Is Solana’s [SOL] FUD justified? According to these analytics…

ambcrypto.com:

In the past 12 months, Solana [SOL] has faced significant scrutiny from the cryptocurrency community, largely due to issues with downtimes on its network. However, if recent data is to be believed, some of the negative attention may not be entirely warranted.

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According to Messari, Solana has improved its technology and updated its network every time it has faced downtime issues.

The same grace afforded to systems like AWS and chains like ETH during times of high traffic should be afforded to Solana. pic.twitter.com/OnFY4dxiiK

— Messari (@MessariCrypto) March 22, 2023

Even though there have been improvements to its technology, many remain skeptical about Solana’s DeFi growth, citing its declining TVL as an indicator of the network’s declining health. However, it was important to note that a lot of the activity on the Solana network has been because of derivatives, NFTs, and de-pin networks, which do not contribute to Solana’s TVL.

Messari analysts further speculated that if Solana turns on network incentives, its TVL could be on par with other L2 chains. At press time, the TVL of Solana was $277.37 million, after falling by 2.43% in the last 24 hours.

Usage has been driven by non-TVL dominant use cases like derivatives, NFTs, & DePIN networks.

If Solana decides to turn on incentives, we could quickly see volume approach parity with the top L2s.