Messari: In Q1 2023, Solana's circulating market cap increased by 118.1% quarter-over-quarter, and SOL revenue grew by 68.7% quarter-over-quarter

ChainCatcher news, Messari released the Solana Q1 2023 report, which shows that Solana's circulating market cap rebounded with the overall market, increasing by 118.1% quarter-over-quarter, and SOL revenue grew by 68.7% quarter-over-quarter. The BONK airdrop, NFT collections, and DePIN applications drove fee payments and transaction activity in the first quarter.

In terms of DeFi, Solana's TVL in USD terms increased by 23.5% quarter-over-quarter, while TVL in SOL terms decreased by 40.7%, indicating that the rise in asset prices in USD terms and new capital inflows drove the TVL. With the support of Marinade Finance, Lido, Jito, and JPool, LSD saw significant quarter-over-quarter growth.

In the NFT sector, the daily number of new NFTs on Solana increased from 2.6 million to 2.9 million, an increase of 11.8%. Meanwhile, secondary market NFT sales in USD terms grew by 35.5%, and sales in SOL terms increased by 19.3%, reaching an all-time high, indicating that sales activity was not purely driven by the rise in USD asset prices. In the first quarter, independent buyers continued to outnumber independent sellers, with a total of 889,000 buyers compared to 887,000 sellers.

The average number of validator nodes on the Solana network increased by 18.9% quarter-over-quarter, indicating that the network is moving towards a more decentralized state. At the same time, the Solana Foundation continued to invest in growth plans for the ecosystem in Q1, including Solana Hacker Houses and the largest hackathon, Grizzlython. Solana Ventures continued to drive the development of the network gaming ecosystem with its $150 million fund. (Source link)