This article provides an in-depth analysis of Solana's on-chain performance.

Written by: Frank, PANews

On November 21, Solana's ecosystem crypto wallet Phantom ranked fifth in the free app rankings of the Apple App Store in the U.S., and first in the tools category. This should be the best performance of a crypto-native application in the mainstream app market. The reason behind this is the recent explosion of data on the Solana chain.

Is the crypto world entering a truly active period? What more meaningful facts are hidden behind the active data on the Solana chain? PANews delves into Solana's on-chain performance.

Solana's On-Chain Data Sees Exponential Growth in November

First, let's review the remarkable performance of Solana on-chain recently. On November 9, the number of active wallets on Solana was 4.33 million, which reached 7 million active wallet addresses by November 21. On October 5, this figure was only 893,000, marking an increase of nearly 8 times in just over a month. On November 3, the number of new accounts was 10.19 million. By November 20, the number of new accounts had reached 21.75 million, more than doubling.

The biggest driving force during this period mainly came from MEME coins. The performance of Pump.fun data was particularly impressive. Data from November 2 showed that Pump.fun's application interaction volume was 130 million, which peaked at 489 million by November 20, an increase of nearly 4 times. In terms of daily active users, it rose from 81,500 on November 3 to a peak of 277,000 on November 21, an increase of over 3 times. Total transaction volume also saw a rise, from 1.82 million transactions on November 3 to 4.82 million transactions by November 22.

The increase in user activity has led to a significant rise in transaction amounts. According to Defillama data, the trading volume on Solana's decentralized exchanges (DEX) in November surpassed $100 billion for the first time, reaching $109.8 billion. This figure is nearly double that of Ethereum's mainnet monthly DEX trading volume ($55 billion) and represents an increase of over 100% compared to October's $52.5 billion.

Currently, Solana's monthly active address count stands at 107.5 million, with the potential to break the record of 123 million set in October by the end of the month. The SOL token recently surpassed its historical high from 2021, reaching $264.

MEME Active, but PVP Difficulty Increases

Next, let's observe the daily situation of average active addresses.

Before describing the specific data, it is necessary to explain Solana's new account mechanism. The new account address count mentioned here is not the same as the active address count described in conventional blockchain explorers; it refers to all new token addresses on the Solana chain. For example, a user address may purchase multiple tokens, and each time a new token is bought, a new account address is created. Therefore, the new account address count is much higher than the active wallet address count.

Comparing data from November 1 and November 20, on November 1, the number of active addresses was 4.74 million, and the number of new account addresses that day was 12 million, meaning each active address created an average of 2.53 new token addresses that day.

By November 20, the number of active wallets was 6.66 million, and the number of new accounts was 21.75 million, with each active wallet purchasing an average of 3.26 new tokens. This data shows that not only has the overall data seen tremendous growth, but user trading enthusiasm has also been greatly boosted.

However, the surge in on-chain data raises the question for MEME players: is this an opportunity for growth or a decrease in probability? How many holders are there for the daily tokens? On November 1, the number of new SPL tokens generated that day was 22,908, with 12 million new accounts created, averaging 524 new addresses per new token. By November 20, the number of new SPL tokens was 76,838, with 21.74 million new account addresses, averaging 283 new accounts per SPL token. This indicates that while the overall on-chain activity is increasing, it seems to have led to a more competitive PVP phenomenon, with the speed of token issuance far exceeding the speed of new users entering the market.

Males Born in the 90s and 00s are the Main Force on the Solana Chain

The application that has benefited the most on the Solana chain is undoubtedly the Phantom wallet. On November 21, Phantom reached a peak ranking of 6th overall in the Apple App Store, and first in the tools category. Before November 6, Phantom did not even have ranking data, and in just half a month, it surged from 95th in the tools category to first place.

According to Similarweb data, user analysis shows that Phantom's recent growth is primarily from Brazil and the United States. U.S. traffic reached 27.38%, with a growth of 24.82% in the past month. Although Brazil's proportion is low at 2.97%, its growth rate is 70.17%. The top five countries are: the United States, the United Kingdom, Russia, Brazil, and Pakistan.

Among Phantom's audience, males account for 70.5%, while females account for 29.5%. The largest age group of visitors is 25-34 years old, accounting for 41.76%, while users aged 18 to 24 make up 20%. This data indicates that the main players in on-chain MEME activities are concentrated among those born in the 90s and 00s, with this age group accounting for over 60%.

Only Sui Has Kept Up with Solana's Data Growth Among Public Chains

Is this data explosion limited to Solana, or is it a collective explosion across the network?

Looking at the growth data from the App Store, most crypto-related applications have seen growth. Besides Phantom, Coinbase's ranking has also risen to a peak of 29th overall, ranking first in the finance category. Other applications like Solflare, DEX Screener, MetaMask, and Crypto.com have also seen varying degrees of growth and have entered the top data rankings.

In contrast, Ethereum's on-chain data performance has also seen some improvement since November, but the increase is not significant. The number of active Ethereum addresses was 437,000 on November 6, peaking at 545,000 on November 22, an increase of about 24.7%. Other data has also seen slight improvements, but it cannot be described as explosive growth.

Sui seems to be able to keep pace with Solana's growth, with daily active addresses increasing from 617,000 on November 5 to over 1.4 million by November 23, more than doubling. However, it is unclear whether Sui is experiencing another spam attack; on November 22, the number of network transactions exceeded 298 million, causing a brief network interruption. This figure not only represents a 20-fold increase from the previous daily average of 15 million transactions but also breaks the single-day transaction record for all blockchain networks. However, such sudden surges in data have occurred multiple times on Sui, so the crypto community seems to be less surprised by it.

Currently, this on-chain data explosion phenomenon is primarily driven by the popularity of MEME coins on Solana. However, this wave of enthusiasm has begun to cool in recent days; since November 21, the active data on the Solana chain has started to decline, and the number of active wallets has basically returned to pre-surge levels. The daily number of newly created tokens remains around 60,000, while the number of newly created accounts has significantly decreased. This indicates that although the daily issuance of tokens is still substantial, the number of holders for each token has clearly diminished.

For MEME players who are keen on PVP, paying more attention to some macro on-chain data to adjust their positions may also be a wise choice.

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