Close to 200 Million On-Chain Transactions Year-to-Date for KIN on Solana
Last week, Bitquery, a Solana on-chain API data query service revealed some interesting stats about Solana activity, as they launched their Solana API.
Notably, one of the graphs focused on the Top Currencies on Solana. Bitquery sorted out the volume of transfers on Solana, and wrote, “more than 75% of the transfers on Solana is for its native coin SOL, and after than Kin and USDC with more than 170 million transfers.”
Bitquery openly shared their GraphQL APIs, so we used it and took a deeper dive into the numbers to further expose transaction volumes across some popular cryptocurrencies and wrapped tokens on Solana. Here are some interesting comparisons that highlight KIN’s dominance in token transfer volumes.
First, by excluding wrapped tokens, and just comparing the most popular Solana projects that Bitquery has already tagged, KIN’s total transfer volumes for the first 8 months of 2021 stand close to 200 Million, almost 8x the next one in rank. Of course, KIN plays in the microtransactions space, so the total value in dollars would be small. But there is nothing wrong in playing in the microtransactions segment, because when the volumes eventually add-up, there will be something significant from a value perspective.
Even if we include the wrapped tokens, KIN’s leadership persists:
Finally, another cut is by the total number of tokens being transferred. Here’s a table to illustrate how the numbers stack up:
|Token||Total Number of Tokens Transferred Jan 1 – Sept 3 2021|
If the number of on-chain transactions and token volumes are critical and irrefutable metrics about real activity, these numbers expose the Kin ecosystem’s economic vibrancy with a very favourable perspective.
Kin is a decentralized cryptocurrency purposely designed to integrate easily across Mobile and Web Apps, with a built-in incentive model that rewards developers for increased usage. Apps built with Kin get paid for creating compelling cryptocurrency-based user experiences, where greater engagement results in shared economic benefits for users and developers. Today, the Kin Ecosystem boasts 60 million wallets, and has distributed over $70M in rewards across 60+ apps since its inception in 2017. Kin is an SPL token on the Solana blockchain, enabling consumer-scale apps to transact swiftly, with minimal-to-no fees. Learn more at Kin.org.