Key Takeaways

  • Solana Summer Hackathon announced the winners.
  • Magic Eden has brought the NFTs market on Solana approach Ethereum.
  • The rise of the Dust Labs ecosystem.
  • Nitro Labs announced building a Layer 2 for the Solana network.
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Solana started the third quarter of 2022 in a rather negative direction when there were many events that adversely affected users. However, most of the teams of the affected projects as well as the Solana team quickly remedy the consequences and offer the most appropriate solutions to ensure the stability and safety of the Solana network.

Currently, the network problem on Solana has become stable. No more network congestion in the past 3 months. This success is due to the fact that the Solana team built QUIC to improve network reliability and reduce downtime during times of congestion.

As a follow-up to the State of Solana Q2 2022 report, this report will review the key developments in the Solana ecosystem in the third quarter of 2022, show outstanding projects, and the potential for Solana’s upcoming growth.

Network Activity

Solana Activity Stats Summary


The Solana ecosystem, like other ecosystems, faces many challenges in the DeFi segment. The cash flow has continued away from DeFi protocols plus the bear market led to the total value locked on Solana to drop by nearly 20% in Q2 2022. 

However, NFTs have helped Solana become a bright spot when the transaction volume of NFTs collections is always in the top 2 after Ethereum.

Although the key metrics recorded a significant decrease, the revenue on the Solana network showed signs of growth again (up 8% compared to Q2 2022).

Solana Highlights Numbers In Q3 2022

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The Solana Summer Camp Hackathon had nearly 18,000 participants submit 750 final projects to the judge.

~ 1.000.000

In mid-September Q3 2022, Solana NFTs Trading Volume reached approximately 1 million SOL, almost reaching the ATH mark set in mid-July Q2 2022.


5 is the number of events that have a negative impact on users and the Solana ecosystem. Especially, the Slope Finance Wallet Breach event has the greatest impact on basic users on the Solana network.f

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Ecosystem Breakdown

Solana Key Events in Q3 2022



  1. 2022-07-22: Solend launched The Permisionless Pools
  2. 2022-09-12: Credix Finance raised $11.25M in a Series A
  3. 2022-09-15: Solana announced the winners of the Solana Summer Hackathon
  4. 2022-09-16: Nitro Labs announced building a Layer 2 for the Solana network
  5. 2022-09-25: Helium moved the decentralized Wi-Fi network to the Solana blockchain

NFTs & GameFi

  1. 2022-07-13: Magic Eden launched the Magic Ventures fund for Web3 games
  2. 2022-08-19: Phantom Wallet released the NFTs Burning Feature across all devices
  3. 2022-08-01: Magic Eden supported NFTs on the Ethereum blockchain
  4. 2022-09-07: Dust Labs raised a seed round of $7M to build out the $DUST ecosystem
  5. 2022-09-15: Ancient8 introduced Dojo – The First Solana GameFi LaunchPad

Highlight Events


Magic Eden supported NFTs on the Ethereum blockchain

Magic Eden is a familiar NFTs exchange for NFTs players. The project currently dominates the NFTs Collection transaction market share in the Solana ecosystem (accounting for more than 90% of transactions).

In August 2022, Magic Eden expanded to the Ethereum blockchain to serve the largest community in the current NFTs market. Moreover, the project does not hide its expansion ambitions when continuously announcing that it will support the community of the BAYC collection – currently the most expensive collection on Ethereum.

Nitro Labs announced building Nitro SVM – a Layer 2 for the Solana network

Nitro is the first Solana scaling solution that serves as a gateway between Solana and Cosmos. 

Via Nitro, developers can easily launch their Solana dApps on Cosmos and access IBC assets. Apps built on Nitro can leverage the powerful Solana VM while gaining the interoperability that is native to IBC

According to Jay (co-founder of Sei Network): “Nitro is an optimistic rollup (with Solana’s Sealevel runtime) that commits batched transaction data to Sei (so it’s not a separate blockchain, but rather an L2). Similar to other rollups, there will be fraud proofs.”

Dust Labs raised a seed round of $7M to build out the $DUST ecosystem

Dust Labs is the company behind the release of two collections: DeGods and y00ts. Both collections are currently in the top trading volume on the Solana NFTs market. With over 4000% growth, DeGods becomes the most expensive collection on Solana.

Through this funding round with the participation of familiar backers on Solana such as FTX, Jump, and Solana Ventures. The ambitious project will build an ecosystem around the DUST token. According to Frank – CEO of Dust Labs, DUST ecosystem will surpass APE (Ethereum) in the near future.

Projections on Solana

Solana Is Preparing Steps By Steps For The Solana Mobile Economy


At the end of Q2 2022, Solana announced Saga – a phone focused on Web3 applications in the future, and announced 14 Solana dapps that will be integrated into this one. Solana’s goal in the next cycle is very clear, approaching the mobile market with a huge market share.

At the beginning of Q3 2022, Solana launched a hackathon to promote its upcoming mobile strategy and find out what projects will be featured on its upcoming product.

NFTs Is About To Keep Developing More Pieces

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From mid-2021 until now, NFTs in general and the Solana ecosystem, in particular, have experienced a long boom. Everyone believes that NFTs is a technology that will change the crypto market and realize the goal of mass adoption. 

Because NFTs 1.0 with many limitations in their application to life. NFTs 1.0 itself can only stay on the blockchain, users can only buy and sell, hold them and wait for the price to increase to make a profit.

So what’s the difference with the introduction of NFTs 2.0? 

NFTs 2.0 is an improved version of NFTs 1.0. NFTs 2.0 inherits all the benefits of NFTs 1.0, in addition to providing many other utilities to increase the connection between users and their NFTs. Here are the niches that NFTs have been developing in the Solana ecosystem:

  • Possibility to upgrade: Allows owners of NFTs to transform these NFTs into a new type of NFTs Ex: DeGods -> DeadGods.
  • Used as collateral: This feature allows investors to mortgage their NFTs on DeFi Lending Protocol platforms such as Solend Finance, Sharky Finance.
  • NFTs are displayed in a variety of ways: NFTs music (Audius protocol), NFTs shoes (StepN).
  • Fractional NFTs: The form of fragmenting NFTs into smaller parts with the corresponding ratio, the purpose is to increase liquidity for high-value collections and reach users who have the need to own these NFTs.

Conclusion + Disclaimer

The information provided in this report does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the report’s content as such.

Solana Daily does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligent research and consult your financial advisor before making any investment decisions.

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