Gauging Solana’s [SOL] next move as the network’s earnings spiral downwards

Gauging Solana’s [SOL] next move as the network’s earnings spiral downwards

May 12, 2023

By Himalay Patel

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Solana’s network activity began to surge.

However, its earnings continued to decline.

Solana [SOL] has seen extremely turbulent times in the past. With a large number of downtimes and various prominent NFTs migrating to other protocols, the odds were stacked against the protocol.

Will Solana make a comeback?

Despite the failures, there was a surge in activity on the network. Even though the surge in Solana’s activity was high, it wasn’t enough to keep up with competitors on the network such as Ethereum [ETH] and Arbitrum [ARB].

However, according to Messari’s data, that could change soon.

Many popular dApps on the network, such as Magic Eden, Jupiter and Wormhole currently do not have native tokens. If they were to launch their tokens in the future, it would drive high activity on Solana, resulting in higher amounts of fees accrued by the network.

According to Messari, athough these dApps haven’t explicitly announced plans to launch tokens, recent moves from competitors and newly launched rewards programs suggest that such launches are likely, as is common for successful app protocols.