According to Messari, the first quarter (Q1) of 2024 was a superb one for Solana [SOL] as the blockchain put up record upon records...
If the blockchain continues to hit new landmarks, SOL’s price may record gains. However, there are some drawbacks…as the blockchain hit one record after another. In its report, the intelligence firm revealed that Solana’s DEX volume jumped by 319%, when compared to the previous quarter.When DEX volume increases, it means that market participants are involved in buying and selling tokens built under a blockchain via decentralized platforms.
This trading activity was also one of the reasons Solana recorded a mind-blowing $2.1 million in fees generated. With Q2 already in motion, a hike in memecoin trading could bring in more revenue for the blockchain.On the other hand, a decline wound down the DEX volume. Despite the aforementioned, Solana recorded some downsides. One of them was the outage on 6 February. Another one was the fall in the number of active Solana validators.
A decline in validator count opens the network to risks. If unchecked in Q2, Solana might go through another outage. Worst-case scenario, the blockchain will be
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