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Solana (SOL) has had an extremely turbulent past in the aftermath of the FTX incident. With numerous outages and various prominent NFTs moving to other protocols, the odds were stacked against the protocol.
Will Solana Make a Comeback?
Despite the failures, there has been an increase in activity on the network. While the increase in Solana’s activity was high, it was not enough to keep pace with network competitors like Ethereum (ETH) and Arbitrum (ARB).
However, according to Messari’s data, this may soon change.
Many popular dApps on the network, such as Magic Eden, Jupiter and Wormhole, do not currently have native tokens. If they were to launch their tokens in the future, this could lead to high activity on Solana and higher fees charged by the network.
According to Messari, while these dApps have not explicitly announced plans to launch tokens, recent moves by competitors and newly launched reward programs suggest that such launches are likely, as is common with successful application protocols.
Comparing benchmark valuation indicators, the potential market capitalization for crypto applications is estimated to be high. For the top token-minimal projects at Solana, they projected growth of between $1 billion and $2.5 billion.
The launch of tokens could also impact Solana’s market capitalization. It was found that fee payers grew at twice the market capitalization and 210K-290K new users were predicted after the new project launch.
Solana Continues to Grow
However, at the time of writing, the gains made by the network have taken a hit. According to data provided by the token terminal, Solana’s overall earnings have decreased by 17.9% in the last 30 days.
This drop in earnings hasn’t stopped the Solana network from making progress. The number of code commits on GitHub continued to grow.
This increase in development activity suggests that new upgrades and updates to the Solana network are on the way. These updates could attract new users to the network and help generate more revenue and compete with other major protocols in the cryptocurrency space.
