The transfer volume on the Solana chain recently reached a historic high of $318 billion, but most of the activity is driven by bots
ChainCatcher news, according to Cointelegraph, the Solana blockchain recently reached a record high in on-chain transaction volume, but market intelligence firm Glassnode claims that most of the activity is driven by bots. Glassnode pointed out in an X post on November 19 that Solana's transaction volume hit a historical high of $318 billion on November 16, 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 transaction volume and median transaction volume declined during the same period. This raised questions about the authenticity of Solana's metrics, as organic growth should be accompanied by similar increases in average levels. To explain this phenomenon, Glassnode stated, "This pattern of network activity inflation may indicate bot-driven activity, which historically has led to similar trends for Solana." The increase in activity may be the reason for the recent rise in fees and network revenue.Data from DefiLlama shows that on November 20, Solana's daily revenue reached a historical high of nearly $6 million, with network participants paying $7.63 million in transaction fees. Supplementary data from Blockworks Research indicates that on November 19, Solana's Real Economic Value (REV) reached a historical high of $26 million.