The Solana network had more than 123 million active addresses last month, reaching its highest level ever.
Last month, the #Solana network had more than 123 million active addresses.
According to The Block's data dashboard, the number of unique addresses signing transactions on the Solana network has increased by more than 42% since September. In January of this year, there were less than 12.7 million active addresses on the network.
According to analysts, the recent surge in Solana activity is due to the growing popularity of Mimcoin transactions on the network, supported by platforms such as Pump. fun, a Mimcoin generation app, and Raydium, a decentralized exchange.
This is supported by a16z's State of Cryptocurrencies report for October, which shows that Solana has over 100 million monthly active addresses, compared to about 57 million for #Ethereum and other EVM chains, indicating high user engagement with Solana.
In October, Pump. fun's monthly revenue totaled more than $30.5 million, while Raydium's transaction volume exceeded $30 billion per month, according to data from DefiLlama.
In particular, pump. fun launched a record number of new tokens, and Raydium recorded the highest monthly trading volume in the same month, noted The Block's research director Eden Au.
It remains to be seen whether this memcoin story can be sustained if other stories take over and market interest shifts to other thin
Au said. However, Solana hosts a lot of applications and infrastructure, from DeFi to DePIN, and despite the growing number of blockchains competing for liquidity and user activity, Solana is likely to remain viable.
Justin D'Anetan, head of APAC business development at Keyrock, told The Block that Solana, historically seen as an alternative to Bitcoin and Ethereum, is attracting users and traders for whom speed and economic efficiency are more important than ideological purity.
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