereum In Stablecoin Transfer Volume
However, the token’s performance took a hit in its 2024 debut, experiencing a sharp correction of 13% over the past seven days and hovering around $90, accompanied by a decline in trading volume. Despite this rocky start, SOL, the fifth-largest cryptocurrency by market capitalization, managed to recover, showing a 12% increase in the daily index to trade at $101.
Despite setbacks caused by the FTX and Alameda Research crashes, the Solana network has maintained its popularity as an Ethereum competitor and continues to grow exponentially. Notably, the Layer 1 blockchain achieved a substantial milestone with $120 billion in stablecoin transfer volume, surpassing Ethereum and every other blockchain. This accomplishment represents the highest 7-day transfer volume ever recorded on the Solana network.
