Solana saw its monthly active addresses surpass 140 million
Last month, Solana (SOL) monthly active addresses surpassed over 140 million active addresses, its highest ever monthly number for the network.
Majority of Solana's 140 million active wallets are empty
According to Solana data provider Hello Moon, more than 140 million users held 0 SOL in their wallets over the past month, around 21.67 million users held less than 1 SOL, and about 2.24 million users held between 1- 10 SOL and 744,870 held 10- 100 SOL as of the time of writing. The network's new account count as of the end of October was around 12 million.
The data above shows that the majority of active wallets on Solana do not hold any Solana. Skeptics attribute this explosive growth to bots inflating metrics, a critique that often accompanies Solana's success stories.
Solana’s recent spike in activity
According to analysts, Solana's recent spike in activity is due to the growing acceptance of memecoin trading on the network, which is facilitated by sites like the decentralized exchange Raydium and the memecoin generation app Pump.fun, both of which saw significant activity in the previous month. According to DefiLlama data, Raydium saw over $30 billion in trade volume in October, while Pump.fun generated over $30.5 million in revenue each month.
Solana fast transaction and low fees
The effectiveness of Solana has arguably been a double-edged sword because some argue that the network's high transaction throughput and cheap fees make it a desirable and frequently profitable environment for bots, which could inflate the network's activity beyond real human interactions.
In comparison to its competitor, Solana is promoted as an effective blockchain that offers fast transactions at affordable fees. According to Dune Analytics data, average transaction fees on Solana more than doubled in late September but stayed low at about $0.02. This is about 0.67% of the $3 median gas fee for Ethereum.
According to DefiLlama, as of October 9, Solana has a total value locked (TVL) of $5.923 billion, making it the third-largest blockchain for DeFi.
The native cryptocurrency of the network, Solana (SOL), is now trading at $164.05, up more than 0.08% over the past day, according to data from CoinMarketCap.
Disclaimer
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