Following the SEC complaint and associated delisting, exchanges including Robinhood revealed their intentions to remove SOL from their platforms. This series of events corresponded with a downward impact on the value of SOL. The prices experienced a decline of 9.2% compared to the broader market’s modest 1.3% increase quarter over quarter .
As the quarter came to a close, Solana stood as the 10th largest crypto asset in terms of market capitalization, amounting to $7.2 billion, according to Messari’s data.In Q1 2023, revenue saw support from higher priority fees paid by users. However, SOL’s revenue experienced a 15.0% decrease in Q2 compared to the previous quarter, primarily due to a decline in the proportion of daily fees paid.
The implementation of priority fees played a crucial role in mitigating the network’s past downtime issues resulting from inefficient transaction processing and discouraging spamming activities. Notably, during Q2, an average of approximately 40% of daily fees were paid by users prioritizing their transactions.
This marked a decline from around 50% in the previous quarter. The reduction in users opting for priority fees contributed to a drop in the network’s average transaction fee and subsequently affected Solana’s revenue.In terms of staking, there was a sharp decline observed on the Solana network. According to Staking Rewards’ data, the number of stakers on the Solana network fell by 21.43% over the course of the last 30 days.
The RSI and CMF for the currency were relatively high, suggesting a bullish future for Solana in the future.
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