Solana Hits 138M Monthly Wallets, Tops Rivals

The Solana (SOL) network has seen remarkable growth throughout the year, reaching 138 million monthly active addresses. This milestone reflects exponential growth amidst a broader crypto market recovery, boosted by rising interest in Solana’s DeFi ecosystem and the recent meme coin surge.

Rapid Growth and Ecosystem Expansion in Solana

According to data from Artemis, Solana started the year with around 13.8 million monthly active addresses. This figure steadily increased through the summer but saw a significant jump beginning in August 2024, when active addresses climbed from roughly 40 million at the end of the month to over 100 million by early October. In just the past month, active addresses have grown over 30%.

Alongside address growth, the total value locked (TVL) within the Solana ecosystem has also surged. Data indicates a substantial influx of funds over the year, with about $2.36 billion flowing into Solana from the Ethereum network. However, approximately $1 billion later returned to Ethereum, illustrating dynamic capital flow between the two networks.

Despite this movement, only about 2.7% of Ethereum’s TVL migrated to Solana this year. Ethereum, the second-largest network by market cap, recorded a net outflow of around $6 billion in 2024.

Solana’s price performance has also surpassed most other crypto assets, nearing BNB as the fourth-largest crypto asset.

Resilience Amid Challenges and Renewed Investor Confidence

The Solana ecosystem faced significant challenges in November 2022, when FTX collapsed. FTX’s executives, who were major Solana supporters with substantial SOL holdings, triggered a 70% price drop as market panic ensued. The FTX fallout also raised doubts about Solana’s future, especially as about 20% of Solana-based projects at the time were backed by FTX or its affiliate, Alameda Research.

However, investor interest has since rebounded in the Solana ecosystem. Notably, projects like Pump.fun and the decentralized exchange Raydium have seen significant activity spikes in recent months, signaling a robust recovery within Solana’s ecosystem.

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Read : Flipster Launches Meme Coin Carnival, 150K USDT

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