Despite not being among June's top-performing assets, Solana (SOL) demonstrated steady market performance. Beyond price movements, the Solana ecosystem achieved significant milestones last month—most notably surpassing 1,500 validators. This report dives deeper into Solana’s June metrics across key indicators.
Market Performance
Market Capitalization
Solana’s market capitalization trended closely with Ethereum’s in 2022, reflecting correlated peaks and troughs.
January 2022:
- Solana’s market cap opened at $52.28B** but dipped to **$25.63B on the 24th.
- Ethereum mirrored this drop, falling from $270.63B** to **$433.90B the same day.
June Highlights:
- Solana’s market cap grew 1.8% from $30.89B** (June 1) to **$39.85B by month-end.
- Year-to-date decline: 39.85%.
👉 Explore Solana’s real-time market cap
Circulating Supply
Solana’s circulating supply has steadily increased since August 2021, contrasting with SOL’s price decline:
- June 1: 315.1M SOL in circulation, priced at $110.09.
- Year-open: 309.48M SOL at $179.16.
Blockchain Activity
Daily Non-Voting Transactions
- Total Transactions: Over 61.712B lifetime, with 21.46% being non-voting.
- June Range: 39.39M (low) to 46.19M (peak).
Active Wallets & Token Accounts
- Active Wallets: Peaked at 732,690 (early June), then declined steadily.
- New Token Accounts: Monthly high of 674,880 (June 9).
Token Metrics
SPL Tokens & NFTs
- New SPL Tokens/Day: 100–200 (excluding NFTs).
- NFTs Minted: 95,990 on June 25—2022’s first +90K day.
Token Transfers
- Record High: 10.67M transfers on June 16.
- SOL Transfers: Peaked at 21.76M (June 16).
Network Health
Transaction Fees
- June Average: 0.0000052 SOL per non-voting transaction.
- Monthly Fee Range: 151.88 SOL (low) to 249.61 SOL (high).
Voting Accounts
- Active Validators: Grew from 1,462 (June 1) to 1,563 (June 28).
DeFi Landscape
Market Share
- Rank: 6th (3.45% share), behind Ethereum, BSC, Terra, Avalanche, and Fantom.
Total Value Locked (TVL)
- June TVL: $6.79B (down 17.32% monthly).
- Top Protocols: Serum, Raydium, Solend, Quarry—all saw >10% declines.
👉 Learn how to invest in Solana
FAQs
1. Why did Solana’s TVL drop in June?
- DeFi protocols like Raydium (-25.15%) and Quarry (-30.77%) underperformed, dragging ecosystem TVL down.
2. How does Solana’s fee structure compare to Ethereum’s?
- Solana averages $0.0002** per transaction vs. Ethereum’s **$1.50+, making it scalable for consumer apps.
3. What caused Solana’s validator count to rise?
- Increased staking demand and network upgrades incentivized more nodes to join.
4. Is Solana a good investment despite market declines?
- Long-term potential hinges on adoption in DeFi, NFTs, and Web3—monitor ecosystem growth and developer activity.
Data Sources: CoinGecko, SolScan, DeFi Llama