According to data compiled by venture capital firm Pantera Capital , more than 60% of the increased volume on decentralized exchanges (DEXs) in May was recorded on the Solana blockchain.
Behind this growth is Monolithic Architecture, Pantera said in a June 18 report, calling the network the macOS of blockchain.
Solana 's share of DEX volume grew from 0% at the beginning of 2021 to 24% in May 2024, thanks to an approach similar to Apple's macOS architecture, integrating hardware and software for efficiency. outstanding performance. According to Pantera, Solana 's architecture has enabled a spike in retail activity over the past few months:
Solana 's Monolithic architecture has a product roadmap focused on optimizing every component of its private blockchain, similar to Apple's macOS architecture that integrates hardware and software for superior performance. dominant.
Pantera is one of the investors in the Solana blockchain. Earlier this year, the venture capital firm raised money for a new fund to buy up to $250 million worth of FTX's Solana (SOL ) Token at a steep discount.
The network's unique active addresses increased from 14,000 in October 2020 to nearly 1.3 million in May 2024. As a result, priority fees on Solana have exploded, increasing from less than $100,000 per month in mid-2023 to more than 60 million USD by March 2024.
Solana 's architecture also makes it a popular choice for developers behind memecoins and decentralized infrastructure projects. Since January, the network has seen an increasing volume of new Token , outpacing other chain such as BNB Smart Chain, Ethereum, and Polygon. The report notes:
By May 2024, Solana accounted for 85% of all new Token appearing on DEX, up from 50% a year ago. This rise in Solana -based Token reflects its strength in retail usage, driven by memecoin activity.
Solana 's performance also affects its SOL Token . According to CoinMarketCap, SOL price has increased more than 723% in the past year, trading at $123 at the time of writing.
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