Solana’s new daily address growth suggests it may be the best blockchain for those new to crypto. Find out exactly how much it’s increased, and how this matches up to big-league competitors.
There are so many cryptocurrencies and companies out there. This can make it difficult to know which is the best blockchain for you. Which blockchain you choose often dictates the currency you deal in, as well as the wallets you use.
New statistics from CoinMarketCap show that Solana is faring much better than some of its significantly larger fellows. The Solana network saw active wallets increase by over 58% – a percentage much higher than the likes of Binance and Ethereum.
What’s particularly impressive about this is the level of growth seen during a bear market. If you’re not sure what a bear market is – it’s a market in which share prices are falling, which encourages selling.
The research by CoinMarketCap displayed how Solana’s new daily addresses grew consistently during this time. “New daily addresses” refers to first-time wallet users on a blockchain network. An increase in this suggests growth, as well as adoption of the particular blockchain.
To put numbers to this news, daily new users for Solana hit 400,000 in May this year, before steadily falling to 240,000 this week. For comparison, in December 2021 the level of new users a day was 150,000- 170,000.
Solana has enjoyed growth elsewhere with its number of daily active wallets. In May, there was a high of 37 million active wallets, and 32 million in June. During the beginning of 2022, there was an average of around 20 million daily active wallets.
Growth in Trying Times
Bear markets tend to indicate market declines and volatility. Although Solana experienced growth in terms of new users, data suggests this did not lead to inflows. In fact, the opposite is true. Total value locked (TVL) on DeFi applications running on the Solana network went from $6 billion in May to $2.9 billion this week.
In terms of tokens, Solana’s native token SOL has grown during this increase in wallet usage. SOL has risen 34% in the past week, and is up 30% in the past month. This is in contrast to Bitcoin, which has risen just 14% over the past week.
CoinMarketCap also points out a decline in new users for Ethereum since the start of this year. Solana is the only major layer-1 network to have grown its user base during a bear market.