Solana to Handle 39% of Global Traffic in 2024, Shares to Reach 56% with Base
As of 2024, Solana is at the top of the list, controlling 39% of global blockchain traffic. One of the biggest factors in Solana’s growth is the total traffic share it has achieved with its ecosystem called Base. The duo is at the top of the blockchain ecosystems with a 56% global traffic share.
Meme Coins Are Fueling Solana’s Rapid Rise
A key factor in Solana’s success is meme coins and the platforms that facilitate their trading. Platforms like Pump.fun, in particular, have launched 2.5 million SOL tokens since the beginning of the year, boosting Solana’s popularity. Throughout 2024, the Pump.fun platform has produced 3.26 million meme coins, an indication of the platform’s rapidly growing popularity.
Base Takes Second Place With Solana
Alongside Solana, Base has also seen a notable rise. Base ranks second with a traffic share of 16.81%. The combined share of Solana and Base reached 56% as of November 11. However, Solana’s traffic share fell by 10% from Q1 to Q4, while Base increased by 5%. Despite this, Base managed to maintain its second place in the global traffic rankings.
Ethereum Drops to Third Place in Popularity
On the other hand, the Ethereum ecosystem has fallen to third place in the popularity ranking. Currently, Ethereum holds 10.8% of global investor interest. Throughout 2024, Ethereum’s traffic share has decreased by 1.9%. It is stated that this decrease may be due to Ethereum appearing less innovative as a well-established platform. In addition, layer 2 solutions developed on the Ethereum network may have divided investor interest and reduced Ethereum’s share.
Tier 2 Solutions and Investor Interest
This decline in interest in Ethereum comes in parallel with the increasing interest in layer 2 networks. This is making Ethereum’s traditional network less attractive as investors begin to opt for faster, lower-cost alternatives built on Ethereum. This shift in Ethereum’s ecosystem is causing investors to focus their attention on different solutions and platforms.
Global Traffic of Blockchain Ecosystems: 97% Share in Total
As of 2024, the top 20 blockchains account for 97% of the total global traffic share, while the remaining 3% is distributed among 47 different blockchains. This shows that the vast majority of blockchain ecosystems are concentrated in the top 20, which are centralized, and other ecosystems have relatively less impact.
The Growing Role of Meme Coins and the Rise of Solana
Meme coins, which played a significant role in Solana’s rise, have had a major impact. Thanks to platforms like Pump.fun, meme coins are gaining popularity, which in turn contributes to Solana’s overall growth. As of 2024, the trading of Solana-based meme coins has gained significant momentum. The Pump.fun platform has launched 2.5 million SOL tokens this year, playing a significant role in the meme coin market. According to Dune data, the platform’s daily revenue has now reached $2.8 million, which shows how big the impact of meme coins on Solana is.
As a result, blockchain ecosystems such as Solana, Base, and Ethereum are in a significant position by attracting global traffic and investor interest as of 2024. Solana, which is growing rapidly under the influence of meme coins, continues to attract attention with Base.
