Solana Had Strong Growth Across GameFi and DAOs, Report Says

by in Blockchain News

ByBit Solana report

Crypto exchange ByBit released a report on the Solana blockchain and its growth in the second quarter of this year. The report says although Solana saw major challenges, including two outages, the network upgrades in late Q2 have shown notable improvements related to speed and reliability.

Related: Solana Experienced a New Outage

In Q2 developer activity increased and daily active programs surpassed 1,100 for the first time on May 30. ByBit predicts further growth as Solana will hold a Solana Summer Camp hackathon in Q3. Along with this, the number of validators also saw steady increase during the quarter.

Overall, Solana saw NFT trading volume volatility, DeFi TVL decline, and growth in GameFi and DAOs.

According to data from DeFi Llama, currently Solana is the 6th largest blockchain with over $1.4 bln Total Value Locked. The protocol's native coin SOL currently trades at around $34. It's the 9th largest crypto with a market cap of over $12 B.