Recently, the Solana network has significantly outperformed the Ethereum network in web3 activity, helped by the growth of the meme coin space.
Solana (SOL) may soon trigger the expected altcoin season thanks to the rise of DeFi %.
#Solana (SOL) may soon trigger the expected altcoin season thanks to the rise of DeFi activity | Coinspeaker
Over the past year, the Solana network has recovered from the collapse of FTX and Alameda Research to become a vibrant web3 ecosystem. According to the latest market data, the total value of the Solana network is around $6.41 billion, the highest since January 2022.
The trust in the Solana ecosystem has grown significantly over the past year, with the market value of stablecoins exceeding $3.5 billion. Notably, in the past 24 hours, the total number of active addresses on the Solana network has reached approximately 7.62 million, compared to only 397,000 per day on the #Ethereum network. The notable surge in Solana activity is largely attributed to the #meme coin's ecosystem, which has a market value of more than $11 billion and an average daily transaction volume of about $2.5 billion.
As a result, Solana's trading volume on the DEX has exceeded $2 billion per day for three consecutive days, surpassing Ethereum and all other highly-rated networks. Meanwhile, Pump. fun, the issuer of Solana tokens, secured the launch of over 2.5 million meme coins and nearly reached the 1 million SOL mark in lifetime fees.
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