In an article on Her analysis highlights both obstacles and advances within the ecosystem.
Why Solana is in the best condition ever
Norby begins by recounting the substantial increase in network activity that Solana experienced between December and April due to the memecoin craze. He describes this period as both “exciting and challenging”, with the network peaking at 160,000 daily active users (DAU) and over half a million new users onboarded.
Despite this push, Norby points out a downside to this rapid expansion: the influx of “many low-quality wallets,” which he accepts as an inevitable aspect of such phases of growth in blockchain networks. The increased load has led to serious network congestion starting on March 2, until reaching a point where the blockchain became “unusable for us and for virtually everyone” at the end of March.
Norby describes this period as “very disappointing” for all developers involved in Solana’s decentralized applications (dApps), which has caused a rush to deploy solutions that were initially planned for a later stage. “The intense growth, then decline, pushed us to quickly develop and accelerate the time to market of our solutions, which was probably normally planned in a year,” he explains.
Despite these challenges, the CEO’s tone shifts to optimism when discussing Solana’s current state. “Now we are on the doorstep of the next phase, all the big pieces of the puzzle that we had imagined are around the corner,” notes Norby, indicating a turning point for the network.
It reports that all key metrics have stabilized, with the network maintaining an impressive number of around 100,000 DAU. He highlights Solana’s continued dominance in the crypto and collectibles space, emphasizing its position as “the largest consumer Product in crypto and collectibles by a wide margin.
One of the most significant changes Norby highlights is the improvement in product quality, to which he attributes the “incredible growth” of what Drip Haus calls “DAU p5s.” This metric tracks the most engaged users who are using the product as intended. Norby reveals that this group now has 25,000 daily users, describing it as the type of dedicated user base “you dream of having for a consumer app.”
Mert Mumtaz, CEO of Solana-based Helius Labs, also recently celebrated Solana’s DAU success. He REMARK“I’m generally against DAU metrics for blockchains (especially low cost ones), but *flipping* DAUs (i.e. no new addresses via sybil) is useful to look at and this seems to be the highest ever reached in the history of Solana.
Norby’s enthusiasm intensified when he talked about the near future: “And I’m so excited about the next few months. I’m going to speak up about it and continue to hammer home the vision. Only upwards. This sentiment highlights strong confidence in the continued growth and improvement of the Solana ecosystem.
At press time, SOL was trading at $137.5, up 10.5% in the last 24 hours.
Featured image of Binance, chart from TradingView.com
