Solana network utilized the bear market to improve its underlying technology and forged important partnerships.
While the price action of the native token hasn’t been impressive, the proof-of-stake network utilized the bear market to improve its underlying technology and forged important partnerships with the who’s who of the traditional finance ecosystem.
Such network advantages go a long way in attracting decentralized applications in different realms like finance, gaming, and non-fungible tokens . However, what undermined this strength was the long list of downtime issues and network halts. The metric DeFi velocity, or volume per dollar of TVL, measures for every dollar of liquidity, how much is transacted. Solana emerged as the most actively used network in the last week, with a DeFi velocity of 0.71. Notably, some chains with a higher TVL than Solana recorded lower DeFi velocity.