ThenumberofmonthlyactiveaddressesontheSolana(SOL)networkhasreached138millionthismonth,afterseeingexponentialgrowththroughouttheyearamidawidercryptocurrencymarketrecovery.
AccordingtodatafromArtemis,Solanahadaround13.8millionmonthlyactiveaddressesatthebeginningoftheyear,withthefiguregraduallygrowinguntiltheSummer.SinceAugust,thenumberofactiveaddressesonthenetworkexplodedupward,fromaround40millionattheendofthatmonthtosurpass100millioninearlyOctober.Thefiguregrewover30%inthepastmonth.
Source:Artemis
Theriseinmonthlyactiveaddressescomesasthetotalvaluelocked(TVL)onSolana’sdecentralizedfinanceecosystemsurges,withdatashowingsubstantialinflowsyear-to-date.AsCryptoGlboereported,$2.36billionofthoseinflowscamefromEthereum,althoughETHsaw$1billionofthosefundsreturn.
Thedatashowsthatonly2.7%ofEthereum’sTVLmigratedtoSolanayear-to-date,withthesecond-largestnetworkbymarketcapitalizationseeing$6billionofnetoutflowssofarthisyear.
Solana’srisehasneverthelessbeennotablethisyear,withitspricesignificantlyoutperformingmostotherdigitalassetstothepointthatit’snearlyovercomingBinance’sBNBtobecomethefourth-largestdigitalcurrencybymarketcapitalization.
TheSolanaecosystemwasnegativelyimpactedbythecollapseofFTXinNovember2022.Theexchange’sexecutiveswerewell-knownSolanaproponentswithlargeSOLholdings,withthecollapseleadingtoanear70%pricedropforSolanaamidbroadermarketpanic.
FTX’scollapseraisedconcernsaboutthesustainabilityoftheSolanaecosystem,withestimatessuggestingthatabout20%ofSolana-basedprojectsthenhadreceivedinvestmentsfromFTXoritssistercompanyAlamedaResearch.
InvestorshavesincethenreengagedwiththeSolanaecosystem,withprojectslikePump.funanddecentralizedcryptocurrencyexchangeRaydiumseeingactivityskyrocketoverthelastfewmonths,asfirstreportedbyTheBlock.
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