CoinCodeCap’s The Weekly: Issue 8

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Solana gained quite a fame last year and turned out to be the fastest in adding transactions to its blockchain. Its native token SOL went almost 100x during the bull run, and almost everyone started singing the songs of the ultimate Ethereum Killer (again).

Even though the Solana blockchain goes down every other day (the last time it went down was on 30th May), not to mention the DDoS attacks it has to survive, and the transaction dumps, it’s still up and running. 

Let’s look at some of the on-chain data of projects built on top of Solana! First, starting with the Daily active users of the Solana Blockchain.

So almost 80% of the Daily active users of Solana come from Ocra, a decentralized exchange built on top of Solana. Next in line are Raydium and Serum, now accounting for up to 90% combined. The user base of Solana is highly centralized to a single platform which might not be the best thing for SOL.

Coincodecap'S The Weekly: Issue 8

Below you’re seeing the Solana NFT Marketplaces DAU, as of May 29th, the 99.8% market share is captured by the Magic Eden NFT Marketplace. The rest of the competitors are just under 0.2% in terms of market share.

Coincodecap'S The Weekly: Issue 8

However, we’re seeing the effects of the bear market here as well, the daily trading volume on Solana NFT Marketplaces has gone down to around 100K.

Coincodecap'S The Weekly: Issue 8

Though something interesting happened recently, the Solance bridge saw one of its largest outflows in the last 4 months. With correlation with BTC on 30th having a minor rebound of 7.8% from the crash last month Solana saw a net outflow of $4.1 Million.

Coincodecap'S The Weekly: Issue 8

The daily users of the bridge have been falling significantly as well. The active users/ addresses went from 36 in April to just 1 in June.

Coincodecap'S The Weekly: Issue 8

More recently, StepN was driving significant attention towards Solana as it gained really good popularity among users and had only been launched on Solana until now. However, the new user acquisition of StepN has begun dwindling as well. The new users at StepN peaked at 17K on 2nd May but are now down by over 50%.

Coincodecap'S The Weekly: Issue 8

The Weekly Happenings

  1. India Prepares Consultation Paper on Cryptocurrencies. Know more
  1. TRON Launches a New Stablecoin USDD, is it Actually Stable? Read here
  1. Crypto Giant FTX Ready With Billions of Dollars for Acquisitions. Know what happened
  1. Almeda Research Transfers 15 M worth ETH to FTX, Is a Dump on the way? Know more.
  1. Bulgarian Crypto Trader Goes Missing under Strange Circumstances. Here are the details.
  1. Solana Blockchain has been Halted Globally, Suffers Network Outage. Know what happened
  1. Crypto-Skeptic Tech Pros Counter-Lobby US Lawmakers. Read more


  1. Netflix’s ‘Love, Death + Robots’ NFT’s Vulnerability Alert. Link
  1. Is BabyLuna a Scam Project? Link
  1. Is Terra Luna Classic a Scam Project? Link
  1. Multiple LUNA and Terra Scam Projects on BNBChain. Link
  1. JJH DAO Rug Pulled, Around $336K Stolen. Link
  1. Doodles NFT Phishing Scam. Link
  1. Is Burgers Network a Scam Project? Link

The Charts and Dips 

  1. Crypto to look out for this week BTC, ETH, HNT, WAVES, 1INCH. Link
  1. WMT Price Analysis June 2022. Link
  1. NSBT Price Analysis June 2022. Link
  1. PULI Price Analysis June 2022. Link
  1. COW Price Analysis June 2022. Link
  1. Top 3 Crypto to Look Out for in June 2022: ADA, FTM, MATIC. Link
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Editorial Team
Editorial Team

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