TechFlow News, September 4 — According to The Block, Solana's non-vote transaction volume in August 2024 plummeted to 485.61 million, a 62.93% drop from July’s peak of 1.31 billion transactions this year, marking the lowest level since September 2023. Data shows that from January to July 2024, Solana consistently maintained monthly transaction volumes above 700 million. The sharp decline in August pushed network activity down to its weakest level in nearly a year; the last comparable lull occurred in September 2023, when monthly transactions stood at 494 million.
Despite the dip in network activity, Ryan Lee, Chief Analyst at Bitget Research, stated that if the Federal Reserve announces an interest rate cut at the upcoming September Federal Open Market Committee (FOMC) meeting, improved liquidity conditions could drive Solana to outperform major crypto assets such as Bitcoin and Ethereum.
* Non-vote transactions refer to all types of transactions on certain blockchain networks excluding voting transactions related to network validation and maintenance. This includes all user-initiated transactions such as token transfers, smart contract interactions, DeFi operations, and more.
