Solana’s ecological applications have grown rapidly, and its ecosystem has covered many fields such as DeFi and NFT. Currently, DeFi is its most important part.
Original title: “Solana at the bottom of the data: SOL increased 94 times during the year, and the total holdings of 1583 large addresses reached 400 million”
Written by: Carol
The public chain war triggered by the narrative of Ethereum’s expansion continues to heat up. Following the strong rise of Cardano, Solana has recently “convinced others with gains.” According to CoinMarketCap’s data as of September 12, Solana’s native token, SOL, has increased by 9485.87% during the year, which is equivalent to an increase of nearly 94 times. The market value of the same period has also soared from about 86 million US dollars to 51.205 billion US dollars, an increase of about 595 times. , The ranking has jumped to seventh place.
Behind the crazy data, what kind of story is Solana playing? To this end, PAData analyzed recent Solana’s on-chain transaction data and SOL’s market transaction data, and the analysis found that:
Since July, although SOL has risen by more than 422% and the highest currency price has exceeded 191 US dollars, its average monthly maximum amplitude has increased from 9.52% to 18.21%. This indicates that the recent unilateral upward trend of SOL has slowed down and the market is more volatile. Big.
Binance, OKEx and Coinbase are the three main trading markets, and the cumulative trading volume of the three accounts for more than 57%. It is speculated from the main user faces covered by the exchange that the main investors of SOL spot trading may mainly come from the Chinese and American markets.
Solana’s processing speed has obvious advantages in the public chain. The average (median) number of transactions per second (TPS) processed in the last week is about 2106, the maximum TPS is about 7602, and the minimum TPS is about 79.
At the same time, Solana has maintained a very low transaction fee in a high TPS environment. The average transaction fee for each transaction in the last 7 days is only about 0.0000051 SOL, which is equivalent to 0.0009 US dollars, which is far lower than Ethereum’s current US$7.47 order. Transaction fee.
In the last 7 days, Solana’s average transaction volume per block is about 2138 SOL, which is equivalent to 419,400 US dollars. Among them, September 10 is the recent peak time for transactions on the Solana chain. The average total transaction volume per block on that day is about 5964 SOL, which is equivalent to 1.0792 million US dollars.
There are currently 4,883,800 non-zero addresses, of which 4,285,900 addresses have a balance of less than 0.1 SOL, accounting for about 87.76% of the total, and the total balance is about 20,000 SOL. The balance of most addresses is very small. The number of addresses with a balance of more than 100,000 SOL is only 1,583, but the total balance is as high as 400 million SOL.
Generally speaking, the volatility of the revenue of each node in the near future is not large, and the overall stability is stable. The average node reward per block in the last 7 days is about 0.0028 SOL, which is equivalent to US$0.51.
Solana currently ranks first with a total pledge of approximately US$64.2 billion. Its pledge rate exceeds 75%. The expected annualized currency standard rate of return is about 6.52%. The expected return is lower than that of 12 pan-PoS public companies such as Cardano, Polkadot, and Ethereum 2.0. chain.
At present, the total lock-up amount of DeFi on Solana has reached about 11.6 billion US dollars, a surge of about 1738% from the 630 million US dollars in early July. September has been the fastest period of ecological development, and the amount of locked positions has increased more than the previous two months. , Reaching about 228%.
Since July, SOL has increased by more than 400%, and Binance is the largest trading market
According to data from CoinMarketCap, as of September 12, Solana’s native token, SOL, has risen from US$1.84 to US$174.54 this year, an increase of 9384.64% during the year. Among them, since July alone, the increase in SOL has reached 422.46%. It closed at over $100 for the first time on August 30, and hit a record high of $191.04 on September 8. Affected by this, the market value of SOL has also expanded to more than US$50 billion, and its market value has been promoted to the seventh place.
However, it is worth noting that since July, although the currency price has climbed significantly, it has also been accompanied by an increase in the maximum daily amplitude. According to statistics, the maximum daily average amplitude of SOL in July is about 9.52%. This value has risen to 13.88% in August and has continued to rise to 18.21% since September. Even in August and September, the multi-day maximum amplitude exceeded 20%, and the maximum amplitude recorded on September 7 exceeded 46% at one time. The growth trend of the maximum daily amplitude indicates that the unilateral upward trend of SOL has slowed down after August, and the market fluctuates greatly.
From the perspective of SOL spot transactions, the total transaction volume on September 13 was approximately US$4.144 billion. Among them, Binance, OKEx and Coinbase were the three main trading markets, with daily trading volumes of approximately US$1.236 billion, US$587 million and 5.29 billion, respectively. Billion US dollars, the daily transaction volume accounted for 29.90%, 14.20% and 12.80% respectively, and the cumulative proportion exceeded 57%. In addition, FTX, BW.com, Huobi Global, Raydium, Binance.US also have relatively high transaction volume, with transaction volume accounting for more than 3%. It is speculated from the main user faces covered by the exchange that the main investors of SOL spot trading may mainly come from the Chinese and American markets.
The recent average on-chain transaction fee is only US$0.001, and the average daily transaction volume is about 1.09 million SOL
In order to explore the landscape behind the soaring SOL currency price, PAData sampled Solana’s transactions in a total of 161 blocks in the last 7 days [1], [2]. According to statistics, the average (median) number of transactions included in each block of these 161 blocks is about 928, the maximum number of transactions included is about 3349, and the minimum number of transactions included is about 35. According to the prediction of the speed of generating a block in 0.44 seconds, it is equivalent to the recent average (median) number of transactions (TPS) processed per second is about 2106, the maximum TPS is about 7602, and the minimum TPS is about 79. On the whole, Solana’s processing speed has obvious advantages in the public chain.
What’s more noteworthy is that Solana maintains extremely low transaction fees in a high TPS environment. According to statistics, in the last 7 days, the average (median) handling fee per block of Solana is about 0.0047 SOL, which is equivalent to 0.85 US dollars, while the average handling fee per transaction is only about 0.0000051 SOL, which is equivalent to 0.0009 US dollars, which is far lower. The current single transaction fee on Ethereum (the fee for MateMask’s Ethereum transaction on September 16 is approximately US$7.47).
In the last 7 days, Solana’s average transaction volume per block is about 2138 SOL, which is equivalent to 419,400 US dollars. Similarly, according to the prediction of the speed of a block in 0.44 seconds, it is equivalent to an average daily transaction volume of about 420 million SOL, which is equivalent to 75.958 billion U.S. dollars. On-chain transactions are very active. Among them, September 10 was the peak time of recent Solana chain transactions. The average total transaction volume per block on that day was about 5,964 SOL, which was equivalent to 1.0792 million US dollars. September 7 was the low time of recent chain transactions. The total transaction amount is about 54 SOL, which is equivalent to USD 9771.03.
Judging from the current user’s currency holding structure, there are a total of 4,883,800 non-zero addresses, of which 4,285,900 addresses have a balance of less than 0.1 SOL. The number of these addresses accounts for about 87.76% of the total, and the total balance is about 20,000. SOL. Secondly, there are 20,600 addresses with a balance between 0.1 SOL and 1 SOL. The number of addresses accounts for about 4.11%, and the total balance is about 80,000 SOL. In addition, the number of addresses with balances between 1 SOL-10 SOL and 10 SOL-100 SOL also exceeded 100,000, respectively. The number of addresses accounted for about 3.70% and 2.71%, respectively, and the total balance was about 620,000 SOL and 3.33 million SOL.
From a structural point of view, the balance of most addresses is very small, and only a few addresses control most of the current liquidity. The number of addresses with a balance of more than 100,000 SOL is only 1583, but the total balance is as high as 400 million SOL.
Recently, the average revenue per block of nodes is about 0.0028 SOL, and the total amount of pledges exceeds 64.2 billion U.S. dollars, ranking first
Solana nodes can get rewards for witnessing blocks. According to statistics, the average node reward per block in the last 7 days is about 0.0028 SOL, which is equivalent to 0.51 US dollars. According to the prediction of the speed of generating a block in 0.44 seconds, the total daily average node revenue is about 549.76 SOL, which is equivalent to US$99,500. Among them, the average node reward per block on September 11 was about 0.0038 SOL, which was equivalent to 0.69 US dollars, which was the highest value in the near future. On September 10, the average node reward per block was about 0.0021 SOL, which was equivalent to 0.38 US dollars. The lowest value. But generally speaking, the volatility of the revenue of each node in the near future is not large, and the overall stability is stable.
There are currently 20 block generation nodes, of which Everstake and Chorus One have the highest total pledges, approximately 14.24 million SOL and 14.17 million SOL, respectively, accounting for 3.74% and 3.72% of the total pledge respectively. In addition, the total pledge of other current block producers is between 3.5 million SOL and 9.5 million SOL, and the pledge amount does not exceed 2.5%.
From the perspective of the pledge amount of the pan-PoS public chain, Solana currently ranks first with a total pledge of about 64.2 billion U.S. dollars, and its pledge rate exceeds 75%. In addition, although the total pledges of Cardano, Polkadot, Ethereum 2.0, Avalanche, Algorand and Terra have all exceeded US$12 billion, they are still far below Solana.
From the perspective of pledge yield, Solana’s current expected annualized yield is not high, only about 6.52%, which is much lower than the 12 pan-PoS public chains such as EOS, Kusama, Polkadot, Elrond, BSC, Mina and NEAR. However, considering the recent significant increase in SOL, the currency-based rate of return generated by pledged SOL is conducive to magnifying the revenue of the legal currency standard. Therefore, if the revenue of the legal currency standard is considered, the expected annualized return of SOL may be higher than the aforementioned public chain.
DeFi lock-up amount has exceeded $11.6 billion, and DApps of various categories have developed rapidly
The rise of SOL is inseparable from its ecological development. According to public information, the Solana ecosystem has covered infrastructure, wallets, tools, browsers, oracles, DeFi, NFT, GameNFT, funds and other matrices, among which DeFi is its most important component.
According to statistics, as of September 14, the total lock-up amount of DeFi on Solana has reached approximately US$11.6 billion, a surge of approximately 1738% from the US$630 million in early July, and its monthly increase is 120.24%, 172.95% and respectively. 228.61%. It can be seen that September has been a period of rapid development of the DeFi ecosystem on Solana, where the highest single-day lock-up amount reached approximately 12.2 billion U.S. dollars.
From a more micro level, Solana’s DeFi ecosystem already covers DEX, lending (Lending), NFT casting (Minting), pledge (Staking) and liquidity mining (Yield). Among them, DEX and lending are more fully developed sub-categories, and 6 DApps have been deployed respectively, while the development of other categories is relatively insufficient. NFT casting and pledge have only 1 DApp each.
However, judging from the current lock-up volume of DApps, the development of DEX and liquid mining is more prosperous, especially Saber, Raydium, and Sunny, each of which has a lock-up volume of more than US$1.5 billion. Among them, Saber and Sunny have locked-up positions. The volume reached about 3.9 billion US dollars and 3.1 billion US dollars, respectively, and their respective proportions in the total lock-up volume reached 33.62% and 26.72% respectively, and the total proportion exceeded 60%. They are currently the two most important DApps on Solana. .
However, the lock-up volume of these DApps in the last 7 days did not continue to rise like the total lock-up volume, but varied. The most obvious increase was the NFT casting protocol Parrot Protocol, whose 7-day lock-up volume increased by as much as 332%. Second, the liquidity mining agreement Sunny, the pledge agreement Staking, the loan agreement Solend, Port Finance and the DEX agreement Saber’s 7-day lock-up volume increase also exceeded 100%, which is a significant increase.
the data shows:
[1] The standard for block sampling is based on the sampling time at 16:40 on September 13, 2021 (block height 96352789) as a starting point, estimated at a rate of 1 block/3 minutes, sampling every hour of the past 7 days Block. Among them, on September 13th, due to the sampling time, only the blocks produced every hour before that day were sampled, that is, 17 blocks, so the total number of samples was 161 blocks.
[2] If the sampling block is too long due to the block explorer’s query time (the response time is more than 3 seconds), the nearest sampling will be taken in turn. 96246436, 96238255, 96213712, 96189169, 96180988, 96058273, 95845567, 95755576, 95722852, 95665585, 95632861, 95575594, 95559232, 95444698, 9520155, 95231992, 9523811, 95166544, adjusted to 96246435, 96238257, 96213710, 96189162, 96180987, 96158269 95845573, 95555575, 95722862, 95655580, 95632851, 95575584, 95559230, 95444695, 9520157, 95231982, 952382, 95166543.
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