Solana’s negotiation activity (soil) was strongly contracted in the second quarter while the main infrastructure metrics of the network have strengthened through several dimensions.
According to a August 15 report By Messari, the total turnover generated on the network dropped by 44.2% over a quarter to $ 576.4 million, compared to $ 1.0 billion.
In addition, the volume of decentralized daily decentralized scholarships (DEX) fell 45.4% to 2.5 billion dollars, perpetual negotiation volumes down 28.5% to $ 879.9 million per day. The drop in income stems from the reduction of same speculation which led record trading volumes in the first quarter.
Requests depending on negotiation costs, including most DEX platforms, have displayed lower quarterly income while market players have reduced speculative activity.
The fundamentals of the network show resilience
Despite the drop in speculative activity, various chain metrics report fundamental solids for Solana.
The total locked value (TVL) in the protocols DEFI on the network increased by 30.4% in a quarter to $ 8.6 billion, retaining Solana’s position as the second network by TVL after exceeding Tron in November 2024.
The application capture ratio of the application increased to 211.6%, compared to 126.5%, which indicates that the applications captured $ 211.60 in revenue for each $ 100 spent in transaction costs.
The penetration of liquid marking reached 12.2% of the soil power supply of 10.4%, allowing expanded DEFI applications built on yield soil. The total marking value increased by 25.2% to $ 60 billion, the decentralization of the validator improving modestly as the Nakamoto coefficient reached 21.
The Nakamoto coefficient measures the decentralization of blockchain by calculating the minimum number of entities required to control more than 50% of network resources and compromising security.
In addition, Anza announced Alpenglow, an overhaul of the consensus protocol targeting the purpose of less than 150 milliseconds. The proposal represents an improvement of 100 times compared to the current confirmation times of 12.8 seconds.
The upgrade eliminates voting transaction costs and rationalizes customer operations for small validators.
Institutional adoption accelerates
The dry approved ETF Solana at Stak from Rex Osprey (SSK) On June 27, marking the first fund negotiated in exchange for crypto (ETF) approved by the United States.
However, the product operates outside the trac structures recorded by traditional dry dry, providing exposure to resolution via derivative instruments instead of maintaining digital assets directly. Nine other companies have filed requests for the Solana ETF, with approval decisions scheduled for October 2025.
The use of the network has remained stable, the non -voting transactions increasing by 4% to 99.1 million per day, while costs of costs decreased by 1.4% to 3.9 million.
The soil market capitalization increased by 29.8% to $ 82.8 billion, now its sixth classification among cryptocurrencies.
The report concluded that the quarter had demonstrated Solana’s ability to maintain the development of infrastructure and institutional interests regardless of speculative trading cycles.
