- Demand for Solana has grown to its highest level since 2022.
- DeFi and NFTs have seen growth since early March.
Layer 1 (L1) blockchain network Solana (SOL) announced that user activity hit a two-year high in March. Block Data Dashboard.
Solana’s surge in network activity since early March is due to increased memecoin trading activity on the network.
Last month, the value of Solana-based meme coins such as Book of Meme (BOME), dogwifhat (WIF), and Pepe (PEPE) rose 1561%, 464%, and 157%, respectively.
Solana reaches a new milestone
AMBCrypto found that a total of 34.21 million unique addresses have signed transactions on the Solana network over the past 29 days.
This represents a 70% jump from the 20 million active users recorded in February and the network’s highest monthly user count since May 2022.
Source: The Block
As the hype around memecoin grew, Solana attracted a significant number of new users looking to profit from the rise in the meme market.
Since the beginning of March, the total number of unique first-time signers transacted on the Solana network has reached 25.43 million, according to data from The Block. This represents a 108% increase in new demand for L1 in less than 30 days.
According to the on-chain data provider, March’s figures marked an all-time high in monthly new users.
Source: The Block
Due to high user activity on the network, Solana’s trading volume so far this month has increased to over $143 trillion, up from $104 trillion in February.
Solana’s DeFi and NFT Category
According to DefiLlama’s According to the data, among the top five networks ranked by DeFi TVL, the network has recorded the most growth over the past 30 days.
As of this writing, TVL stands at $4.8 billion, up 91% in the past month. Solana’s TVL reached its highest level since February 2022.
Sales volumes related to the network’s NFT ecosystem have shown a monthly increase. CryptoSlam showed it
Read Solana (SOL) price forecast for 2024-2025
Over the past 29 days, Solana’s NFT sales volume reached $234 million, an 8% increase compared to $216 million in February.
This is despite more NFT transactions taking place in February. According to CryptoSlam, 4 million NFT transactions were completed in February, but only 2 million transactions have been completed so far this month.