Solana Sets Record with Over 120 Million Monthly Active Addresses in October

Solana is making waves in the crypto ecosystem, hitting an all-time high of over 123 million monthly active addresses in October. With a 42% increase from September and surging memecoin activity, Solana’s growth is capturing attention as it surpasses networks like Ethereum in user engagement.

Solana’s Surge in Active Addresses

In October, Solana saw more than 123 million unique addresses signing transactions on its network, a significant jump from the start of the year when active addresses were under 13 million. This exponential growth reflects rising user interest in fast, cost-efficient networks and the platform’s increasing role in decentralized finance (DeFi).

Memecoins Powering Network Activity

The surge in active addresses on Solana is largely attributed to the popularity of memecoins. Platforms like Pump.fun (a memecoin creation app) and Raydium (a decentralized exchange) were major contributors, with Pump.fun generating $30.5 million in revenue and Raydium facilitating $30 billion in trade volume during October. This activity reflects a growing preference for Solana as a hub for high-frequency, low-cost transactions.

Solana vs. Ethereum: A Network Engagement Comparison

According to a16z’s recent State of Crypto report, Solana achieved over 100 million monthly active addresses in October, surpassing Ethereum and other EVM chains, which saw approximately 57 million. Analysts suggest that Solana’s emphasis on speed and affordability has drawn in users, especially those looking for alternatives to Ethereum’s higher fees.

Beyond Memecoins: Solana’s Expanding Ecosystem

Eden Au, Research Director at The Block, notes that while the memecoin trend is driving current growth, Solana’s ecosystem is diverse. With applications in DeFi and DePIN (Decentralized Physical Infrastructure Networks), Solana’s infrastructure offers a broad range of services, solidifying its position as a long-term player despite competition from other blockchains.

User Appeal: Speed and Cost Efficiency

Justin D’Anethan, Head of Business Development at Keyrock APAC, points out that Solana’s low-fee, high-performance structure is drawing traders who prioritize speed and affordability over the ideological factors sometimes associated with Bitcoin and Ethereum. Solana’s efficiency, particularly for smaller or high-frequency trades, has made it a preferred platform for those looking to avoid Ethereum’s transaction costs.

GOAT Memecoin and the AI Trend

The popularity of the GOAT memecoin, boosted by its connection to the AI-based chat tool Terminal of Truths, has further fueled Solana’s network activity. The GOAT token’s rise has inspired numerous AI-related memecoins, enhancing Solana’s appeal in both the DeFi and AI spaces.

Conclusion

With record-breaking active addresses and surging demand for fast, affordable transactions, Solana is proving to be more than just an Ethereum alternative. As its ecosystem expands and new use cases arise, Solana’s network is poised for sustained growth, making it one to watch in the evolving blockchain landscape.