February 14 News, as high-throughput narratives continue to heat up, Solana is attracting market attention with its astonishing on-chain activity. Data shows that its daily transaction volume has reached approximately 285 million transactions, with a peak processing capacity of about 3,300 TPS, three times the combined scale of the Ethereum mainnet and all its layer 2 networks. Meanwhile, the number of active addresses has risen to around 2.6 million, giving Solana a clear advantage in DeFi matching, on-chain payments, and high-frequency applications.
However, differences in transaction structures are exposing potential issues. A large number of voting transactions are included in the total, while genuine user activity accounts for a relatively small proportion. The network success rate remains between 40% and 50%, reflecting noise from bot activity and congestion. High frequency does not equate to high value, and there is still a gap between usage scale and monetary transfer capability.
From a revenue perspective, Solana processes about 86 million non-voting transactions daily, but on-chain protocol fees amount to only about $622,000. In contrast, Tron, despite lower transaction activity, generates approximately $948,000 in daily fees through stablecoin transfers. Solana’s average transaction cost is only $0.003 to $0.007, which facilitates scalability but compresses protocol-level profit margins. Currently, total fees amount to about $7.57 million, with $6.66 million coming from the application layer, while the protocol itself still derives relatively low value through token burns and MEV.
On-chain data also indicates that capital behavior is becoming more cautious. A whale recently transferred about 100,000 SOL in batches, with a total value exceeding $9 million. This address previously withdrew over 110,000 SOL from staking, and this round of operations confirmed an unrealized loss of approximately $7.38 million. Phased transfers are typically used to control slippage but may also temporarily increase selling pressure.
Under the halo of high transaction volume, Solana faces a structural challenge of “large scale, weak monetization.” To solidify its position as a public chain competitor, improving network stability and protocol revenue conversion will be key in the next phase.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
SOL breaks through 90 USDT, 24-hour gain of 0.66%
Gate News reports that on March 20, a certain CEX showed SOL surpassing 90 USDT, currently trading at 90.03 USDT, with a 24-hour increase of 0.66%.
GateNews56m ago
Solana DApps Fall to 18-Month Low, SOL Faces Risk of Retesting 80 Dollar Level
Solana ecosystem DApps revenue has dropped to $22 million, marking an 18-month low, while the derivatives market is also showing bearish signals with funding rates near 0% and option skew surging, reflecting institutional lack of confidence in the future. The rise of competitor Hyperliquid has further intensified the pressure, leading to erosion of Solana's market share in the derivatives sector.
MarketWhisper3h ago
Solana DApp Revenue Drops to $22 Million, SOL Price Falls 11% in Three Days to $87
Solana ecosystem decentralized application revenue has dropped to an 18-month low, with SOL price recently declining 11% to $87, while long positions have been liquidated. Despite strong performance in DEX trading volume, it faces intense competition in the perpetual futures market.
GateNews5h ago
Solana on-chain revenue hits 18-month low, SOL may test $80 level
The Solana ecosystem has come under pressure recently, with SOL's price retreating from $97.70 to $87, representing a three-day decline of approximately 11%. Sentiment in the derivatives market is insufficient, with funding rates approaching historic lows, and on-chain DApp revenue has dropped to an 18-month low. Despite relatively solid performance on decentralized exchanges, new products and competition are putting pressure on capital flows. SOL is expected to remain range-bound and weak in the near term.
GateNews6h ago
Forward Industries Borrows $40 Million for Share Buyback, SOL Holdings Show Paper Loss Exceeding $1.1 Billion
Forward Industries announced the repurchase of over 6 million shares, reducing outstanding shares by approximately 7.4%. This repurchase was partially funded by a $40 million cryptocurrency loan, aimed at capitalizing on the current stock price trading below net asset value. The company faces over $1.1 billion in book losses while holding over 7 million SOL tokens, with a market value of approximately $614 million, indicating unusual financial circumstances. Management emphasized that the share repurchase strategy reflects confidence in the long-term value of SOL.
MarketWhisper6h ago
Morgan Stanley advances Bitcoin ETF application: S-1 amendment has been submitted, with the ticker symbol MSBT.
Morgan Stanley has recently submitted a revised S-1 filing for a Bitcoin ETF planned for listing in the United States under the ticker symbol MSBT, with an initial issuance of 10,000 shares and expected fundraising of approximately $1 million. The firm may become the first major bank to directly issue a spot Bitcoin ETF. Market demand is being driven by self-directed investors, and improvements in the regulatory environment will facilitate capital inflows, driving expansion of the Bitcoin ETF market.
GateNews6h ago
