Solana’s active address count has reached over 100 million users, but most of the wallets hold little or no Solana. Solana’s monthly active address count has soared past 100 million, marking an all-time high for the network, according to blockchain data platform Artemis Terminal.
Artemis recorded only 509,000 users at the beginning of the year 2024, so this is a big jump since the beginning of this year.
The data provided indicates that most of the active Solana wallets hold little or no Solana, which raises the suspicion of legitimacy of this explosive growth of Solana. According to Solana data provider Hello Moon, more than 86 million users held 0 SOL in their wallets over the past month, around 15.5 million users held less than 1 SOL, and about 1.5 million users held less than 10 SOL.
Solana is marketed as an efficient blockchain offering fast transactions with low fees compared to its rival. In late September, average transaction fees on Solana more than doubled but remained low at around $0.02, according to data from Dune Analytics. This is roughly 0.67% of Ethereum’s median gas fee of $3.
As of Oct. 9, Solana is the third-largest blockchain for DeFi, with a total value locked (TVL) of $5.41 billion, according to DefiLlama. For comparison, Ethereum—the leader in the DeFi industry—had a TVL of $44.7 billion on the same day, while Tron ranked second with $7.4 billion.
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