Try Quests to earn SOLWhere in the world are Solana Users
Solana has often been mocked as a ""chain for the poor"" by some in the crypto community due to its low fees and barrier to entry. This is actually a positive in that Solana is built be accessible to everyone, including in emerging markets.
Introduction
What is solana?
Solana is a public blockchain platform with smart contract functionality. Its native cryptocurrency is SOL. Solana offers low fees and fast transaction times. Solana smart contracts are written in Rust rather than solinity. sonal is one of the fast blockchains with the lowest transaction fees.
How to use onchain data to identify geographical distribution?
In this dashboard we will look at the time of day users start transacting on Solanan to see what part of the world they are from. in addition we will break up actiivty into diffrent types of activity(defi, nfts, transfers) to see if actions are popular in diffrent timezones .
Observations
Between 13:00 and 18:00 UTC are the most popular Hours for the number of Solana senders and the volume sent, this is the time where users in the west would be most active. Between the hours 23:00 and 5:00 are the least active times for solana Transactions. Between the hours 5:00 and 10:000 UTC is an active period for solanan when the west is asleep it is probable that many users from Asia are using solana during this time period.
Observations
Both the number of NFT puchers and purchase volume by hour follows times that users on the east-coast of america are awake with volumes and users at the greatest between 15 and 21 UTC and their lowest between 5 and 11 UTC. This would suggest that the majority of the wallets purchasing NFT on Solana are located in the west, people located in Eastern Daylight Time timezone.
Observations
The number of defi users peakes between 12:00 and 19:00 UTC while the defi volume peaks between 3:00 and 8:00 UTC. This suggests that the largest number of Sonala defi users are in the west, but the most active Solana defi users are in Asia. Between the hours 20:00 and 1:00 the defi activity is at its lowest.
Conclusion
Currently it seems that solana is most used in the west, but there is a large group of users in Asia using the blockchain for different purposes on average. It seems that water users are using solana a lot for high volume transaction NFT selling and a small amount of Defi. It seems that easetn users are using Solana to send lower volume transactions and heavily use Defi. In terms of centralized exchanges the average transaction ranges between 33 and 440 SOL and the CEX with the most volume by far is FTX.