Report: Solana network activity peaks during US hours, quarterly failed transaction fees drop to 26%

According to Crowdfund Insider, a report from Coinbase Institutional reveals that Solana network activity typically peaks during U.S. hours but seems more "biased" towards the Pacific Coast time zone compared to BTC and ETH. The report notes that Solana's fee expenditure concentration is consistent with other low-fee networks, with the top 0.13% of users contributing 90% of non-voting transaction fees. Activities related to transactions usually account for 75-90% of Solana's successful transaction fees, higher than Ethereum's 55-65%.

By Q3 2024, the proportion of failed transaction fees on the Solana network dropped to 26%, significantly down from its peak of 55% in March this year but still above Base's quarterly average level of14%. In addition, analysts pointed out that Solana ecosystem currently relies mainly on DEX trading activities for revenue generation which might be driven by its larger Meme coin ecosystem; furthermore, its continuously developing gaming and DePIN ecosystems may help diversify fee demand drivers in the long run.