Solana’s market cap increased by over 118% quarter-on-quarter in Q1 2023, following a tumultuous 2022 due to macroeconomic headwinds. The blockchain network underwent upgrades such as priority fees, stake-weighted quality of service, and QUIC, which stabilised its performance after previous outages that sparked talks of potential insolvency. Solana witnessed significant growth across DeFi, NFTs, and GameFi verticals, with liquid staking derivatives such as Marinade Finance, Lido, Jito, and JPool growing their total value locked (TVL) by 100% or more. Other protocols like Orca, Raydium, and Solend also grew their TVL massively. In addition, the total number of daily new NFTs increased by nearly 12% quarter-on-quarter, while NFT sales volume in the secondary market denominated in terms of USD rose by almost 36%.
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