Solana It continues to demonstrate its strong position in the broader blockchain sector following a recent significant increase in on-chain activity, with transaction volume and user engagement rising significantly across its network. Overall, SOL market performance may benefit from this significant growth, which may indicate the continued scalability and health of the network.
On-chain transfer volume on Solana Blockchain is at a new all-time high
Modern a report From Glassnode, a world-leading financial and connectivity data platform, reveals that Solana has seen a remarkable surge in Use the network. Network activity is skyrocketing as cross-chain transfer volumes reach new levels, indicating increased demand and broader acceptance within the ecosystem.
This increased activity demonstrates that developers and users are becoming more interested in using the network’s low-cost, high-speed transaction capabilities, among other things. It could also lead to renewed confidence in the long-term scalability and market potential of Solana, strengthening its position as a leading blockchain network in the dynamic world of cryptocurrencies.
According to the financial platform, Volume transfers on the chain Solana’s revenues rose significantly in the past day, reaching a peak of about $224 billion. The rise in conversion volume represents nearly three times SOL’s total market cap in a single day, which is currently worth $76 billion.
Data from Glassnode shows that the notable rise was mainly driven by a particular wallet address with a lot of activity using multiple accounts. Furthermore, the platform indicated that the wallet, which may be a bot used for arbitrage purposes, began to increase network activity and may have been the reason for the increase in its number. Transaction fees Which is widely discussed in the community.
As Solana’s on-chain activity continues to improve, investors and traders are closely monitoring further developments on the network that may impact the coin’s price. SolLeading to a rise in the coming months.
Active SOL addresses reach record high amid growing adoption
Active addresses on Solana Blockchain It has also seen significant growth along with the rise in cross-chain transfer volume. According to current DataThe number of active addresses in October reached a record high of 123 million, reflecting growth of more than 42% compared to its September performance.
It’s important to note that there were only 12.7 million active SOL addresses at the beginning of the year. This increase was the result of an increase Same angle The trade, which is ultimately fueled by recent activity on the decentralized exchange Raydium and apps like Pump.fun. The growing use of SOL for decentralized applications (dApps), non-fungible tokens (NFTs), and gaming, all of which are seeing massive traction on the blockchain, has not been ruled out.
Featured image from iStock, chart from Tradingview.com
Comments are closed, but trackbacks and pingbacks are open.