The ninth largest cryptocurrency on the market, SOL, has seen it all. From going north and hitting new ATHs to going south and getting stuck because of network problems.

One part of SOL’s dominance keeps getting stronger on different aspects.

A beautiful Outlook

Even though the crypto market as a whole is moving all over the place, many investors and traders have something to be happy about.

Think about this: Solana’s ecosystem of non-fungible tokens (NFTs) just passed a major milestone. CryptoSlam says that this month was the first time that the total volume of the Solana blockchain went over $1 billion.

At the time this was written, the sales volume was about $1.2 billion, which is shown in the graph below.

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Solana

Source: CryptoSlam. In fact, Solana has become a major player in this crowded market. In fact, Messari’s most recent blog post says that one project helped the flagship protocol reach the milestone mentioned above.

Metaplex became the main protocol and permissionless infrastructure layer for NFTs on Solana when it came out in 2021. Since it started, the Metaplex on-chain minting program has been used to make more than 16 million of the 18 million NFTs that have been made on Solana. Well, Candy Machine V1 (which came out in late August 2021) and V2 (launched in December 2021).

Other NFT minting solutions like LaunchMyNFT and Magic Eden’s Launchpad (V1 and V2) also played a big part. In Q2 2022, the number of NFTs made rose by 46% from Q1 to Q2.

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Solana

Metaplex also saw that almost 76,000 owners of NFTs that were enabled by Metaplex bought or sold an NFT every day. This was a 21% increase from the last quarter. Also, the average number of daily transactions went up 18% from one quarter to the next.

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Solana

Overall, “the rise in unique wallet addresses and NFT transactions on Solana every day shows that the Metaplex network is being used in a healthy way,” Messari said.

When you look at the progress, these datasets paint a positive picture for the main blockchain network. Solana’s highest weekly trade volume was $160.39 million in 2021. Surely, a very small part of what the record is now.

The community was also recently told by the ecosystem that the number of active addresses on Solana’s dApps is growing. As we talked about in a previous article, Gameta went on to top these charts with more than 50,11k users.

Still going strong?

Solana did tell bullish stories about the green “NFT” card that was being talked about. But there are still signs that things aren’t sure. Solana wallets have been the target of a lot of bad things lately, like repeated network outages, worries about centralization, and a widespread exploit.

All of these were very bad news for SOL investors. In fact, they might be why the price of SOL didn’t do as well as expected. At the time of press, the price of SOL on CoinMarketCap was just under $48.

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