The total number of monthly active addresses on the Solana (SOL) blockchain has hit a new all-time high of 160 million at a time in which the network has been seeing explosive growth.
According to data from Artemis, there are currently 161 million monthly active addresses on Solana, up from 136.7 million at the beginning of November and far beyond the 13.8 million monthly active addresses seen at the beginning of the year.
The data shows that at the time NEAR Protocol had 15.2 million monthly active addresses, surpassing Solana in the metric, before the latter’s explosive growth started.
Solana monthly active address growth. Source: Artemis
It’s worth pointing out that one address doesn’t necessarily equal one user, as anyone can create as many addresses on a blockchain as they want to. Given SOL’s low transaction fees and the added privacy benefits of doing so, it’s likely some users have various addresses.
Estimating the number of monthly active users on a blockchain such as this one is nearly impossible, as while one address doesn’t equal one user, there may also be users who never create on-chain addresses of their own and instead use those provided on cryptocurrency exchanges.
Solana’s exponential growth
The exponential growth in active addresses on SOL comes as the network sees significant inflows from various other blockchain networks. Over the past three months, over $2 billion flowed from other blockchains to Solana, with the lion’s share of these funds moving in from Ethereum.
These inflows helped proposal on-chain trading volumes on Solana to a record $11.3 million in a single day, up from around $300,000 per day at the beginning of the year. Meanwhile, the total value locked on the network moved from $1.4 billion to $9.17 billion in the same period.
This growth was accompanied by a significant surge in SOL’s price, to the point it topped the $100 billion mark earlier this month after surging more than 39.9% in the last 30-day period. In the past year, Solana’s price rose 305%.