In this dashboard, we will be looking at 5 different aspects to see how Solana blockchain performed amidst the current market condition.

1. Active Addresses
2. Swaps
3. Staking
4. NFT Sales
5. Votes

One extremely useful metric to analyze a blockchain health is to look at the daily active addresses. Whenever a wallet make a transaction on Solana blockchain, we will count the address as one active address. By counting all the unique addresses that made a transaction on Solana blockchain on a day, we can derive the daily number of active addresses for that day.

In the graph above, we will look at daily number of active addresses on Solana. As we can see, daily number of active addresses are on a steady uptrend, growing from 200k in beginning of March to more than 400k in May. This steady uptrend for the past 3 months suggest that Solana user base in growing at a healthy pace. We can also see the growth of active addresses are unaffected by the recent market conditions and remains intact.

Next, let's take a look at then number of swaps performed on Solana.

From the graph above, we can see a strong uptrend in the number of swaps from beginning of March to mid May when Terra LUNA collapsed on 10-12 May, with more than 800k swaps on a single day on 11 May. This huge increase in the number of swaps could be due users selling their UST or LUNA on Solana in the midst of Terra collapse. After the collapse, we can see volume quickly fall back into range between 400k - 500k swaps daily.

Despite Terra collapse, number of swaps on Solana remains on a healthy uptrend, growing from less than 200k swaps in early March to more than 500k swaps in May, or 2.5x increase in volume. The growth of swap volume on Solana suggest that a healthy growth of the Solana ecosystem and trading activities despite the recent market conditions.

The action of users staking often correlates with long-term trust in the network as tokens are locked up for a period of time in exchange for a certain amount of rewards in the blockchain native token. We can look the number staking activity on Solana to determine the level of trust users have on the network. With this, let's take a look at daily number of unique wallets staking SOL.

It seems that the daily number of unique wallets has been fairly stable with around 1000-1200 wallets staking SOL each day. This suggest that Solana health remains stable despite the bear market as users participate in staking SOL for the the long-term health of the blockchain.

Next, we will look at the daily NFT sales volume.

As we can see from the graph above, daily NFT sales for the past 3 months on Solana is on the rise, with 30k sales in the beginning of March to more than 50k sales in May. This suggest that NFT market on Solana remain healthy with an increasing number of users participating in the NFT trading despite the bear market.

Lastly, we will look at the daily number of unique voters.

Looking at the daily number of unique voters, we can see voters concentration around 3 periods (7-12 Apr, 28 Apr - 8 May, 7-9 Jun). One observation is that the number of voters for each period seems to be on a decline, from a peak of >200 voters in April to <50 voters in June. This seems to suggest declining participation in Solana governance proposals over the past 3 months, which might be concerning to overall governance and decentralization.

Conclusion

• Overall, Solana ecosystem remains healthy in these turbulent market conditions as we can see a growing number of active addresses, swaps and NFT sales.
• Number of unique addresses staking SOL remains largely unchanged.
• Number of unique voters participating on Solana proposals seems to be a decline which is cause for concern.