Journalist
Posted:
- PYTH announced an airdrop of around 250 million tokens.
- The Solana network saw a surge in the number of new token addresses.
A newly introduced token on the Solana [SOL] network recently conducted an airdrop for eligible users. This event had effects on some key metrics within the Solana ecosystem.
Additionally, it is interesting to see how the network managed this latest development as the number of users increased.
PYTH on Solana
On 20th November, Pyth, a decentralized finance (DeFi) oracle network, initiated an airdrop for its PYTH token. Notably built on the Solana blockchain, the airdrop attracted attention and interest in the Solana network.
As per CoinMarketCap, the self-reported circulating supply of the PYTH token was around 1.5 billion, with a total supply of 10 billion.
Reportedly, around 250 million tokens were allocated for the airdrop. In light of these developments, how did the Solana network respond to this event?
Volume and fees see uptrends on Solana
An analysis of the volume chart on DefiLlama revealed a recent rise in Solana’s trading activity. On 20th November, coinciding with the airdrop announcement, the volume rose to around $392 million.
As of this writing, there has been a continued rise in volume over the last 24 hours, surpassing $490 million. Notably, the highest volume observed in recent months was around $466 million on 11h November.
Source: DefiLlama
In addition to increased trading volume, the network’s fees have also increased in the past few days.
Notably, on 20th November, the total fees reached over $130,000, marking the highest point in the year. As of this writing, fees in the last 24 hours have remained high and were around $123,000.
The data suggested a remarkable impact on the network. This is considering the increased volume and fees coinciding with the PYTH token airdrop.
New token addresses surge as network remains stable
AMBCrypto’s examination of Solscan showed that the recent developments have had a notable impact on the new token chart.
The analysis highlighted a substantial increase in the number of new token accounts. Over the past three months, the peak number of new token accounts observed was around 391,000.
However, on 20th November, this figure rose to over 593,000, marking the highest count.
Source: Solscan
Also, the number of active wallets reached the second-highest point in the last three months, surpassing 438,000 as of the latest data.
Furthermore, a review of Solana’s uptime status revealed consistent stability over the past three months.
Read Solana ( SOL) Price Prediction 2023-24
The uptime extends the number of months without significant downtimes, reducing concerns previously associated with the network’s performance.
As of this writing, Solana was experiencing a 5% increase in its value, trading at around $54.5.
Source: https://eng.ambcrypto.com/pyth-airdrop-triggers-surge-in-key-solana-metrics