Solana Sees Highest Daily Burn in Seven Months Amid Network Activity Surge

The Solana network has seen its highest daily burn of SOL in seven months, reaching $87,000 on August 21. The peak was reached at a price of $95.62 per SOL.

This surge is attributed to increased activity on the network, including growth in DeFi transactions and institutional inflows.

The high burn rate may help mitigate the net supply pressure caused by rising activity, as about half of Solana's base transaction fees are burned.

A proposal vote will take place from August 29 to determine whether new proposals will increase the burn and inflation rates further.