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- SOL finished the quarter with a $8.4 billion market cap, which is 17% higher Quarter-on-Quarter (QoQ).
- Although the altcoin faced a brief dip, SOL outperformed several altcoins as its ranking jumped from 10 to 7 QoQ.
- SOL was trading hands at $23.82 after experiencing a surge of 0.07% in one hour.
Messari, a crypto market intelligence platform, reported that Solana, in the third quarter of 2023, was continuing to gain mindshare. It finished the quarter with a $8.4 billion market cap, which is 17% higher Quarter-on-Quarter (QoQ).
Although the altcoin faced a brief dip, possibly caused by the potential liquidation of Alameda/FTX’s SOL and various other macroeconomic factors, SOL outperformed several altcoins as its ranking jumped from 10 to 7 QoQ.
How did @solana perform Q3'23?Solana tech is continuing to gain mindshare, with market cap growing 17% QoQ and revenue for SOL up 10% QoQ.DeFi TVL also grew 32% QoQ to $368M, thanks to protocols like @marginfi, @cypher_protocol, and @solendprotocol. pic.twitter.com/UN6ywL8NiK— Messari (@MessariCrypto) October 18, 2023
Solana also witnessed a growth in its revenue, measured by all the fees collected by the protocol. According to the reports, SOL’s revenue grew by 19% to approximately $4 million and 10% to 185,400 SOL. Around half of those fees were burned, while the remaining were distributed to the block producers as incentives. Reportedly, these burned tokens have not significantly reduced inflation, which stands at 5.8% at the end of the quarter.
When it comes to the inflation rate, it is expected to continue decreasing by 15% every epoch year until it reaches 1.5%. Based on the analysis, it has been reported that 71.6% of the SOL supply eligible to be staked has been staked, with these holders opting out of dilution from issuance. SOL’s annualized real yield rate was also slightly positive at the end of the quarter recording at 1.1%, which is 31% more QoQ.
Despite recording a surge in its revenue and market cap, Solana’s network activity saw a tumble in QoQ and reached yearly lows. The average daily non-vote transactions decreased 25% QoQ to 24.7 million, while the average daily fee payers dropped 37% QoQ to 94,100. Meanwhile, the average daily signers also fell less than fee payers by 23% QoQ to 235,500.
Earlier this month, Solana’s incredible performance was able to surpass ADA based on the market cap ranking list. At the time of writing, SOL was trading hands at $23.82 after experiencing a surge of 0.07% in one hour.
The post SOL’s Market Cap Surges By 32% QoQ, Revenue Increases 10% QoQ: Messari appeared first on Coin Edition.