On Tuesday, the launch of Pudgy Penguins’ local token, PENGU, triggered extraordinary network activity on the Solana 
$86 blockchain. During the launch, transactions peaked at 9 million, marking the highest daily total recorded since Solana’s inception in 2020. Data from Artemis revealed that this transaction volume surpassed the combined totals of all other major blockchains.
PENGU Airdrop Attracts Significant Attention
The airdrop event for the PENGU token commenced on Tuesday, December 19, at 8:00 AM ET. This event included holders of Pudgy Penguins, Lil Pudgys, Rogs, and Soul Bound Tokens. Within the first hour, over 100,000 requests were made, and the project garnered 4.7 million website visits. However, the token’s market value dropped by over 50% within the first 24 hours, raising concerns among participants.
The high demand during the airdrop process highlighted the scalability of Solana’s blockchain infrastructure. Additionally, this situation demonstrated that NFT projects still appeal to a large user base.
Noteworthy Developments in the Solana Ecosystem
Solana ranks at the top for daily decentralized exchange (DEX) trading volume and active addresses. However, it lags behind Ethereum 
$2,329, Base, and Tron in stablecoin transfer volume. Conversely, the total value locked (TVL) is approaching $8.8 billion, indicating a return to peak levels seen in 2021.
A new opportunity has emerged for European investors, presented by Bitwise, which announced a new Solana Staking ETP traded on Deutsche Börse AG. The company stated this product offers a low-cost, liquid, and transparent investment vehicle, designed to expand its digital asset staking solution portfolio.
According to CoinMarketCap data, Solana’s native token, SOL, has decreased by 8.2% over the past week, settling at $208. However, the locked value in Solana’s decentralized applications remains near its 2021 peaks. Solana continues to stand out in the crypto world with its large user base and innovative ecosystem.
