Data from Artemis indicates a drop in Solana’s (SOL) user activity as the frenzy around memecoins begins to settle. The on-chain data provider reveals a decline in demand on Solana’s network since March 17, leading to reductions in daily active addresses, network fees, and associated revenue.
Since March 17, the daily count of unique addresses completing transactions on Solana has plunged by 50%, marking a significant drop from the year-to-date high of 2.4 million active addresses. By April 8, this figure had halved to 1.2 million.
The dwindling user activity has had a cascading effect on network fees, which reached a year-to-date high of $5 million on March 18 before plummeting by 40%. Consequently, revenue derived from fees has also seen a substantial decline, totaling $1.3 million as of April 8, a 48% drop from March 18’s $3 million revenue.
The impact of decreased user activity extends to Solana’s decentralized finance (DeFi) and non-fungible token (NFT) sectors. The decline in daily active addresses coincided with a decrease in the total volume transacted on decentralized exchanges (DEXs) within the network. DEX trading volume has fallen by 70% since March 17, dropping from $4 billion to $1.2 billion.
Furthermore, Solana’s total value locked (TVL) has declined by 8% since April 1, reaching $4.4 billion. In the NFT vertical, sales volume has depreciated by double digits over the past month, with a 15% decrease according to CryptoSlam. So far in April, NFT sales volume on Solana has totaled $59 million.
