Gate Research Institute: Q1 Solana Network Review

Summary

• In Q1, the SOL price experienced a surge followed by a pullback, and it went through a process of consolidation at the bottom, breaking through the historical high of 295 USD.

• The Q1 SOL contract market is characterized by high volatility and the coexistence of deleveraging, with the contract holdings reaching 4.6 billion dollars as of March 31.
• The concentration of SOL token holdings on the chain is relatively high, with addresses holding between 100,000 to 1,000,000 SOL accounting for nearly sixty percent, dominating the market.

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• The average daily active addresses on the QQ1 Solana network is 5.2 million, with an average transaction count of 95.3 million.
• The overall staking yield remains stable, with regular inflation rewards being the core component of staking returns, while the extractable value from MEV miners and Gas Fee contributes approximately 30% of additional income, enhancing the overall attractiveness of staking.
• The total market value of stablecoins has achieved approximately 1.43 times growth, reaching 12.1 billion USD, becoming an important driving force for promoting on-chain transactions and asset activity.
• DEX trading volume has significantly increased, with the quarterly average daily trading volume reaching 11 billion USD, a growth of 125% compared to the previous quarter.

• The overall weekly revenue of the DePIN project has steadily increased, with an average weekly income of 5.6 million USD, representing a 52% growth compared to the previous quarter.
• The weekly trading volume of NFTs continues to decline, with a weekly trading volume of 6.75 million USD in Q1, down 55% from the previous quarter.
• The improvement proposal SIMD-0228 put forward by the Solana community aims to adapt more dynamically to market demands and could potentially reduce the SOL inflation rate by up to 80%. It was not passed.

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