Daily NFT Mints on Solana have recorded a 33% decline in the last two months
Solana Blockchain has experienced a decrease in the number of non-fungible tokens (NFT) coins in the last two months. According to data from BanklessTimes, the daily NFT coins on the platform fell from 146,782 on June 10, 2022 to 98,647 on August 10, 2022. That’s a difference of 48,108 representing a 33% drop.
BanklessTimes.com CEO Jonathan Merry has attributed this decline to several factors. He explained,
Other reasons for the decline
Again, there has been a general decline in cryptocurrency prices across the board. This could discourage people from investing in new tokens and make them hold on to what they have instead.
Additionally, the Solana team has been focused on developing the mainnet and has not promoted the platform as much as they did in the early days. This may also have contributed to the decline in NFT coins.
Finally, Solana Blockchain has faced some competition from other platforms. For example, EOS has grown in popularity and offers similar features. It may cause some users to switch to other platforms instead.
Solana’s stability system
Since the beginning of the year, Solana has experienced a wave of power outages, with one in January lasting 18 hours. Most of these stability issues arise from the influx of bots onto the platform.
The blockchain went dark for seven hours in April due to a significant rush of bots that forced the network to fall out of consensus and crash. The incident arose from bot traffic overwhelming the Candy Machine program, which allows users to create NFTs on the Solana blockchain.
Questioning Solana’s stability
It is not the first time that Solana’s stability has been called into question. The network has experienced several outages in recent months as it struggles to cope with the increasing number of transactions being made on it.
Solana’s instability has caused frustration among users and raised concerns about the network’s reliability. Some have even questioned whether Solana is stable enough to be used for commercial purposes.
Dealing with Solana’s stability issues
Solana is an excellent platform for those who want to create scalable apps. One issue that Solana currently lacks, however, is a fee market to control spam or sudden spikes in traffic.
Solana Labs co-founder Anatoly Yakovenko proposed adopting this measure in January and repeated it in May. Fee markets are critical to controlling these kinds of issues, and it’s something Solana needs to implement if it wants to be a truly great platform.
Despite these problems (outages), Solana remains one of the most popular blockchains in use today, thanks to its ability to process large numbers of transactions quickly and efficiently. It has a strong team, innovative technology and a great community.
