ByBit report claims Solana had strong network growth in Q2 on the back of GameFi, DAOs

Based on a 32-page report issued by ByBit, the Solana ecosystem noticed robust development within the second quarter of 2022 because of the robust efficiency of GameFi and DAOs.
There was a rise in DAO exercise, continued volatility in NFT markets, robust interplay with GameFi, and a decline in DeFi market share through the quarter.
Issues
Whereas there might have been stable development inside elements of the community, it was not with out issues. There have been two main community outages throughout this time. Nonetheless, upgrades to Solana seem like having a optimistic impact, because the report said,
“Community upgrades in late Q2 have proven important enhancements when it comes to transaction processing and reliability.”
Additional, the report highlighted the problems with Solend, Slope Finance, Crema, Nirvana, and Saga as examples of community safety that have to be drastically improved. Some occasions occurred firstly of Q3 however had been included on account of their potential affect on future Solana development.
The value of has declined from a excessive of $146 throughout Q1 to a low of $26 in Q2 alongside a broader market sell-off. Nonetheless, $SOL has additionally fallen 46% in opposition to Bitcoin, indicating that the Solana capitulation was considerably impartial of the general market.
Positives
Nonetheless, in relation to on-chain exercise, bullish statistics assist the report’s perception that Solana is seeing community development whatever the downward value stress. Every day energetic applications and the variety of validators are steadily growing, as proven under.

The variety of energetic customers interacting with NFTs on Solana can also be wholesome in comparison with OpenSea. The variety of transactions on Magic Eden can also be over 5 instances better than OpenSea, though the worth of the transactions is comparable throughout each ecosystems.


There was a rise in DAO exercise, because the report argued that “Solana has been catching up with Ethereum with its variety of DAOs.”
“As an summary, the DAO creation device Realms has registered a big rise of DAOs on Solana to over 800+ DAOs on the time of writing, in comparison with 100+ in January 2022. “
DAOs on Solana have grown from 1,750 to roughly 2,500 from March to June 2022, “revealing a affluent DAO panorama on Solana.” The report used knowledge on Solana multi-sig wallets to determine the rise in DAO exercise.
Declines
Alongside the drop within the token value of $SOL, the full worth locked into Solana DeFi has fallen drastically from $8 billion in Q1 to simply $2.5 billion in Q2.

Additional, whereas utilization of NFT marketplaces could also be regular, some common NFT tasks, similar to STEPN, have seen an exodus of customers. The worth of STEPN’s GST token has fallen 99.5% throughout 2022 amid a surge in gamers and restricted use of the in-game token.

It needs to be famous that inside GameFi as a complete, Solana has seen a rise in market share in comparison with different chains. The report attributes this to “robust person statistics from Gameta, Solana ranks as a prime sport chain beginning in Q2.”

The report concluded by establishing that issues over Solana’s community instability are nonetheless current, but Bybit is “optimistic that the brand new upgrades introduced through the quarter
would improve the community steadiness and cut back the potential of outages sooner or later.”