The launch of Pudgy Penguins' PENGU token on Solana sparked record activity, with 9 million transactions in one day, more than all other major blockchains combined, and the highest daily DEX trading volume. It was also the top active address. PENGU’s airdrop generated over 100,000 claims within the first hour, but the token value fell by over 50% within 24 hours.
On Tuesday, the Solana blockchain recorded record network activity as the Pudgy Penguins NFT project launched its native token PENGU.
According to Artemis data, the network saw 9 million transactions, the highest daily number since its launch in 2020. This amount exceeds all other major blockchains combined.
Source: Artemis
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Solana also led in daily decentralized exchange (DEX) trading volume and daily active addresses. However, it trailed Base, Ethereum, and Tron in stablecoin transfer volume.
PENGU airdrop begins
This Tuesday, Pudgy Penguins, Lil Pudgys, Rogs, and Soul Bound Tokens (SBT) holders participated in the PENGU airdrop, which began at 8 a.m. ET. The project reported over 100,000 complaints and 4.7 million website visits within the first hour.
Breaking news: This was a disaster as the coin lost over 50% of its value within 24 hours.
Solana is a favorite platform for gamers, meme lovers, and decadent crypto gamblers. However, Solana's SOL wasn't the best performer. According to data from CoinMarketCap, SOL price has fallen by 8.2% in the past 7 days and is currently priced at US$208 (AU$334).
In contrast, the total value locked (TVL) across blockchain decentralized applications (dApps) is currently US$8.8 billion (AU$14.1 billion), nearing a new 2021 high.
Source: Defilama
No ETP
In related news, Solana-based exchange-traded products (ETPs) are not yet available in the US, but investors in Europe can now access crypto asset manager Bitwise's new Solana staking ETP.
The fund will be traded in Germany on the Deutsche Börse. For those who don't know, staking involves locking up digital assets to support a blockchain network and earning rewards in the form of additional tokens.
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In Wednesday's announcement, Bitwise described the fund as a “low-cost, liquid and transparent investment vehicle for staked SOL exposure.”
