Solana’s Daily Wallet Activity Outpaces Competition, SOL Jumps

Active wallets on the Solana network have grown 58% this year, outpacing some other blockchains despite a market-wide price drop.

“New Addresses Daily” numbers on Solana consistently boosted its user base across the bear market, CoinMarketCap research citing data from Glassnode and The Block show.

Daily new addresses refer to new wallet users on any blockchain network, which can signal growth and adoption. On Solana, new users peaked at over 400,000 in May before gradually declining to 240,000 users this week. These numbers represent a jump from December 2021 levels of 150,000 to 170,000 new users every day.

Daily active wallets have also increased this year, with over 32 million active users in June and 37 million in May. This figure has grown from an average of 20 million active users in the first four months of 2022.

However, the data suggests that the activity did not translate into entries. Total value locked (TVL) on decentralized finance (DeFi) apps running on Solana fell to $2.9 billion this week from May’s $6 billion figure. Solana TVL peaked at $14 billion in December 2021.

Solana’s native SOL tokens have grown amid the growing use of wallets. The tokens have added nearly 34% over the past week and are up 30% over the past month, despite market-wide declines and volatility. In comparison, bitcoin (BTC) is up 14% over the past month.

SOL has gained over the past month amid a broader market decline. (TradingView)

Meanwhile, CoinMarketCap noted that active addresses on BNB Chain have remained stable over an equivalent period, while new user data on Ethereum has shown a decline since the start of this year. “BNBChain saw its new daily active addresses drop just north of 17.9%. Ethereum is doing worse at 51.8% over the same period,” CoinMarketCap said.