TechFlow reports, on October 28, according to a research report released by Coinbase Institutional, Solana network activity exhibits significant regional characteristics, primarily concentrated in U.S. time zones, with higher activity observed in the U.S. Pacific Time zone. Its transaction fee peak occurs at 20:00 UTC (4:00 AM the next day in UTC+8), suggesting that its core user base is likely concentrated on the U.S. West Coast.
Report data shows that fee spending on the Solana network is highly concentrated: the top 0.13% of user accounts account for 90% of non-voting transaction fees, with decentralized exchange (DEX) related activities accounting for 75%-90% of total successful transaction fees—significantly higher than Ethereum's 55%-65%. In Q3 2024, the proportion of failed transaction fees on the Solana network dropped to 26%, a sharp decline from the 55% peak in March of this year, though still higher than Base—the Ethereum L2 network incubated by Coinbase—which has a quarterly average of 14%.
Coinbase analysts noted that Solana’s current ecosystem revenue is primarily driven by DEX trading activity, a concentration potentially stemming from its vibrant meme coin ecosystem. As its gaming and decentralized physical infrastructure network (DePIN) ecosystems gradually develop, Solana is expected to diversify its revenue streams in the future, thereby reducing reliance on trading activity.
