In November 2021, the price of SOL, the native token of the Solana blockchain, experienced its All-Time High. Since then the SOL price has had more than a 95% drop.

What has happened to the most promising blockchain during this year; from November 2021 to November 2022.

Is the Solana blockchain is dying?

At the end of the year 2022, this dashboard attempts to provide a data-driven picture of the year that has passed in various aspects.

This dashboard aims at providing a detailed analysis of the Solana blockchain evolution from November 2021 to November 2022. It mainly focuses on comparing the protocol status from various aspects between two months starting and ending month of the period.

The following domains and metrics will be analyzed:

• $SOL Price
• Popularity: The number of active and new users
• Performance; Success Rate, Number of transactions
• Gas Fee: Transaction fees generated
• NFT: The number of NFTs minted, NFT sales and NFT purchasers
• $SOL Transfers: The number and volume of $SOL transfers

Popularity can be measured by the user’s onboarding and the user’s activities.

User’s activities and adoption reached at the highest level in May 2022. Since then both has been decreased significantly.

Active users has decreased 41% in one year. The monthly number of new users has decreased more significantly (53,5%).

Performance

Gas Fee

NFT

$SOL Transfers

Method

Introduction

$SOL Price

The average $SOL price in Nov. 21 is $222, while in Nov. 22 is $19 which is 91,5% fall.

$SOL shows a remarkable drop in price.

The question is how this substantial drop correspond with the performance and popularity of the SOL blockchain.

Popularity

To evaluate the performance of the network, ==average success rate== and ==number of transactions== in November 2021 has compared to the average success rate and number of transactions in November 2022.

Success Rate is defined as The proportion of succeeded transactions to the total number of transactions.

The data shows that success rate has decreased since a year ago.

Number of transactions also halved since November 2021.

Summary

$SOL met its ATH of $259.96 on Nov 6, 21. One year later on Nov. 22, $SOL traded just near $11. This dashboard attempts to shed some lights on what has happened to the SOLANA chain since a year ago and whether the drastic fall of $SOL represent the status of the solana or not.

The table below summarizes changes in 2022.

The data shows that the $SOL price in many aspects reflects the Solana chain. However, two chain factors do not correlate with the SOL price: Development and NFT Market.

While the $SOL price has dropped more than 90% since a year ago, NFT sales volume has surged 790% in the same time period. Also, there is a significant increase in the number of new contracts deployed (12%) and number of unique contracts used (214%) in a month comparing Nov. 21 with Nov. 22.

Gas fee generated on a blockchain can be considered as the income of the blockchain. The more gas fee generated on the blockchain, the more income is expected for that blockchain. In other words, the more gas fee generated, the more demand for the native token, and the more value of the token is expected.

Data shows that the volume of transaction fee (in SOL) has decreased since November 21. The lowest level of monthly transaction fee is seen in April. However, the transaction fee generated in USD has a constant decreasing upward.

We can see that while tx fee in sol has decreased only 16,7% since a year ago, transaction fee in USD has decreased about 85%.

In 2021 the popularity of NFTs exploded and the adoption of NFTs rapidly grew. In the 2022 bear market, the NFT market in some chains continues showing signs of being alive. However as the data shows the NFT market continues growing on Solana.

The number of NFT sales and unique purchasers has increased significantly. The volume of NFT Sales has surged since a year ago, while the value in USD only 50% has increased.

This section focuses on $SOL flow within the Solana blockchain. We can see that the volume of $SOL transfers and its USD value has greatly decreased. The number of Sol senders and number of SOL transfers has also decreased significantly since last yea.

Development

The expansion of the blockchain can be measured by the growth/decline of the number of contracts deployed on the chain.

The number of unique contracts used monthly shows a significant increase in 2022.

The number of new contracts deployed on the Solana has also slightly increased since last year as the data shows.