Solana Explodes in December: Monthly Active Addresses Rocket Past 15.6M

The Solana blockchain has continued to witness impressive numbers in recent months. According to The Block, the high-speed Layer-1 blockchain has set a new record for new and active monthly addresses during December.

A New High 

Per the report, the number of active addresses on the network surged to 15.6 million in December. This metric represents a 50% increase compared to November, surpassing January’s 15.2 million active users.

Furthermore, the network has set a new record for the number of new addresses for the month. In December, the number of new addresses created topped 6.8 million, surpassing May’s 6.6 million.

These metrics suggest a continuous influx of fresh participants entering the Solana ecosystem. Moreover, it signifies the growing popularity of the network among market participants. Solana’s speed and lower transaction cost have made it more attractive to users when compared to its competitors, including Ethereum.

However, one vital metric, non-voting transactions, hasn’t yet shattered previous records. These transactions are unique to Solana, as they contribute to network validation and perform typical functions like sending money or executing smart contracts. 

Their lower numbers than November raise questions about whether the current boom is driven by real user activity or other factors.

Top Performer

Nevertheless, the Solana ecosystem remains one of the top performers amid the recent market rally. Recently, the high-speed network achieved a significant milestone by flipping Ethereum in decentralized exchange (DEX) trading volume.

According to DefiLlama, DEX volume on Solana surged to $10.1 billion over the past week compared to Ethereum’s $8.8 billion.

Solana’s impressive performance coincides with the surge in its native token, SOL. The token has risen by 61% in the past week and more than 90% since the beginning of this month. At press time, SOL was trading at $113.

Recently, Coinfomania reported that SOL flipped BNB to become the fourth-largest cryptocurrency by market cap. SOL’s market cap currently stands at $48.1 billion compared to BNB’s $40.8 billion.