Coinbase: Solana network activity peaked during the U.S. time period, and the proportion of failed transaction fees in Q3 dropped to 26%

According to a report from Coinbase Institutional, Solana (SOL) network activity typically peaks during U.S. hours, but appears to be more "biased" toward the Pacific Coast time zone compared to BTC and ETH. The report noted that Solana's fee spending concentration is consistent with other low-fee networks, with the top 0.13% of users contributing 90% of non-voting transaction fees. Transaction-related activities typically account for 75-90% of Solana's successful transaction fees, higher than Ethereum's 55-65%. The proportion of failed transaction fees on the Solana network fell to 26% in Q3 2024, a significant drop from the 55% peak in March this year, but still higher than Base's 14% quarterly average. Analysts pointed out that Solana's current revenue source relies mainly on DEX trading activities, which may be driven by its larger Meme coin ecosystem, and its growing gaming and DePIN ecosystems may help diversify fee demand drivers in the long term. (Crowdfund Insider)