Solana Q1报告：Memecoin爆发带动新用户增长，日均现货DEX交易量环比增长319%
Original source:Messari
Original compilation: Felix, PANews (this article has been deleted)
Key insights:
The average daily spot DEX trading volume of Solana network increased by 319% month-on-month to US$1.5 billion. Solana became a gathering place for retail investors and Memecoin traders.
Projects built primarily on Solana raised $89.2 million in the first quarter, $2.5 million more than the total raised for all of 2023.
Introducing Token Extensions, providing a configurable set of functionality to token issuers. To date, stablecoin issuers including Paxos and GMO Trust as well as crypto-native projects such as Photo Finish LIVE and Wen have adopted token scaling.
With the launch of the developer store Anza and the growth organization Colosseum, the Solana ecosystem has made significant progress in further decentralization.
The Solana network suffered its first outage in nearly a year due to a bug in a legacy loader, but the network remains stable. Upcoming scheduler and network upgrades will reduce spam and improve user experience.
financial analysis
SOL continues to lead the market in terms of market capitalization. Its market capitalization ranks fifth among all coins, behind BTC, ETH, USDT and BNB. After peaking at $77 billion in the previous cycle, SOLs market capitalization continues to reach an all-time high. As of the first quarter of 2024, the market value was US$86.4 billion, an increase of 97% from the previous quarter. However, SOL is still about 25% away from its all-time high of nearly $260.
On a SOL basis, revenue increased 200% sequentially. As SOL prices increased, total quarterly revenue in U.S. dollars increased 597% sequentially to $98.8 million. Solanas single-day revenue on March 18 reached a record high of approximately $4.9 million.
Half of these fees are burned, while the other half is distributed to block producers. The token burning lowered Solana’s annualized quarterly inflation rate from 5.5% to 5.2% in the first quarter. The SOL issuance rate will decrease at a rate of 15% per year until it reaches 1.5%.
network analysis
use
Network activity, measured by non-voting transactions and paid transactions, continued to rise in the first quarter. Average daily paying users increased by 214% month-on-month to 597,000, reaching a peak of more than 2 million on March 17. The growth in the number of addresses is mainly driven by Memecoin transactions. The average daily non-voting transaction volume increased by 71% month-on-month to 70 million. However, 62% of non-voting transactions failed, a 10% increase month-on-month. Failed trades mostly come from arbitrage bots or user trades on DEXs.
A similar growth trend was seen in new paying users, reaching a high of about 1.2 million on March 17. Average daily new paying users increased 266% sequentially to 115,000. Retention rates for new paying users are also higher. The one-month retention rate for the new paying user group in December 2023, January 2024 and February 2024 is all above 30%, while the average retention rate from January 2023 to November 2023 is 18%.
Security and decentralization
The SOL pledge rate fell for the second consecutive quarter, down 7% quarter-on-quarter. The main reason for the drop was FTX Estate unstaking the tokens when they were unlocked. However, as the price of SOL increased, the total amount pledged in US dollars increased 71% month-on-month to $70 billion, ranking second among all networks after Ethereum.
Performance, upgrades and roadmap
On February 6, the Solana network suffered its first outage in nearly a year, with the outage lasting about five hours due to a bug in an older version of the loader. This bug was previously discovered on Solanas devnet, but a fix has not yet been implemented.
But the Solana network remains stable. Although the increase in network usage has led to congestion issues, worsening user experience. Issues identified and potential solutions include: rolling out the transaction scheduler, upgrading the network, and more.
The most notable thing about this quarter was the token expansion. Token extensions are part of the new SPL token standard and provide token issuers with a configurable set of functionality. These extensions support functionality that is largely achievable on other networks, but currently requires developers to build their own infrastructure or licensing environment.
ecosystem analysis
DeFi
Solana DeFi TVL increased by 232% month-on-month to $4.9 billion, ranking fourth among all networks. Lending and yield protocol Kamino jumped from Solana’s fourth largest protocol to the top of the TVL list. Its lending agreements ended the quarter with nearly $1.3 billion in TVL, up 811% sequentially.
DeFi transaction volume also continues to grow, with the average daily spot DEX transaction volume increasing by 319% month-on-month to reach US$1.5 billion. The growth of DEX trading volume is mainly driven by Memecoin trading. SLERF and BOME rank seventh in terms of transaction volume. Other Memecoins in the top 15 by trading volume include BONK and WEN.
Telegram bots have become a popular trading place for retail investors. The average number of daily active addresses of Solana Telegram bot increased by 573% month-on-month to 45,000. About 5% of the total quarterly transaction volume came from Telegram bot, an increase of more than 2 times from the previous quarter.
BONKbot has the largest transaction volume among the Solana Telegram bots, with an average daily transaction volume of $37 million. The bot charges a 1% fee for purchasing BONK and distributing it to all parties, including destruction (10% of the fee).
In mid-March, BONKbot launched an upgraded version of Valhalla. Trojan on Solana was launched at the end of January, with an average daily trading volume of nearly $14 million, and the Bolt Pro feature was released in March. Other Telegram trading bots include FluxBot, SolTradingBot, and Banana Gun.
Over 59% of spot DEX trading volume is conducted through the Jupiter trading aggregator. Jupiter released its native token JUP at the end of January. Since its launch, Jupiter Perps has averaged $328 million in daily trading volume. Drift, another major player in Solana, has maintained strong growth momentum. In the fourth quarter, Drifts average daily revenue increased about 10 times, and increased 6 times in the first quarter to $142 million. At the end of January, Drift launched a points program that will end in March, followed by a token launch. In mid-March, Drift launched its pre-release market offering, starting with Wormholes W, offering rewards for yet-to-be-released tokens.
Following a 21% increase in the previous quarter, Solanas stablecoin market capitalization increased by 55% quarter-on-quarter to $2.8 billion, ranking fifth among all networks. This growth was entirely driven by USDC, whose Solana market capitalization increased by 111% month-on-month to $2 billion. Solana now has the second largest amount of USDC after Ethereum.
Liquidity Staking
Solanas liquidity staking rate increased 27% month-on-month to 5.5%. Liquidity staking protocol Jito has been leading the way in terms of growth. Jitos TVL increased 47% month-on-month to 9.4 million SOL, replacing Marinade and ranking first in TVL. At the end of the quarter, Jito’s liquidity staking market share was close to 50%. Marinade Liquids TVL dropped 9% month-on-month to 6.4 million SOL. Blazes TVL increased by 38% month-on-month.
NFT
The average daily NFT trading volume increased by 57% month-on-month, reaching $7.6 million. After surpassing total transaction volume of over $331 million in December 2023, growth reversed in January and February, only to grow again in March 2024.
In the NFT market, Tensors market share increased by 9% month-on-month to 71%. Magic Edens market share continued to decline, falling by 18% to 25% month-on-month.
DePIN
Solana is becoming the center for DePIN applications, including hosting Helium, Hivemapper, Render, Teleport and GenesysGo, among others. Notable events in the first quarter include: Helium Wi-Fi and Telefonica cooperation, Io.net financing and launch plans, etc.
Financing
After experiencing a prolonged bear market, Solana ecological financing volume is rebounding. Sixteen projects built primarily on Solana announced funding rounds in the first quarter, totaling $89.2 million. In addition, in the fourth quarter of 2023, 25 projects raised US$146.3 million, while in the previous two quarters, 7 projects raised US$9.6 million.
Summarize
Solana continues to grow in 2024 after a strong performance in 2023. Solana became the main gathering place for retail investors and Memecoin traders. Its average daily spot DEX trading volume increased by 319% month-on-month to US$1.5 billion. Solana has also made strides in its ability to support institutions, launching token extensions that provide token issuers with a configurable set of features.
However, increased network activity has led to congestion issues that are being addressed in upcoming network, scheduler and fee market upgrades.
After a prolonged bear market, investment in Solana projects is heating up. Projects built primarily on Solana raised $89.2 million in the first quarter, $2.5 million more than the total raised in all of 2023. The Solana ecosystem is also becoming more decentralized. Former Solana Labs engineers and executives announced the launch of developer store Anza, and the former head of growth at the Solana Foundation launched the growth organization Colosseum.
