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The sudden collapse of FTX shacked the crypto market on November 8th, 2022 again. Among major chains, Solana was hit harder due to its relations with FTX to the extent that many put the survival of the Solana into question.
After a month of the dramatic decline of the chain in many aspects, at the end of 2022, the chain saw a turnaround path. As can be seen from the chart, Sol Price dropped drastically and the decreasing trend continued down to $9. Then the price went up the entire January.
This dashboard attempts to investigate whether this turnaround has happened in different aspects of the Solana blockchains or not.
This dashboard aims at providing a detailed analysis of the Solana blockchain evolution from November 2022 to January 2023. It mainly focuses on comparing the protocol status from various aspects between two months ending 2022 and starting month of 2023.
The following domains and metrics will be analyzed:
- $SOL Price
- Popularity: The number of active and new users
- Performance; Success Rate, Number of transactions
- NFT: The number of NFTs minted, NFT sales and NFT purchasers
- DeFi: The number of swaps and swappers, and the number of defi users (with a comparison to Ethereum chain)
- Development: The number of deploys and upgrades , the number of unique programs deployed
The average $SOL price in Dec. 22 is $12,52, while in Jan. 23 is $19 which is 50% rise.
$SOL shows a remarkable increase in price.
The question is how this substantial rise correspond with the performance and popularity of the SOL blockchain.
Popularity can be measured by the user’s onboarding and the user’s activities.
User’s activities and adoption reached at the highest level in mid 2022. However, the data shows that the downward trend of 2022 turn to an increase in 2023.
Average daily number of active users and new users are higher in turn 10% and 39% in Jan 2023 compared to December 2022.
To evaluate the performance of the network, ==average success rate== and ==number of transactions== in December 2022 has compared to the average success rate and number of transactions in January 2023.
Success Rate is defined as The proportion of succeeded transactions to the total number of transactions.
The data shows that success rate halved since a month ago drastically.
Number of transactions also has decreased since December 2022.
Shortly after the Solana decline in December DeGodz and Y00ts, two most popular NFT projects built on Solana, announced their migration to Ethereum and Polygon respectively.
This would influence the growing NFT market on Solana. The data shows that NFT market in terms of number and volume of NFT sales as well as purchasers increased towards the end 2022 and the beginning of 2023.
Development is a crucial aspects of blockchains.
We can see that in the turbulence period after the FTX collapse for a short time the activities of developers decreased. However, since the beginning of 2023 the number of deploys and upgrades as well as number of deployed programs has increased.
Average daily number of new programs deployed and average daily number deploys increase more than 60% in January 2023 in comparison with December 2022.
After a month of the dramatic decline of the chain due to the FTX collapse, at the end of 2022, the chain saw a turnaround path. As can be seen from the chart, Sol Price dropped drastically and the decreasing trend continued down to $9. Then the price went up the entire January.
Comparing December 22 with January 23, we can see the Solana chain improved in many aspects including DeFi, Development, and Popularity. However, the assessment of Solana's performance in terms of success rate again underlines the crucial obstacle to the growth of Solana.
| Concept | Metric | Change |
|---|---|---|
| $SOL Price | Monthly Average | 49,3% ⬈⬈ |
| Popularity | Average Daily Number of Active Users | 10,4% ⬈ |
| Popularity | Average Daily Number of New Users | 38,9% ⬈⬈ |
| Performance | Average Success Rate | -47,2% ⬊⬊ |
| Performance | Average Daily Number of Transactions | -22,6% ⬊ |
| NFT Market | Average Daily Number of NFT Sales | 21,9% ⬈ |
| NFT Market | Average Daily Number of NFT Purchasers | 27,3% ⬈⬈ |
| NFT Market | Average Daily Volume of NFT Sales (in SOL) | 21,4% ⬈ |
| NFT Marker | Average Daily Volume of NFT Sales (in USD) | 29,9% ⬈⬈ |
| Development | Average Daily Number of Programs Deployed | 61.9% ⬈⬈⬈ |
| Development | Average Daily Number of Deploys | 63,9% ⬈⬈⬈’ |
| Development | Average Daily Number of Upgrades | 11,9% ⬈ |
| Development | Average Daily Number of Unique Programs Deployed | 5,53% ⬈’ |
The data shows that the $SOL price in many aspects reflects the Solana chain. However, performance in terms of success rate does not correlate with the SOL price.
