The Solana DEX portfolio has grown 83% over the past year. Despite the decline in TVL, SOL NFT sales and revenue are growing.
According to the latest Delphi Digital data, it has been found that the number of DEX wallets on the SOL network has increased significantly in the past year.
Well, in detail, it’s up 83% since the beginning of 2023, which is a huge growth. Collect money
This growth in the number of DEX wallets in the SOL network can be a positive development for the ecosystem as a whole, because it shows the growing interest in the adoption of Solana.
Solana – Collect Money
This growth in the number of DEX wallets in the Solana network can be a positive development for the ecosystem as a whole, because it shows the growing interest in the adoption of SOL. However, despite the increase in wallets and revenue, Solana’s total value locked (TVL) continued to decline according to Defi Llama. It went from $295 million to $275 million last month. This reduction in TVL may be cause for concern.
On the other hand, the NFT market in SOL has seen great growth, with an increase in the number of active daily users in the Solana NFT market, according to Dune’s summary. This increase can be attributed to popular NFT collections like y00ts and DeGods.
These collections have generated a lot of attention and interest from the community. However, these accumulations going to different channels in the future may cause problems for the Solana NFT market. In this case, the SOL environment may experience a decrease in the number of users and a decrease in volume.
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The Social Aspect
One of the reasons for SOL’s growth may be his work in public. SOL has seen a 41.2% increase in social media posts in the past few days according to data from LunarCrush. Along with that, the sentiment for Solana has also been positive over the past month.
This applies to SOL to raise the chart. For example, SOL’s volume has increased according to data provided by Santiment. Volume fell from $496 million to $2.65 billion last month. The market value of Solana followed suit and registered a huge increase during this period.
It remains to be seen whether Solana will be able to sustain this growth in the future. However, at press time, SOL’s share price is $23.03 and has risen 3.60% in the last 24 hours.
