Gate Research: 2025 Q1 Solana Network Review

Abstract

• SOL Price Action: Q1 saw a rally followed by a correction and bottoming out phase, before SOL broke its all-time high of $295.

• Derivatives Market: High volatility and active deleveraging characterized Q1. Open interest hit $4.6B by March 31.
• Token Distribution: Ownership remained concentrated—mid-to-large holders (100K–1M SOL) made up nearly 60%, with top wallets holding market dominance.

• Network Activity: Solana averaged 5.2M daily active addresses and 953M daily transactions throughout the quarter.
• Staking Returns: Yields stayed stable. Inflation rewards were the main source, while MEV and gas fees provided ~30% extra returns, boosting staking appeal.
• Stablecoins Surge: Total stablecoin market cap jumped 1.43× to $12.1B, becoming a key driver of on-chain activity.
• DEX Boom: Daily DEX volume averaged $11B, up 125% from Q4.

• DePIN Growth: Weekly revenues from DePIN projects grew to $5.6M, a 52% quarter-over-quarter increase.
• NFT Decline: Weekly NFT volume dropped to $6.75M, down 55% from last quarter.
• Governance: Proposal SIMD-0228, aimed at reducing SOL inflation by up to 80%, failed to pass.
  
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