Solana on-chain transfer volume hit a record high of $318 billion recently, but most of the activity was driven by robots

The Solana blockchain has recently seen record highs in on-chain transfer volume, but market intelligence firm Glassnode claims that much of the activity is being carried out by bots. Glassnode noted in a Nov. 19 X post that Solana’s transfer volume hit a new all-time high of $318 billion on Nov. 16, which is nearly three times the total market cap of SOL ($112.5 billion). The total number of active addresses on Solana has surged to 22 million. However, Glassnode noted that the average and median transaction volumes declined at the same time. This raises questions about the veracity of Solana’s metrics, as if the growth was organic, the average should be accompanied by a similar rise. Explaining the phenomenon, Glassnode said: “This pattern of swelling network activity may indicate bot-driven activity, which has historically led to similar trends for Solana.” The increase in activity could be responsible for the recent increase in fees and network revenue. Data from DefiLlama shows that on November 20, Solana's daily revenue hit an all-time high of nearly $6 million, and network participants paid $7.63 million in transaction fees. Supplementary data from Blockworks Research shows that on November 19, Solana's real economic value (REV) reached an all-time high of $26 million. (Cointelegraph)