DeFi
Solana hits near two-year high in daily transactions after Blinks launch
Wallet transfers as a category dominated gas usage over the past 24 hours, totaling over $1 million, which exceeded the combined gas usage of DeFi, memecoins, and crypto protocols. infrastructure.
Solana’s SOL token has the fifth largest market capitalization at $68 billion, behind BNB, USDT, ETH, and BTC.
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Posted June 27, 2024 at 1:50 PM EST.
After rolling out a new feature called Blinks, Solana hit a nearly two-year high in the number of daily transactions processed.
According to blockchain analytics firm ArtemisSolana facilitated nearly 42 million transactions on Wednesday, an increase of about 81% from the start of the year, when the figure stood at 23.1 million.
The last time Solana processed over 40 million transactions in a day was in August 2022, months before the collapse of FTX, which nearly decimated Solana because it had close ties to FTX’s co-founder , Sam Bankman-Fried. Solana has since reestablished itself to become the center of much of recent crypto activity, such as the memecoin craze, with coins like BONK, Wireless And MOTHER take off.
As of August 2022, the blockchain’s native cryptocurrency, SOL, was trading at around $40 versus $147 today, according to data from CoinGecko watch.
Arrival of flashes
Solana crossed the threshold of 40 million daily transactions after Solana developers revealed “flashes“, short for “blockchain links”, which are new Solana primitives that allow users to enable on-chain actions such as voting, donations and trading in a URL link that can be shared on social networks and on the Web at large.
Therefore, traditional Web2 websites can become a place where users can initiate Solana transactions on-chain.
“Solana is having its moment on YouTube by allowing videos to be embedded anywhere on the Internet. Blinks will integrate Solana transactions everywhere on the Internet, wrote Diego Perez de Ayala, managing partner of investment firm Frictionless Capital, also known as @SolanaLegend on X.
Over the past 24 hours, wallet transfers alone consumed over $1 million in gas, making it the largest gas-consuming category, ahead of the gas consumption of DeFi, memecoins, and infrastructure protocols combined, according to Artemis.
These wallet transfers originate from Solana’s system program, which is responsible for managing basic network functionality and operations, such as creating new accounts and processing transfer instructions, Solana documents state.
Van Eck Deposit for SOL ETF
On Thursday, Van Eck, a global investment manager with $101.9 billion in assets under management and also an issuer of a spot BTC ETF, filed for a Solana spot ETF in the United States, a move that also helped propel the price of SOL higher.
According to CoinGecko, SOL was trading around $137 at the start of the day and has since climbed to $147 following Matthew Sigel, head of digital assets research at Van Eck, announcing the company’s filing for a SOL ETF.
