This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Solana’s recent price surge has raised questions about whether the network’s on-chain activity supports its market capitalization. While Solana experienced a significant increase in value, it failed to breach the $44.50 mark and underwent a correction. The peak coincided with the Solana Breakpoint 2023 conference, where the Solana Foundation unveiled the testnet launch of Firedancer, a client aimed at improving speed and reliability. Additionally, the availability of Solana’s network dataset on Google Cloud BigQuery allows developers and companies to access archival data and analytical insights. However, Solana’s total value locked (TVL) and DApp metrics have shown weakness. The network’s TVL reached its lowest levels in over two years, and DApp deposits experienced a 30% decrease in 30 days. Solana’s largest DEX, Raydium, recorded a relatively low number of active addresses compared to competitors. Furthermore, Solana’s DApps volume is significantly lower than that of other networks. Concerns have also been raised about the centralization of validators and dissatisfaction among SOL token holders. These factors raise doubts about the sustainability of Solana’s price surge and its ability to compete with other networks.