We are thrilled to share our latest dashboard monitoring the Solana blockchain. This dashboard will track fundamental metrics that will help you analyze Solana’s performance, network health, and growth metrics in more depth than is possible with any other traditional asset.
Solana Key Metrics Dashboard: https://dune.com/21co/solana-key-metrics
All of our On-Chain Dashboards: https://dune.com/21co
Coverage
- Performance and valuation
- Network security and monetary policy
- Network activity
- Ecosystem growth
- Holder distribution
Introduction
Solana is a smart contract platform focused on scalability. It was introduced by Anatoly Yakovenko in 2017 as a new blockchain architecture based on Proof-of-History (PoH) – a novel consensus mechanism for verifying order and the passage of time between events. This innovation allows Solana to scale linearly with hardware advancements, which is how it achieves >3,000 transactions per second. Solana differentiates itself from modular architectures like Ethereum’s by following an “integrated” (sometimes referred to as “monolithic”) approach. Instead of having rollups that host data to the main chain (data availability layer), Solana integrates everything into one protocol with its own consensus.
The blockchain's native token SOL is used to secure the network through staking and as a medium of exchange – users must pay a small fee denominated in SOL every time they perform a transaction. Solana offers unparalleled speed and access to users, with settlement times of around 400 milliseconds and fees lower than one cent. After being troubled by outages in 2021 and 2022, the collapse of FTX marked Solana’s biggest test to date. Despite the crisis, the network retained a loyal developer community committed to its long-term success. As of December 2023, Solana’s fundamentals have never been more robust, and the exponential rise in on-chain activity is reflective of a thriving ecosystem, perhaps only second to Ethereum.
Key Sections
- Performance and Valuation
Source: 21.co / Dune Analytics
The first section of the dashboard provides an overview of SOL’s performance metrics, including its historical price, annualized volatility, and correlation to BTC and ETH.
- Network Security and Monetary Policy
The second section provides an in-depth analysis of Solana’s network health, including its monetary policy. First, we show Solana’s total supply and its annualized inflation over time. Because Solana is a proof-of-stake (PoS) network, validators commit a portion of their capital (the “stake”) denominated in SOL to be eligible to secure the network. As such, we measure the total amount of SOL staked, the number of active validators, and the revenue perceived by validators, which derives from SOL issuance and transaction fees.
- Network Activity
The third section delves into transactions as a proxy of network activity. We differentiate between Solana’s two main types of transactions: vote (by validators for network consensus) and non-vote (by users for transacting on the network). Thus, we measure active users by the growth in addresses performing non-vote transactions. Finally, we look at network performance as measured by the average transaction fees, the daily block count, and the average block or settlement time.
- Ecosystem Growth
The fourth section looks at the usage of Solana’s programs, including the number of calls and users. We also look at the supply growth of fiat-collateralized stablecoins as it can be seen as a leading indicator of Solana's potential DeFi and payment adoption.
- Holder Distribution
The final section provides an overview of SOL holders' distribution, including the top 1000 wallets and breakdown by groups. For more details, users can click the hyperlink to analyze further on Block Explorers like SolanaFM.
21.co Dashboard on Solana Key Metrics: https://dune.com/21co/solana-key-metrics
All of our On-Chain Dashboards: https://dune.com/21co
Disclaimer
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