What is Solanan?

Solana uses a “proof of stake” system to verify transactions, manage its coin supply and create new coins. To participate in a proof of stake system, you need to own the cryptocurrency but then you can earn rewards for helping to operate the system.

What are NFT?

A non-fungible token is a record on a blockchain which is associated with a particular digital or physical asset. The ownership of an NFT is recorded in the blockchain, and can be transferred by the owner, allowing NFTs to be sold and traded.

What are DEXs?

 A decentralized exchange (DEX) is a peer-to-peer (P2P) marketplace that connects cryptocurrency buyers and sellers. In contrast to centralized exchanges (CEXs), decentralized platforms are non-custodial, meaning a user remains in control of their private keys when transacting on a DEX platform.

Methodology

In this dashboard we are looking to see what tokens, NFTs and DEXs are driving adoption and active users on Solana. The data for this dashboard will come from the -- table of Flipside’s database. The data starts December 1st 2021.

Sections

1. Solana adoption overview
2. Solana NFT adoption
3. Solanan token/dex adoption

Solana adoption overview

Observations

• Since december 2021 the has been over 10 million wallets that have interacted with Solana
• The number of new users on Solana have been declining since the start of january of 2022
• Since late may there has been a consistent decline in the number active of users on Solanan
• There has been an average of 250K new users on solana since December 2021  

Solana NFT adoption

Observations

• In total there has been about 700K users buying NFTs on Solana since December 2021
• The top 30 NFT collections on Solanan by buyers have between 15K and 6K buyers
• Most of the NFT sales on Solanan are on long tale tokens each day the vast majority of sales are of tokens not in the top 30 tokens by buyers
• Each week there are 10x - 30x the number of new users on solana than new NFT buyers

Solanan token/dex adoption

Observations

• The number of active DEX users on Solana have been decreasing since the start of 2022.
• the most popular dex in terms of active wallets on Solana is Orca DEX, but since mid june there has been a large decline in users
• The top tokens on solana in terms swappers are stablecoins and wrapped sol
• other than stablecoins and wrapped sol gmt and gst are the most popular tokens on solanan in terms of number of users

Conclusion

• Solana adoption overview
  • Since december 2021 the has been over 10 million wallets that have interacted with Solana
  • The number of new users on Solana have been declining since the start of january of 2022
  • Since late may there has been a consistent decline in the number active of users on Solanan
  • There has been an average of 250K new users on solana since December 2021  
• Solana NFT adoption
  • In total there has been about 700K users buying NFTs on Solana since December 2021
  • The top 30 NFT collections on Solanan by buyers have between 15K and 6K buyers
  • Most of the NFT sales on Solanan are on long tale tokens each day the vast majority of sales are of tokens not in the top 30 tokens by buyers
  • Each week there are 10x - 30x the number of new users on solana than new NFT buyers
• Solanan token/dex adoption
  • The number of active DEX users on Solana have been decreasing since the start of 2022.
  • the most popular dex in terms of active wallets on Solana is Orca DEX, but since mid june there has been a large decline in users
  • The top tokens on solana in terms swappers are stablecoins and wrapped sol
  • other than stablecoins and wrapped sol gmt and gst are the most popular tokens on solanan in terms of number of users