Last Friday, the market experienced a flash crash, sending nearly every cryptocurrency plummeting.
But Solana completed a remarkable stress test.
Amidst market panic, Solana's on-chain data bucked the trend:
ยท DEX daily trading volume reached $5.84 billion, surpassing Ethereum for the first time.
ยท Network throughput remained stable at thousands of transactions per second, delivering smooth, uninterrupted operation.
ยท Gas fees remained extremely low, while some Layer 2 chains saw prices soar into the hundreds of dollars.
ยท On-chain stablecoin supply exceeded $17.5 billion, demonstrating abundant liquidity.
These data signal a clear message:
Solana did not falter in this extreme market, demonstrating its availability and resilience as a high-performance public blockchain.
The price also reflected this:
SOL quickly rebounded from a low of $177 to over $200, a 24-hour increase of over 5%.
However, it's important to remain calm:
Despite its short-term strength, if Bitcoin experiences another sharp correction, Solana will struggle to remain unscathed.
In summary:
This recent plunge has become an unexpected testament to Solana's strength.