Solana network bullish: Active addresses hit record.

Solana reached its highest monthly user count in history in October, with over 123 million active addresses.

According to The Block’s data, the number of addresses on Solana increased by over 42 percent compared to September. In January of this year, Solana had under 12.7 million active addresses. Analysts say this recent surge in activity on Solana is due to the increasing popularity of memecoins, which has recently been fueled by the memecoin creation platform Pump.fun.

At the same time, a16z’s State of Crypto report released in October shows that Solana has over 100 million monthly active addresses, surpassing the approximately 57 million addresses on Ethereum and other EVM chains. The data suggests that Solana is experiencing a significant increase in user engagement.

Pump.fun generated over $30.5 million in revenue in October, while Raydium saw over $30 billion in transaction volume in the same month. These platforms are at the center of activity on Solana, according to DefiLlama data.

“Pump.fun saw record tokenization in October, while Raydium saw its highest monthly volume in the same month,” said Eden Au, The Block’s Director of Research.

Solana’s future and user interest

“Solana has a wide range of applications and infrastructures, from DeFi to DePIN, and it looks set to continue to exist despite the rise of blockchains competing for liquidity and user activity,” Au said.

Justin D’Anethan, Head of Business Development at Keyrock APAC, said Solana is considered an alternative to Bitcoin and Ethereum, with speed and cost efficiency at the forefront. “While Ethereum and Layer-2 solutions remain important to the broader DeFi ecosystem, Solana’s low-fee, high-performance network is attracting users who need fast and cost-effective transactions,” he said.

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