Nitin Shukla

Nitin Shukla

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CEO @ledger_top: End to end blockchain analytics on @solana.

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Solana in March: busier chain, cheaper fees. 7% more transactions, but 16% lower fees. DEX trades up 13%, yet DEX fees down 16%. Heavy bidders pulled back likely — Jito tips dropped by 35%. More usage. Less cost. That's the trend. twitter.com/ergon50/status/204...

1/ More transactions. Lower fees. Solana fees in 2026 YTD: 1.37M SOL ($139.5M). Activity rose in March while fees fell. February generated 482,876 SOL ($41.7M); March fell to 406,568 SOL ($35.5M, -15.8%). But transaction count rose — 3.41B -> 3.67B (+7.4%). Failure rate flat at ~26.9%, so the drop is purely cost compression, not reliability. Biggest driver: DEX trades. ~29-31% of successful transactions, but ~63% of successful fees. DEX txns rose +13.5% (723M -> 820M), yet DEX fees fell -16.2% (234.7K -> 196.7K SOL). More trades, less fee per trade — DEX transactions are ~2x more fee-intensive than network average. Dashboard: research.topledger.xyz/rev @toly @vibhu

1/ State of Solana DEX — Feb'26 Solana DEXs have quietly crossed $4 trillion in cumulative volume since Jan'25. That's 10.3 billion transactions across 449.6 million distinct wallets. Feb'26 saw $362B in volume — nearly the same as Jan'26. But the number of wallets fell 36%, from 19.4M to 12.4M. Volume per wallet almost doubled. The casual crowd thinned out; the heavy hitters stayed.

Review of Real Economic Value (REV) on @solana at the start of F.Y. 2026. Q4 2025 marked the lowest quarterly REV run rate achieved on @solana since Q4 2023. The dashboard chart shows this cycle’s bottom, with TEV, transaction fees, and ecosystem revenue all cooling off sharply. 1/n

Unveiling another deep dive from the Top Ledger Validator Dashboard 1. After launching API access for data transparency, we’re spotlighting @jupiter — one of @solana leading validators. This ‘Stake Concentration Ladder’ reveals how SOL is distributed among the top delegators in epoch 885, showing the power dynamics and concentration within the Jupiter pool. Curious how stake distribution impacts validator influence? Check out the dashboard snapshot below!

Over the next 6 months, @solana protocol token prices will react to 1. US Fed rate decisions (FOMC meetings: Sept 16–17, Oct 28–29, Dec 9–10) and the rate cuts announced by the Fed with markets having pushed into QE with the latest 0.25% rate cuts. 2. The much-anticipated

Here we are with another monthly stablecoin analysis: 1. P2P transfer volumes for stablecoins have breached the ATH on a monthly basis in Aug '25

Top Ledger's research tool - http:/research.topledger.xyz - continues to see high adoption as the go-to analytics suite for tracking the financial health of Solana and its ecosystem of protocols. We listened to your feedback and are here with API based access to the data. Now, over

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