- Solana does more in the application costs than any other blockchain.
- The influx is largely motivated by mecoins.
- Solana now aims to expand her activities beyond the jokes.
Solana has obtained more than $ 18 million in application costs in the past 24 hours, making it the biggest application price of all blockchains.
It is according to the new data from DEFI Analytics Platform Defillama – and DL News‘Sister Company – which introduced a new feature to follow the amount of users in costs between the protocols DEFI in a given blockchain.
“This will probably become an essential element of the toolbox of any onchain analyst,” said Patrick Scott, responsible for growth in Defilma.
The data underlines how Solana’s sprawling network has become a cornerstone of the DEFI industry. It also shows how different block chains are used.
Binance Smart Chain ranked second with more than $ 10 million in daily application costs in the last 24 hours. Almost all the costs generated from Pancakeswap, which experienced an increase in volumes due to an influx of memecoin traders on the blockchain.
Ethereum ranked third, after obtaining $ 8 million in generation of application costs. This is due to its wide variety of DEFI protocols. The blockchain reached a summit of around $ 25 million on January 23.
While UNISWAP remains one of the leaders of the fee generation, protocols such as Lido, Aave, Sky and others have all contributed to the growth and success of Ethereum.
Solana’s even dependence of Solana
The data also underlined the important role that even the same succeeded in Solana’s recent success.
Its daily generation of application costs is mainly motivated by the rise of same and launchpad, pump.fun. On January 20, daily implementing costs reached a summit of almost $ 150 million after the launch of the official Trump on January 17. This is 10 times more than the applications generated in costs on Wednesday.
The drop underlines how the jokes lost their mojo shortly after their summit in January due to a combination of scandals and controversies.
A handful of recent movements suggests that Solana is now going beyond the same and degens, trying to expand his appeal to Wall Street.
Application costs monitoring
Defilma argues that applications monitoring costs can provide information by showing both the activity of a chain or protocol while showing the dollar value of this use. Other measures face various problems.
The amount of active users and transactions show an activity, but they are easily faked and give no information on the dollar value of these transactions, said Scott.
The total value deposited, or TVL, shows the value in dollars of use, but does not show the activity, he argued. Thus, this metric cannot differentiate between active and inactive use. In addition, the total value deposited can be correlated with a token price, which can sometimes be misleading.
The volume on decentralized exchanges takes into account both the activity and its value in dollars, but the washing trading is common and can have a strong impact on this metric.
Meanwhile with application costs, it is much more difficult to simulate without spending massive funds.
Zachary Rampone is a DL News correspondent. Do you have a tip? Contact it at zrampone@dlnews.com
