Author: Frank, PANews

On November 21, the Solana ecosystem crypto wallet Phantom ranked fifth in the free app chart of the Apple App Store in the United States, and first in the tools category. This marks the best performance of a crypto-native application in mainstream app markets. The reason behind this success is attributed to the recent explosive growth 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 conducted an in-depth analysis of Solana's on-chain performance.

Solana On-Chain Data Sees Exponential Growth in November

First, let's review the remarkable performance of the Solana 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, indicating 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 main driving force behind this surge has been the MEME coins. The performance of Pump.fun data has been particularly impressive. Data from November 2 showed that the application interaction volume of Pump.fun was 130 million, which peaked at 489 million by November 20, an increase of nearly 4 times. In terms of daily active users, the number was 81,500 on November 3, which surged to 277,000 by November 21, more than tripling. The total transaction volume also saw a significant increase, 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 substantial 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 the monthly DEX trading volume on the Ethereum mainnet ($55 billion) and represents an increase of over 100% compared to October's $52.5 billion.

Currently, the number of monthly active addresses on Solana has reached 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 has recently surpassed its historical high of $264 from 2021.

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 number of new account addresses is much higher than the number of active wallet addresses.

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 indicates 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 newly generated SPL tokens was 22,908, and the number of new accounts that day was 12 million, meaning each new token was distributed to an average of 524 new addresses. By November 20, the number of new SPL tokens had increased to 76,838, with 21.74 million new account addresses that day, resulting in an average of 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 user entry.

Males Aged 90s and 00s Are the Main Force on the Solana Chain

The application that has benefited the most from 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 to first in the tools category.

According to data from Similarweb, user data analysis shows that the recent growth of Phantom is primarily from Brazil and the United States. The traffic from the United States 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 18-24 make up 20%. This data indicates that the main players of MEME on-chain 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

Is this data explosion limited to Solana, or is it a collective explosion across the entire 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, and 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 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.

Sui seems to be keeping pace with Solana in terms of growth, with daily active addresses increasing from 617,000 on November 5 to over 1.4 million by November 23, also more than doubling. However, it remains uncertain whether Sui is experiencing another spam attack, as the number of transactions on the network exceeded 298 million on November 22, 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, it appears that the on-chain data explosion 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 essentially 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 noticeably decreased.

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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