Written by: Frank, PANews.
On November 21, the Solana ecosystem crypto wallet Phantom ranked fifth in the free app rankings in the Apple App Store in the US. It ranked first in the tools category. This should be the best achievement for crypto-native applications in mainstream app markets. The reason behind this success is the recent data explosion on the Solana chain.
Is the crypto world entering a truly active period? What other more meaningful facts are hidden behind the active data on the Solana chain? PANews deeply analyzes the on-chain performance of Solana.
The Solana chain data experienced exponential growth in November.
First, let's review the remarkable performance of the Solana chain recently. On November 9, the number of active wallets on Solana was 4.33 million, and by November 21, it had reached 7 million active wallet addresses. On October 5, this figure was only 893,000, showing an increase of 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 biggest driving force during this period mainly comes from MEME coins. The performance of Pump.fun has been particularly eye-catching. Data from November 2 shows that the interaction volume of the Pump.fun application was 130 million, which peaked at 489 million by November 20, nearly a 4-fold increase. In terms of daily active users, it went from 81,500 on November 3 to a peak of 277,000 on November 21, an increase of over 3 times. The total transaction volume also rose from 1.82 million transactions on November 3 to 4.82 million transactions by November 22.
The increase in user activity has led to a significant rise in transaction amounts. According to Defillama data, the trading volume on decentralized exchanges (DEX) on the Solana network in November exceeded $10 billion for the first time, reaching $10.98 billion. This figure is nearly double the monthly DEX trading volume of the Ethereum mainnet ($5.5 billion) and represents an increase of over 100% compared to October's $5.25 billion.
Currently, the number of monthly active addresses on Solana has reached 107.5 million, with the potential 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.
MEME is active, but the difficulty of PVP is greater.
Let’s observe the daily situation of average active addresses and their engagement with the meme tokens.
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 refers to all new token addresses on the Solana chain. For example, a user address may purchase multiple tokens; each time a new token is purchased, a new account address is created. Therefore, the number of new account addresses is much higher than the number of active wallet addresses.
Comparing data from November 1 and November 20. On November 1, the number of active addresses was 4.74 million, and the number of new account addresses on that day was 12 million, meaning that each active address created an average of 2.53 new token addresses that day.
By November 20, the number of active wallets was 6.66 million, and the number of new accounts was 21.75 million, meaning each active wallet purchased an average of 3.26 new tokens. This data shows that not only has the overall data seen significant growth, but user trading enthusiasm has also seen a tremendous boost.
But does the surge in on-chain data present an opportunity for players engaged in the hot MEME market or reduce their chances? How many holders are there for the tokens issued daily? On November 1, the number of new SPL tokens created was 22,908, and the number of new accounts that day was 12 million, with an average of 524 new addresses per new token. By November 20, the number of new SPL tokens reached 76,838, and the number of new account addresses was 21.74 million, meaning that each SPL token distributed an average of 283 new accounts. This also indicates that although the overall heat on-chain is increasing, it seems to have led to a more intense PVP phenomenon, where the speed of issuing tokens far exceeds the speed of new users entering.
Males born in the 90s and 00s are the main force on the Solana chain.
The application that has benefited the most on the Solana chain is undoubtedly the Phantom wallet, which reached a peak ranking of 6th in the overall App Store rankings in the US on November 21, and first in the tools category. Prior to November 6, Phantom did not even have ranking data, but in just half a month, it skyrocketed from 95th in the tools category to first.
According to Similarweb data, from user data analysis, Phantom's recent growth has been most prominent in Brazil and the United States. Traffic from the United States reached 27.38%, growing by 24.82% in the past month. Although Brazil's proportion is not high at 2.97%, its growth rate is 70.17%. The top five countries are: the United States, the United Kingdom, Russia, Brazil, and Pakistan.
Among the audience of Phantom, 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%, with users aged 18 to 24 making up 20%. This data also shows that the main players in on-chain MEME are concentrated among those born in the 90s and 00s, making up over 60% of that age group.
Only Sui has managed to keep up with Solana's data growth.
Is this data explosion limited to Solana, or is it a collective explosion across the entire network?
From the growth data of the App Store, most crypto applications have seen growth, and besides Phantom, Coinbase's recent ranking has also risen to 29th in the overall chart and first in the financial chart. Other applications like Solflare, DEX Screener, MetaMask, and Crypto.com have also seen varying degrees of growth and have entered the top of the data rankings.
In contrast to the on-chain data performance, Ethereum has seen some improvement in data since November, but the increase is not significant. The number of active Ethereum addresses on November 6 was 437,000, reaching a peak of 545,000 on November 22, an increase of about 24.7%. Other data has also seen slight improvements, but nothing can be described as explosive.
Sui seems to be able to keep pace with the growth of Solana, with daily active addresses increasing from 617,000 on November 5 to over 1.4 million by November 23, representing an increase of over 100%. However, it is unclear whether the Sui network is once again facing a spam attack, as the number of transactions on the network exceeded 298 million on November 22, causing a brief network interruption. This figure not only represents a 20-fold increase compared to the previous daily average of 15 million transactions but also breaks the record for the highest daily transaction volume across all blockchain networks. However, such sudden surges in data have occurred multiple times on Sui, so the crypto community does not seem overly surprised.
At present, this explosion of on-chain data is mainly driven by the hot MEME coins on Solana. However, this wave of enthusiasm has begun to cool down in recent days. Starting November 21, the active data on the Solana chain has begun to decline, and the number of active wallets has largely returned to pre-explosion levels. The number of new tokens created daily is still maintaining an average of around 60,000, while the number of newly created accounts has clearly declined. This indicates that although the amount of tokens issued daily is still considerable, the number of holders for each token has significantly decreased.
For MEME players who are enthusiastic about PVP, paying more attention to some on-chain macro data to adjust their positions may also be a wise choice.
