Solana On-Chain Activity Skyrockets as Fee Revenue Jumps 80%

On-chain activity on Solana has surged in recent months, leading to a significant increase in fee revenue and non-vote transaction volumes. According to data from August 27, the seven-day average of Solana's fee revenue stood at around 9,200 SOL, more than 80% higher than three months earlier.

Non-vote transactions, which exclude validator voting activity, reached a record high of 191 million on a seven-day basis, more than double the 88 million recorded a year earlier. Average daily Jito tips paid to validators also increased by 26%, rising to 2,073 SOL over the past week.

The SGP-0002 governance proposal, which aims to slow down new SOL issuance, was approved on August 28 with more than 67% support. This proposal will double the annual pace of inflation reduction to 30% from 15%, cutting new supply by around 18.9 million SOL over the next six years.

However, this change may have a negative impact on smaller independent validators, as staking rewards are forecasted to decline from 5.25% to 2.25% within three years.