Solana saw an influx of new users as high transaction fees onEthereum [ETH] and Bitcoin[BTC] drove new demand to the Layer 1 (L1) network, data from The Block showed.<\/p>\n
ReadSolanas [SOL] Price Prediction2023-24<\/p>\n
On the Ethereum network, the meme coin craze led by the unprecedented rally in the price, trading volume, and market capitalization of frog-themed Pepe (PEPE) situated a spike in transaction fees on the chain. <\/p>\n
According to data from Messari, average transaction fees rallied to a high of $27.61 on 9 May, its highest level since May 2022.<\/p>\n
As for the Bitcoin network, the introduction of Ordinals and BRC-20 tokens led to a significant increase in network activity and fees on the chain. <\/p>\n
Data from Messari further showed that the average transaction fees on the chain went as high as $30 on 8 May, its highest since April 2021.<\/p>\n
Intending to find blockchain networks that offer lower transaction fees, users have been moving away from Ethereum and Bitcoin. <\/p>\n
Solana emerged as a top contender in this quest, garnering increased attention and leading to a rise in the number of active addresses on its network. Data from The Block revealed a 113% increment in the count of daily active addresses on the chain.<\/p>\n
Assessed on a month-over-month (MoM) basis, Solana recorded a total of 7.72 million active addresses in April. Interestingly, with about two weeks left to go in May, the chain has already seen 7 million active addresses.<\/p>\n
Additionally, data from The Block showed that new address count on the chain has grown significantly since the end of April. <\/p>\n
In May, Solana witnessed the creation of 4.19 million new addresses, surpassing the count of 3.76 million new addresses that joined the network in April.<\/p>\n
This surge in new address creation on the L1 network highlights the growing adoption of the platform amid high transaction fees on the Ethereum and Bitcoin networks.<\/p>\n
However, while Solanas network activity has experienced growth since the end of April, data from Artemis revealed a decline in other ecosystem metrics. <\/p>\n
For example, according to the on-chain data, the networks total value locked (TVL) was on a downtrend since 19 April. At $269.78 million at press time, it has since fallen by 8%.<\/p>\n
Realistic or not, heresSOLs market cap in BTCterms<\/p>\n
Likewise, the decentralized exchanges (DEXes) housed within the L1 network suffered a drop in transaction volume since the month started. Per data from Artemis, DEX volume on Solana has plummeted by 66% since the beginning of May.<\/p>\n
Regarding the chains native coin SOL, trading at $20.73 at press time, its value declined by double digits (17%) in the last month.<\/p>\n
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Go here to read the rest: Solana saw an influx of new users as high transaction fees onEthereum [ETH] and Bitcoin[BTC] drove new demand to the Layer 1 (L1) network, data from The Block showed. ReadSolanas [SOL] Price Prediction2023-24 On the Ethereum network, the meme coin craze led by the unprecedented rally in the price, trading volume, and market capitalization of frog-themed Pepe (PEPE) situated a spike in transaction fees on the chain. According to data from Messari, average transaction fees rallied to a high of $27.61 on 9 May, its highest level since May 2022. Continue reading
\nEthereum, Bitcoin users rush to Solana [SOL] as they seek - AMBCrypto News<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"