Solana's New Daily Address Growth Outpaces Other Blockchains, SOL Jumps

Data shows that active wallets using the popular network have grown by over 58% since the start of this year.

AccessTimeIconJul 20, 2022 at 9:51 a.m. UTC
Updated Jul 20, 2022 at 3:08 p.m. UTC

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

Active wallets on the Solana network increased by 58% this year, outpacing some other blockchains despite a market-wide price decline.

Figures for “New Daily Addresses” on Solana consistently grew its user base throughout the bear market, research by CoinMarketCap citing data from Glassnode and The Block showed.

New Daily Addresses refer to first-time 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 figures are a jump from December 2021’s levels of 150,000 to 170,000 new users each day.

Daily active wallets have similarly climbed this year, with over 32 million active users in June and 37 million in May. This rose from an average of 20 million active users in the first four months of 2022.

However, data suggests the activity did not amount to inflows. Total value locked (TVL) on decentralized finance (DeFi) applications running on Solana dropped 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 rising wallet usage. The tokens added nearly 34% over the past week and are up 30% in the past month, despite market-wide declines and volatility. In comparison, the price of bitcoin (BTC) has risen by 14% in the past month.

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SOL has gained in the past month amid a broader market drop. (TradingView)

Meanwhile, CoinMarketCap noted that active addresses on BNB Chain remained flat over an equivalent period, while data on new users on Ethereum showed a decline since the start of this year. “BNBChain has seen its new daily active addresses fall just north of 17.9%. Ethereum is faring worse at 51.8% over the same period,” CoinMarketCap said.


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Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

CoinDesk - Unknown

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.