SOL Stakers May See Year-End Improvement Despite Reduced Activity
Over the past few months, the Solana ecosystem has witnessed improved performance and growth as validators and stakers continue to have renewed faith in the network. This is coming amid the past year’s fear, uncertainty, and doubt (FUD) surrounding the asset.
Improved Staking
According to JuicyStakes, a validator staking services provider, Solana has seen rapid improvements in staked SOL. According to this data, the number of active stakers and the balance on each account have spiked in the last few months.
Hence, the latest development could help boost the current staking on the Solana network. On the negative side, the number of SOL stakers on Solana has significantly dropped over the past 30 days, as revealed by Staking Rewards.
The latest development could result from the uncertainty surrounding Solana due to broader crypto market events. Another critical area that has affected Solana is the overall decline in activity on the network.
Data from the on-chain analytics platform, Dune Analytics, shows that daily active accounts on Solana have declined in recent weeks. Over the past three months, the number of active users on the network has shrunk from 211,079 to 93,604.
According to Dune Analytics, the total number of transactions in the Solana ecosystem dropped by 6 million in more than a month. Meanwhile, the decreasing activity also impacted decentralized applications (dApps) on the Solana network.
Decreasing Number Of Unique Active Wallets
According to data from Dappradar, most dApps on the Solana protocol, like Magic Eden and Saber, have significantly decreased the number of unique active wallets. The breakdown shows that the number of unique active users on Magic Eden fell by 4.58% in the last seven days.
Per Santiment data, Solana has seen a drop of 117.32 million from 730.46 million over the past month. However, things are gloomier than they appear, thanks to a recent surge in development activities on the Solana Protocol.
The network’s development activity has seen an improvement in the past month. This is due to the efforts of the Solana development team and its continued presence on GitHub.
Furthermore, the community anticipates another phase of updates and upgrades for Solana due to the surge in development. Like other crypto assets, SOL has experienced a tough time for most of the year as the crypto winter and the FTX debacle fuel more price uncertainty for several digital tokens.
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