On November 21, the Solana ecosystem's crypto wallet Phantom ranked fifth in the Apple App Store's free app rankings in the United States. It ranked first in the tools category. This should be the best performance of a crypto-native application in the mainstream app market. The reason behind this is the recent explosive data on the Solana chain.
Is the crypto world entering a true active period? What more meaningful facts are hidden behind the active data on the Solana chain? PANews has conducted an in-depth analysis of Solana's on-chain performance.
Solana's on-chain data saw exponential growth in November.
First, let's review the remarkable performance of the Solana chain recently. On November 9, the data for active Solana wallets was 4.33 million, which reached 7 million active wallet addresses by November 21. On October 5, this data was only 893,000, meaning it increased nearly 8 times in just over a month. On November 3, the number of new accounts was 10.19 million. By November 20, the number of new accounts reached 21.75 million, more than doubling.
The largest driving force during this period mainly comes from meme coins. Data from Pump.fun is particularly impressive. On November 2, data showed that the interaction volume of the Pump.fun application was 130 million, and by November 20, it reached a high of 489 million, increasing nearly 4 times. In terms of daily active users, it rose from 81,500 on November 3 to a high of 277,000 on November 21, more than tripling. The total transaction volume also increased significantly, from 1.82 million transactions on November 3 to 4.82 million transactions on November 22.
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The user activity has brought about a significant increase in transaction amounts. According to data from DefiLlama, Solana's decentralized exchange (DEX) trading volume in November exceeded $100 billion for the first time, reaching $109.8 billion. This figure is nearly double the monthly DEX trading volume of Ethereum's mainnet ($55 billion) and has grown over 100% compared to October's $52.5 billion.
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Currently, Solana's monthly active addresses have reached 107.5 million, expected to break the record of 123 million set in October by the end of the month. The $SOL token has recently surpassed its historical high of $264 in 2021.
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Meme activity is high, but PVP difficulty is greater.
Next, let's observe the daily average number of active addresses and the situation of the token hype.
Before describing the specific data, it is necessary to explain Solana's new account mechanism. The number of new account addresses referred to here is not the same as the number of active addresses described in conventional blockchain explorers, but rather the total number of new token addresses on the Solana chain. For example, a user address may purchase multiple tokens, and each time a new token is bought, a new account address is created. Therefore, this number of new account addresses is much higher than the number of active wallet addresses.
A comparison of the data from November 1 and November 20. On November 1, the number of active addresses was 4.74 million, with 12 million new account addresses created that day, averaging 2.53 new token addresses created per active address.
By November 20, the number of active wallets was 6.66 million, and the number of new accounts was 21.75 million, with an average of 3.26 new tokens purchased per active wallet. This data shows that not only has the overall data experienced tremendous growth, but users' trading enthusiasm has also received a significant boost.
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But does the surge in on-chain data present an opportunity for growth or a decrease in chances for meme players? How many holders are there for the daily tokens? On November 1, the number of newly generated $SPL tokens was 22,908, and the number of new accounts that day was 12 million, averaging 524 new addresses per new token. By November 20, the number of new $SPL tokens was 76,838, and the number of new account addresses was 21.74 million, averaging 283 new accounts per $SPL. This indicates that although the overall on-chain activity is increasing, it seems to have caused a more intense PVP phenomenon, with the speed of token issuance far exceeding the speed of new users entering the market.
Males born in the 90s and 00s are the main force on the Solana chain.
The most profitable application on the Solana chain is undoubtedly the Phantom wallet. On November 21, the Phantom wallet reached a high of 6th place overall in the Apple App Store rankings, ranking first among tools. Prior to November 6, Phantom had no ranking data at all, and within half a month, it surged from 95th place in the tools chart to first place.
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According to data from SimilarWeb, user data analysis shows that Phantom's recent growth was primarily in Brazil and the United States. Traffic in the U.S. reached 27.38%, growing 24.82% in the past month. Although Brazil's proportion is not high, at 2.97%, its growth rate was 70.17%. The top five countries are: the United States, the United Kingdom, Russia, Brazil, and Pakistan.
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Among Phantom's audience, males account for 70.5%, while females account for 29.5%. The largest age group of visitors is 25 - 34 years old, accounting for 41.76%, while users aged 18 to 24 account for 20%. This data also indicates that the main players in on-chain memes are concentrated among those born in the 90s and 00s, with this age group accounting for over 60%.
The only public chain keeping up with Solana's data growth is Sui.
Is this data explosion limited to Solana, or is it a collective explosion across the entire network?
Based on App Store growth data, most crypto applications have shown growth, and besides Phantom, Coinbase's ranking has also risen to a high of 29th overall and first in finance. Other applications like Solflare, DEX Screener, MetaMask, and Crypto.com have also grown to varying degrees and entered the top data rankings.
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In contrast to the on-chain data performance, Ethereum's data has also seen some uplift since November, but the increase is not significant. The number of active Ethereum addresses was 437,000 on November 6, and reached a high of 545,000 on November 22, an increase of about 24.7%. Other data also saw slight improvements, but nothing dramatic.
Sui seems to be keeping pace with Solana in terms of growth, with daily active addresses reaching 617,000 on November 5, and surpassing 1.4 million by November 23, also growing more than 100%. However, the Sui network experienced another surge of spam on November 22, with network transactions exceeding 298 million, causing a brief network interruption. This data not only increased 20 times compared to the previous daily average of 15 million transactions but also broke the single-day transaction record for all blockchain networks. However, this sudden surge in data has happened multiple times on Sui, so the crypto community seems not to be too surprised.
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Currently, this explosive on-chain data phenomenon is mainly driven by the popularity of Solana's meme coins. However, this wave of enthusiasm has begun to cool in recent days. Since November 21, active data on the Solana chain has started to decline, and the number of active wallets has basically returned to pre-surge levels. The number of new tokens created daily remains around 60,000, but the number of newly created accounts has significantly declined. This indicates that while the amount of tokens being issued daily is still substantial, the number of holders for each token has clearly decreased.
For meme players keen on PVP, paying more attention to some overall on-chain economic data to adjust their positions may also be a wise choice.
[Disclaimer] The market has risks, and investment should be cautious. This article does not constitute investment advice, and users should consider whether any opinions, viewpoints, or conclusions in this article align with their specific circumstances. Investment based on this is at one's own risk.
This article is reprinted with permission from: (PANews)
Original author: Frank
'Solana Data Explosion! Phantom Wallet Breaks into Apple Rankings, but Meme Players Are Becoming More Intense' This article was first published in 'Crypto City'.
