Solana Stays Strong as DeFi Development Corp Acquires 17K SOL Tokens
Solana’s On-Chain Activity Declines While DeFi Development Corporation Expands Holdings
Decrease in Solana’s On-Chain Metrics
Recent reports indicate that Solana has experienced a notable downturn in its on-chain activity during June. Key performance indicators such as Real Economic Value (REV), decentralized application (dApp) revenue, and decentralized exchange (DEX) volumes have all seen significant reductions. Specifically, REV plummeted by 48%, while dApp revenue and DEX volumes fell by 38% and 35%, respectively.
Economic Demand and Revenue Trends
Solana’s REV, which reflects the economic activity on its blockchain, has decreased to $63 million over the past month. Despite this decline, Solana still commands a substantial portion of the global on-chain transaction demand, leading the pack with 31%, followed by Tron and Ethereum at 28% and 23%, respectively.
In terms of dApp revenue, Solana reported a drop of $150 million in June, marking a 38% decline from the previous month. Nevertheless, Solana’s applications continue to dominate the market, contributing to 35% of total app revenues across all blockchains, with Binance Smart Chain trailing at 17%.
DEX Performance and Market Dynamics
Solana’s DEXs generated $90 billion in revenue during June, with meme coins making up 61% of the overall trading volume. Although this represents a 35% decrease compared to the previous month, it is worth noting that DEX volumes have increased by 50% compared to the same period last year.
Continued Accumulation by DeFi Development Corporation
In contrast to the declining on-chain metrics, the DeFi Development Corporation has been actively increasing its holdings of Solana. Recently, the corporation announced the acquisition of 17,760 SOL tokens after securing an additional $112 million through a private funding round. This latest purchase, made at an average price of $153 per SOL, has raised its total holdings to 640,585 SOL, which includes $97.3 million earned from staking rewards.
Other Companies Following Suit
Several other firms are also adding Solana to their portfolios as a primary reserve asset. Notable names include Upexi, Sol Strategies, and Classover Holdings, all of which are recognizing the potential of Solana in the current market landscape.
Current Market Status
As of Friday, SOL is trading at $152, reflecting a slight decrease of 0.4% at the time of this report. Despite the challenges in on-chain activity, the ongoing accumulation by institutional players suggests a continued interest in Solana’s long-term potential.
