Author: Frank, PANews
On November 21, the Solana ecosystem's crypto wallet Phantom ranked fifth in the free app chart in the US App Store. 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 attributed to the recent explosion of data on the Solana chain.
Is the crypto world entering a truly active period? What more meaningful facts are hidden behind the active data on the Solana chain? PANews conducted an in-depth analysis of Solana's on-chain performance.
Solana's on-chain data experienced exponential growth in November.
First, let's review the astonishing performance of the Solana chain recently. On November 9, the number of active wallets was 4.33 million, reaching 7 million active wallet addresses by November 21. On October 5, this figure was only 893,000, representing an almost eightfold increase over the span of just over a month. On November 3, the number of new accounts was 10.19 million, and 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 data is particularly impressive. On November 2, the application interaction volume of Pump.fun was 130 million, reaching a peak of 489 million by November 20, an increase of nearly four times. In terms of daily active users, there were 81,500 on November 3, peaking at 277,000 on November 21, over a threefold increase. Total transaction volume also saw similar trends, with 1.82 million transactions on November 3, increasing to 4.82 million by November 22.
The increased user activity has led to a significant rise in transaction amounts. According to Defillama, the trading volume on Solana's decentralized exchanges (DEX) surpassed $100 billion for the first time in November, reaching $109.8 billion. This figure is nearly double that of Ethereum's mainnet monthly DEX trading volume (which was $55 billion), marking a growth of over 100% compared to October's $52.5 billion.
Currently, the number of monthly active addresses on Solana has reached 107.5 million, with the potential to break the October record of 123 million by the end of the month. The SOL token has recently surpassed its historical high from 2021, reaching $264.
MEME activity is high, but PVP difficulty is greater.
Next, let's observe the average number of active addresses and their fluctuations daily.
Before describing specific data, it is necessary to explain Solana's new account mechanism. The number of new account addresses mentioned here is not the same as the 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 buy multiple tokens, and 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 that day was 12 million, with an average of 2.53 new token addresses created for each active address on that day.
As of 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 indicates that not only has overall data seen tremendous growth, but user trading enthusiasm has also been greatly boosted.
But the surge in on-chain data raises the question for MEME enthusiasts: is this an opportunity for growth or a decrease in probabilities? How many holders are there for each token daily? On November 1, the number of new SPL tokens generated that day was 22,908, with the number of new accounts at 12 million, averaging 524 new addresses per new token. By November 20, the number of new SPL tokens had risen to 76,838, with new account addresses at 21.74 million, averaging 283 new accounts per SPL. This indicates that while overall on-chain activity is increasing, it seems to have led to a more competitive PVP phenomenon, with the rate of token issuance far exceeding the rate of new users entering the market.
Males born in the 90s and 2000s are the main force on the Solana chain.
The application that has benefited the most on the Solana chain is undoubtedly the Phantom wallet. On November 21, Phantom wallet reached its highest ranking of 6th in the Apple App Store overall, and 1st in the tools category. Before November 6, Phantom had no ranking data, and in just half a month, it surged from 95th in the tools list to 1st.
According to Similarweb's data, from user data analysis, the recent growth of Phantom is most notable in Brazil and the United States. Traffic from 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 is 70.17%. The top five countries are: United States, United Kingdom, Russia, Brazil, and Pakistan.
Among Phantom's audience, males account for 70.5%, while females account for 29.5%. The largest age group of visitors is 25 to 34 years old, making up 41.76%, while users aged 18 to 24 account for 20%. This data also indicates that the main players in on-chain MEME activities are primarily those born in the 90s and 2000s, who account for over 60%.
Only Sui has kept pace with Solana's data growth.
Is this data explosion limited to Solana, or is it a collective explosion across the entire network?
Looking at the growth data from the App Store, most crypto applications have seen growth, with Coinbase's ranking recently rising to 29th overall and first in finance, in addition to Phantom. Other applications like Solflare, DEX Screener, MetaMask, and Crypto.com have also experienced varying degrees of growth, entering the top of the data charts.
In contrast to the performance of on-chain data, Ethereum has also seen a boost since November, but the increase is not significant. The number of active Ethereum addresses was 437,000 on November 6, reaching a peak of 545,000 on November 22, an increase of about 24.7%. Other data also showed slight improvements, but nothing explosive.
Sui seems to be able to keep pace with Solana's growth, with daily active addresses reaching 617,000 on November 5 and surpassing 1.4 million by November 23, more than doubling. It's uncertain if the Sui network is facing another wave of spam attacks, as the number of network transactions exceeded 298 million on November 22, causing a brief network interruption. This figure not only increased 20 times from the previous daily average of 15 million transactions but also broke the record for the highest number of transactions in a single day across all blockchain networks. However, such sudden spikes in data have occurred multiple times on Sui, so the crypto community doesn't seem too surprised.
Currently, this explosive phenomenon of on-chain data is mainly driven by the popularity of MEME coins on Solana. 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. Daily new token creation is still maintaining an average of around 60,000, while the number of newly created accounts has noticeably decreased. This indicates that even though a substantial amount of tokens are still being issued daily, the number of holders for each token has significantly decreased.
For MEME players who are keen on PVP, paying attention to some on-chain macro data to adjust positions may also be a wise choice.
