Solana’s On-Chain Activity Dips in June, DeFi Corp Continues SOL Accumulation
Solana (SOL) remained stable on Friday despite a slowdown in on-chain activity during June. Key metrics like Real Economic Value (REV), application revenue, and Decentralized Exchange (DEX) volumes experienced declines of 48%, 38%, and 35%, respectively. However, DeFi Development Corporation (DFDV) has resumed its Solana accumulation strategy, acquiring 17,760 SOL.
The Solana blockchain witnessed a decrease in network activity in June, with notable drops in key metrics, according to a report by Blockworks Research.
Key Metrics Decline
Solana’s REV, which measures the economic demand to transact on its blockchain, fell by 48% to $63 million in the past month. Despite this decline, it still generated 31% of the global demand for on-chain transactions, surpassing Tron and Ethereum, which saw 28% and 23% demand, respectively.
Application revenue also decreased by $150 million in June, representing a 38% drop compared to the previous month. Nevertheless, Solana’s applications accounted for 35% of all application revenue across all blockchains, with Binance Smart Chain following in second place with 17%, Blockworks analysts noted.
Similarly, Solana’s DEXs recorded $90 billion in revenue in June, with meme coins representing 61% of the total trading volume. This reflects a 35% month-over-month decrease, although DEX volume remains 50% higher than it was last June.
DeFi Corp’s Continued Acquisition
The decrease in Solana’s on-chain activity comes amid increased SOL acquisitions by publicly listed companies in recent months.
DeFi Development Corporation announced that it purchased 17,760 SOL on Thursday after raising an additional $112 million from a private placement. The purchase, executed at an average price of $153 per SOL, increased its total holdings to 640,585 SOL, including $97.3 million in staking rewards.
Other companies acquiring Solana as their primary reserve asset include Upexi, Sol Strategies, and Classover Holdings.
SOL is trading at $152 on Friday, down 0.4% at the time of writing.
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