Solana's Active Wallets Grow, But Not Everything Is Blooming

Recent data indicate that active wallets across the Solana SOL/USD grew by more than 58% in 2022.

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What Happened: Solana’s network has been growing extensively over the past 18 months. Active wallets across the Solana network amounted to 37 million users in May and 32 million users in June, while from January through April, Solana saw an average of 20 million active wallets.

Despite these statistics, it was revealed Solana inflows did not have the same boost. Furthermore, the total value locked (TVL) across DeFi (decentralized finance), applications of Solana was $6 billion in May. However, last month saw the TVL fall to $2.9 billion, around 80% down from its all-time of $14 billion last December.