Sharp Drop in Solana DEX Users 

According to Dune Analytics, daily Solana DEX users numbered over 8 million last October, but now they fall below 1 million. Charts indicate an almost 90% drop over a year. This suggests investors left the network due to lack of profit opportunities. Investor Qwerty commented, “Everyone left the casino or lost it all. wild chart.” 

Logically, fewer investors should lead to lower trading volume. However, DefiLlama data shows daily volume still ranges from $3 to $5 billion. This inconsistency fuels doubts about bot dominance. Investor NoCapMat.eth said, “Knowing how many farming and volume bots operate 24/7, the drop in active users is shocking.” 

According to CoinGecko, Solana’s most popular tokens performed negatively since the start of the year. Tokens like TRUMP, MELANIA, LIBRA, and YZY initially attracted high interest but later caused distrust. Retail users shifted to other chains or exited completely. 

Bullish Perspective and On-Chain Health 

Optimistic analysts argue the sharp drop may signal a market bottom. Some claim the seven-million wallet decline reflects bot removal rather than real user exit. With bot addresses no longer profitable, the environment becomes fairer for regular users. Analysts view this as a healthy development for long-term growth. 

Messari analyst Matthew Nay questioned the shocking data but noted Solana’s on-chain health remains stable. Nay said, “Transactions, fee payers, and signers remain steady. The decline is not as severe as charts suggest.” 

Debates around Solana’s on-chain metrics reflect the network’s complexity. Meanwhile, SOL rose over 35% in August, trading above $210. The altcoin still shows bullish trends, sustaining investor interest. 

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The upcoming ETFs will include a staking feature, allowing issuers to stake a portion of the SOL holdings for additional yield — a notable advantage for investors seeking passive income.

Canada Ahead Of The U.S. In Altcoin ETF Race

Unlike the United States, Canada does not have a federal securities regulator. Instead, each province manages its own financial markets, with Toronto’s exchange overseen by OSC.

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In the U.S., the SEC has only approved spot Bitcoin and Ether ETFs so far. Altcoin ETFs — especially those with staking capabilities — remain in regulatory limbo. Bloomberg’s James Seyffart predicts Ether staking ETFs could get greenlit by May, though delays are likely.

Demand Still Uncertain

Despite the launch, some experts warn that investor appetite may be limited. For instance, the Volatility Shares Solana Futures ETF (SOLZ), launched in March in the U.S., has attracted only $5 million in assets as of April 14.

Balchunas cautioned against using futures ETF performance as an indicator for spot ETFs, stating that “the 2x XRP already has more AUM” than existing SOL futures ETFs.

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