Solana become the third-highest revenue generating Web3 platform in March, raked in a whopping $31.58 million as of this writing.
The smart contracts network raked in a whopping $31.58 million as of the 30th of March, as per AMBCrypto’s analysis of Token Terminal data, becoming the third-highest revenue generator in the broader Web3 industry.trading on the platform. A barrage of coins were minted on the chain one after the other, drawing crypto degens who do not require a second invitation in such instances.
The speculation led to higher number of transactions, in turn generating significant fee revenue for the network.The ecosystem’s native token SOL reaped benefits from the blockchain’s increased utilization. The fifth-largest coin jumped by more than 50% in the month, becoming one of the biggest market gainers, according to
Note that Solana burns 50% of its fee revenue, meaning that more the fees collected, more will be the deflationary pressure on SOL. The price surge also got derivatives traders interested. According to AMBCrypto’s analysis of Coinglass’ data, the Open Interest in SOL futures increased to $2.74 billion at press time. This marked a 43% increase over the month.As of this writing, SOL was just 21% shy of its all-time high of $249, set in November 2021. Popular crypto commentator Captain Faibik had recently predicted that the new ATH would be hit sometime in April.
If the forecast comes true, it would be some feat for the asset which plunged to $18 during the peak crypto winter of November 2022.Aniket is a full-time journalist at AMB Crypto. With experience in news publishing and content management, he is now increasingly tangled up in the web of cryptocurrencies and blockchains. His focus lies on the intersection between cryptos and traditional finance. He prefers DC over Marvel, cats over dogs and Hyderabadi Biryani over Kolkata Biryani.
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