Galaxy Digital sold 250,000 Solana worth $40.7 million and sent it to Binance.
The network achieved a record of 1,318 TPS, and its highest total value added in 3 years.
The decentralized exchange Hyperliquid captured trading volume from the Solana perpetual market.
Solana faces a paradox with network usage reaching all-time highs, while large holders quietly exit their positions.
#اخبار_اقتصادية #اخبار_العملات #سولانا $SOL
S$BNB
The blockchain recorded its highest monthly non-voting transaction volume in July, with an average of 1,318 real transactions per second; however, the selling pressure from whales continues to increase.
On August 6, Galaxy Digital canceled a deposit of 250,000 SOL tokens, worth $40.7 million, and transferred it to Binance. An inactive address that relinquished a deposit of $4.9 million of SOL after two months of dormancy serves as an example of increasing whale activity.
Exit of large cryptocurrency holders despite the growth of total locked value.
The total value of Solana locked in original SOL terms rose to its highest level in over three years, according to DeFiLlama data. This metric shows an increase in protocol commitment and user retention within the decentralized finance ecosystem.
After four years of continuous depositing, another large investor transferred over $30 million of SOL to Binance in recent months. This contributor continues to reduce the size of their position through gradual liquidation, while maintaining $179 million of locked SOL.
Hyperliquid competition weighs down Solana.
Solana's price performance lags behind major cryptocurrencies, having dropped 30% since the beginning of the year, compared to Bitcoin's gains of 26% and Ripple's increase of 48%. This weak performance occurs despite strong network metrics and ecosystem development.
The decentralized platform Hyperliquid captured trading volume from the Solana perpetual contract market by providing streamlined functionalities suitable for professional users. Matthew Siegel from VanEck noted that the simple, high-performance Hyperliquid product attracted users who were previously committed to trading through Solana.
The competitive pressure from specialized platforms highlights the challenges faced by multi-purpose blockchains seeking to maintain dominance in multiple use cases. Solana must balance wide usage with specialized performance in specific sectors.
Fire Dancer, a high-performance client designed to enhance productivity and reliability, failed to meet delivery deadlines. Internal development issues, including developer departures and public disputes, have led to uncertainty about the project's timeline.
Siegel noted that uncertainty regarding the technical roadmap contributes to whale rotation patterns, as institutional investors prefer predictable development timelines. Engineering challenges contrast with Solana's operational success in processing transactions.