Solana Records 33% Spike in New Addresses

Solana is increasingly gaining traction as it continues to witness steady growth across the crypto and DeFi ecosystem.

With its fast-expanding utility, Solana has recorded a sharp increase in new addresses. As such, the network has seen stronger user growth despite a modest rise in its price last month.

Solana outpaces Ethereum in user growth

Earlier today, Santiment shared data  revealing that network adoption on Solana has outpaced the growth seen on Ethereum and Chainlink.

According to the data, new addresses on Solana have surged by 33% since September 1 to date, while SOL recorded a price gain of 20% at the time.

With such rapid growth in its wallet activity, it appears that new users have been entering the Solana ecosystem at a faster pace since last month.

Nonetheless, the case was different for Ethereum, as the leading blockchain network did not record any notable surge in adoption over the period.

Unlike Solana, Ethereum saw its number of new addresses remain largely flat even as ETH gained about 11% over the same period.

Solana Versus Chainlink

When compared with Chainlink’s performance, the growth in Solana’s wallet activity marks a complete divergence, as both Chainlink and Ethereum did not witness any notable increase in their wallet activity.

Over the period, Chainlink’s price surged from $11.22 on September 1 to $13.96 on October 6.

While this marked a gain of about 24% in LINK’s price, there was no corresponding growth in its wallet activity, as the number of new addresses on Chainlink only increased by less than 2% over the period.