Solana (SOL) Records Highest Number of Daily Active Addresses in Blockchain History
- WBOYOriginal
- 2024-09-11 09:19:101183browse
Solana's blockchain has surpassed previous records for daily network users. According to Artemis.XYZ data, Solana (SOL) recorded the highest number of daily active addresses in blockchain history, despite the fifth-largest cryptocurrency revisiting its lows from April and January.
Solana (SOL) Surges Past 5 Million Daily Network Users
Solana’s blockchain has achieved a new milestone with a record number of daily network users.
According to data from Artemis.XYZ, Solana (SOL) Surges Past 5 Million Daily Network Users on Monday, Sept. 10. At the same time, the fifth-largest cryptocurrency by market capitalization was trading at around $136.
Artemis.XYZ statistics show Solana’s 24-hour users surpassed the 5 million mark on Sept. 10, while its closest competitor had around 2.5 million daily active wallets on the same day.
However, despite Solana’s impressive network activity, the memecoin sector within the Solana ecosystem has seen a decline in activity.
Pump.fun, a decentralized memecoin launchpad on Solana, has generated lower fees compared to its peak in late July.
According to data, Pump.fun’s revenue has decreased by 80% as highlighted last week. Moreover, general SOL fees and prices have also decreased since July, showing a correlation between SOL revenue and Pump.fun activity.
While broader crypto prices remain largely flat, Pump.fun’s decline could indicate a fading trend for Solana memecoins.
The protocol achieved the title of the fastest decentralized finance platform to reach $100 million in revenue, taking around seven months to reach the milestone.
However, as the dust settles, some are questioning whether the platform was ultimately a net positive for cryptocurrency and DeFi.
At its peak, Pump.fun enabled developers to launch over 500,000 tokens in a single month. Solana-based exchanges, such as Raydium, were flooded with memecoins, offering a chance for speculative investors to become overnight millionaires or, in some cases, lose 99% of their capital in seconds.
Solana’s chain became the hotbed for memecoins, with creators like Vitalik Buterin expressing concerns about the trend.
The main worries centered around the sustainability of Pump.fun and the Casino-like ethos it promoted.
Despite the concerns, Pump.fun continues to operate, facilitating the creation of numerous memecoins daily.
A recent analysis by crypto.news found that the oversaturation of meme tokens resulted in weak average gains, with less than 1% of memecoin traders earning over $1,000 from the speculative plays.
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