VanEck's latest analysis on the Solana network suggests that its high user engagement and transaction volume are largely due to its low-cost, high-throughput design, despite the substantial revenues coming from speculative memecoin activity. While there have been concerns about wash trading inflating Solana's numbers, VanEck argues that the network's structural efficiencies attract users at an unmatched rate. According to their analysis, approximately 14.2% of Solana's revenue is generated by wash trading, compared to Ethereum's estimated 2%. VanEck believes that Solana's design has the potential for use cases beyond memecoins, which could lead to future revenue stability and diversification. They suggest that, as Solana's ecosystem matures, the network could evolve away from speculative assets towards sustainable applications in decentralized infrastructure and social media, similar to Ethereum's trajectory.



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