Solana continues to generate excitement with its multiple airdrops, fueling impressive network growth. Last month, the blockchain recorded an all-time record, with over 11.81 million new addresses created. Solana’s success is also evident in decentralized exchanges (DEX), where the total volume exchanged on its blockchain surpassed that of Ethereum on February 1.
Solana continues to break records, overtaking Ethereum in terms of volume traded on DEX
Solana continues to benefit from the hype surrounding its various airdrops, as various on-chain indicators can attest. Indeed, the blockchain broke its all-time record for new addresses last month, after the number of addresses created daily spiked at the end of the month.
According to data compiled by our colleagues at The Block, 11.81 million new addresses were created over this period on the Solana blockchain. By way of comparison, from January 2023 to last October, this figure hovered around 3 million new monthly addresses.
Number of new addresses created monthly on the Solana blockchain
A figure that began to rise considerably following the first airdrop announcement around cash aggregator Jupiter, made via its founder Meow at the last Solana Breakpoint. The airdrop, which was released on January 31, may have made many happy
Relatively surprisingly for such an eagerly awaited and recently launched token, the price of the JUP token has been fairly stable, hovering around $0.6 since its launch.
Generally speaking, the Solana blockchain is currently enjoying considerable enthusiasm around its ecosystem, and airdrop stuffers are trying to position themselves for possible future airdrops on tokenless protocols such as marginfi, Kamino, Drift and JPool.
Such is their success that, according to data collected by DefiLlama, the total volume exchanged on Solana’s decentralized exchanges (DEX) exceeded that of Ethereum on February 1:
Cryptocurrency volumes traded on various DEXs sorted by blockchain
For his part, Solana announced that a second cell phone was in the works following the 1st edition of Saga, sales of which were propelled following the announcement of the BONK memecoin airdrop.
At the time of writing, Solana’s SOL is trading at $101, and stands as the 5th most capitalized cryptocurrency on the market.
