Author: Frank, PANews
On November 21, Solana ecological wallet Phantom ranked fifth in the Apple App Store US free app rankings. Ranked#1in the Segmentation Tools category. This should be the best achievement of a crypto-native application in the mainstream application market. The reason behind this comes from the recent data explosion on the Solana chain.
Is the world of cryptocurrencies ushering in a period of real excitement? What more meaningful facts are hidden behind the active data on the Solana chain? PANews provides an in-depth analysis of Solana’s on-chain performance.
Solana on-chain data doubled in November
First, let’s review the recent amazing performance on the Solana chain. On November 9, Solana’s active wallet data stood at 4.33 million, reaching 7 million active wallet addresses on November 21. On October 5, the number was only 893,000. In more than a month, this number increased nearly 8 times. 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 number of new accounts.
The biggest boost during this period mainly came from the MEME coin. The performance of Pump.fun data is particularly impressive. Data on November 2 showed that Pump.fun’s application interactions were 130 million times, reaching a maximum of 489 million on November 20, an increase of nearly 4 times. In terms of the number of 24-hour active users, it was 81,500 on November 3, and reached a maximum of 277,000 on November 21, a surge of more than 3 times. Total transaction volume was the same, 1.82 million on November 3 and 4.82 million on November 22.
Behind the active users is a substantial increase in transaction amounts. According to Defillama data, the Solana network’s decentralized exchange (DEX) trading volume exceeded US$100 billion for the first time in November, reaching US$109.8 billion. This figure is nearly double the monthly DEX trading volume of the Ethereum mainnet ($55 billion), an increase of more than 100% compared to October’s $52.5 billion.
Solana currently has 107.5 million monthly active addresses and is expected to surpass the record of 123 million set in October by the end of the month. The SOL token recently broke through its 2021 all-time high, reaching $264.
MEME is active, but PVP is harder
Let’s take a look at the daily trend of the average number of active addresses.
Before describing the specific data, Solana's new account mechanism needs to be explained first. The number of new account addresses referred to here is not the number of active addresses described in conventional blockchain browsers, but the number of all new token addresses on the Solana chain. , for example, a user address may purchase multiple tokens, and each time a new token is purchased, a new account address will be created. Therefore, the number of new account addresses is much higher than the number of active wallet addresses.
Compare data from November 1st and November 20th. On November 1, the number of active addresses was 4.74 million, and the number of new account addresses that day was 12 million. On average, each active address created 2.53 new token addresses that day.
As of November 20, there were 6.66 million active wallets and 21.75 million new accounts, with an average of 3.26 new tokens purchased per active wallet. It can be seen from this data that not only the overall data has experienced huge growth, but users' trading enthusiasm has also been greatly boosted.
But does the surge in data on the chain increase opportunities or reduce chances for players who are crazy about MEME? How many token holders are there every day? On November 1, the number of newly generated SPL tokens on that day was 22,908, the number of new accounts on that day was 12 million, and the average number of new addresses allocated to each new token was 524. As of November 20, the number of new SPL tokens was 76,838, the new account addresses on that day were 21.74 million, and the average number of new accounts allocated per SPL was 283. This also shows that although the overall popularity of the chain is increasing, it seems to have caused a more involuted PVP phenomenon, and the speed of currency issuance far exceeds the speed of new users entering the market.
Men born in the 1990s and 2000s are the main force on the Solana chain
The application that has benefited the most on the Solana chain is the Phantom Wallet. On November 21, the Phantom Wallet ranked highest in the Apple App Store at No. 6 overall and No. 1 in the tool category. Before November 6, Phantom did not even have ranking data. In half a month, it jumped from 95th on the tool list to first.
According to data from similarweb, from the analysis of user data, Phantom’s recent growth has been greatest in Brazil and the United States. Traffic in the United States 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: the United States, the United Kingdom, Russia, Brazil, and Pakistan.
Phantom’s audience is 70.5% male and 29.5% female. The largest age group of visitors is 25 – 34 years old, accounting for 41.76%, and users aged 18 to 24 account for 20%. It can also be seen from this data that the current main MEME players on the chain are concentrated in the post-90s to post-00s generations, with this age group accounting for more than 60%.
Only Sui, a public chain, has kept up with Solana’s data growth
Is this data outbreak limited to Solana, or is it a network-wide outbreak?
Judging from the growth data of the App Store, most encryption applications have grown. In addition to Phantom, Coinbase’s recent ranking has also risen to 29th on the overall list and first on the financial list. Others Solflare, DEX Screener, MetaMask, and Crypto.com have all grown to varying degrees and entered the forefront of the data list.
Looking back at the performance of on-chain data, Ethereum’s data has also improved since November, but the increase is not obvious. The number of active Ethereum addresses was 437,000 on November 6, and reached a maximum of 545,000 on November 22, an increase of approximately 24.7%. Other data have also improved slightly, but they are not blowouts.
Sui seems to be able to keep up with Solana in terms of growth. The number of daily active addresses was 617,000 on November 5, and it exceeded 1.4 million on November 23, with the growth more than doubling. The Sui network was not sure if it was being attacked by spam again. On November 22, the number of online transactions exceeded 298 million, which also caused a brief network outage. This data not only increased 20 times from the previous daily average of 15 million, but also broke the single-day transaction record for all blockchain networks. It’s just that this sudden increase in data has happened to Sui several times, so the encryption community doesn’t seem to be too surprised by it.
At present, this on-chain data blowout phenomenon is mainly caused by the popularity of Solana’s MEME currency. However, this wave of enthusiasm has begun to cool down in recent days. Since November 21, the activity data on the Solana chain has begun to decline, and the number of active wallets has basically returned to the level before the surge. The number of newly created tokens per day currently remains at an average daily level of around 60,000, while the number of newly created accounts has declined significantly. This also shows that although there are still a lot of tokens issued every day, the number of holders of each token has decreased significantly.
For MEME players who are keen on PVP, it may also be a wise choice to pay more attention to some macro data on the chain to adjust positions.
(The above content is excerpted and reprinted with the authorization of our partner PANews, original text link)
Statement: The article only represents the author's personal views and opinions, and does not represent the objective views and positions of the blockchain. All contents and opinions are for reference only and do not constitute investment advice. Investors should make their own decisions and transactions, and the author and Blockchain Client will not be held responsible for any direct or indirect losses caused by investors' transactions.
"Solana is about to explode: Phantom is on the Apple Store download list, and MEME currency PVP is becoming more difficult." This article was first published on (Block Guest).
