Report: Solana network activity peaked during the US time period, and the proportion of failed transaction fees in the quarter dropped to 26%

PANews reported on October 28 that according to Crowdfund Insider, according to a report from Coinbase Institutional, Solana network activity usually peaks during the US time period, but seems to be more "biased" towards the Pacific Coast time zone compared to BTC and ETH. The report pointed out that Solana's fee expenditure concentration is consistent with other low-fee networks, with the top 0.13% of users contributing 90% of non-voting transaction fees. Transaction-related activities typically account for 75-90% of Solana's successful transaction fees, higher than Ethereum's 55-65%.

In Q3 2024, the proportion of failed transaction fees on the Solana network fell to 26%, a significant drop from the peak of 55% in March this year, but still higher than Base's 14% quarterly average. In addition, analysts pointed out that the current source of income for the Solana ecosystem mainly relies on DEX trading activities, which may be driven by its larger Meme coin ecosystem. In addition, its growing gaming and DePIN ecosystems may help diversify the drivers of fee demand in the long run.