Solana reached the highest number of monthly users in its history with over 123 million active addresses in October.
According to data from The Block, the number of addresses on Solana increased by over 42 percent compared to September. In January of this year, Solana had just under 12.7 million active addresses. Analysts say this recent surge in activity on Solana is due to the growing popularity of memecoins. This increase was recently supported by the memecoin creation platform called Pump.fun.
Solana surpasses Ethereum
At the same time, a16z’s State of Crypto report published 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 in question indicates that Solana has experienced a significant increase in user interaction.
Pump.fun generated over $30.5 million in revenue in October, while Raydium saw transaction volume exceeding $30 billion in the same month. According to DefiLlama data, these platforms are at the center of activities on Solana.
“Pump.fun recorded a record number of token production in October, and Raydium also reached its highest monthly volume in the same month,” said Eden Au, Director of Research at The Block.
Solana’s future and user interest
“Since Solana has a wide variety of applications and infrastructures, from DeFi to DePIN, it looks set to survive despite the rise of blockchains competing for liquidity and user activity,” Au said.
Justin D’Anethan, Head of Business Development at Keyrock APAC, stated that Solana is considered an alternative to Bitcoin and Ethereum, prioritizing speed and cost efficiency. “As Ethereum and Layer-2 solutions continue to be important to the broader DeFi ecosystem, Solana’s low-fee, high-performance network attracts users who need fast and affordable transactions,” he said.
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