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The transfer volume on the Solana chain recently reached a historic high of 318 billion US dollars, but most of the activity is driven by robots

The transfer volume on the Solana chain recently reached a historic high of 318 billion US dollars, but most of the activity is driven by robots

Bitget2024/11/20 12:15
SOL-0.03%XOLDTOKEN0.00%

According to Cointelegraph, Solana blockchain recently set a historical record for on-chain transfer volume, but market intelligence firm Glassnode claims that most of the activity was conducted by robots. In a post dated November 19th, Glassnode pointed out that Solana's transfer volume hit a historic high of $318 billion on November 16th, almost triple the total market value of SOL ($112.5 billion). The total number of active addresses on Solana has soared to 22 million.

However, Glassnode noted that average transaction volumes and median transaction volumes declined during the same period. This raised questions about the authenticity of Solana's metrics because if growth were organic, average levels should accompany similar increases. To explain this phenomenon, Glassnode stated: "This pattern of network activity inflation may indicate robot-driven activity which historically has led to similar trends in Solana." The increase in activity could be responsible for recent fee and network revenue increases.
Data from DefiLlama shows that on November 20th, Solana's daily income reached a historic high near $6 million with network participants paying $7.63 million in transaction fees. Supplementary data from Blockworks Research showed that on November 19th, Solana’s Real Economic Value (REV) reached an all-time high at $26 million.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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