Solana Sets New Record with Over 30 Million Monthly Active Addresses
- Solana surpasses 30 million monthly active addresses, reflecting its growing user base.
- Solana handles 65,000 transactions per second, showcasing its high scalability.
- Over 1,000 NFT projects are active on Solana, highlighting its strong adoption in the NFT space.
Solana has hit a new milestone by exceeding 30 million monthly active addresses. The milestone indicates the blockchain’s rapid growth and increased engagement with users since its mainnet launch in 2020.
Read CRYPTONEWSLAND on google news🚨BREAKING: @Solana Monthly Active Addresses hits a new all-time high. pic.twitter.com/qOugSL5C4t
— SolanaFloor (@SolanaFloor) August 28, 2024
Expanding Network Capacity
Solana’s focus on scalability has contributed significantly to its success. The network currently supports over 1,000 validators, a tenfold increase since its launch. Its network can process 65,000 transactions per second, which is a significant increase over its original capacity. Block times have been reduced to 400 milliseconds, indicating continued growth in speed.
These advancements are the product of Solana’s unique architecture, which incorporates Proof of History and parallel processing. Continued enhancements, such as tower BFT consensus and block propagation compression, aim to improve scalability even further.
Increasing User Engagement
Another significant reason is the increased user activity on Solana . Quarterly on-chain transactions have risen to more than $10 billion, a hundred times growth since 2020.
The development is fueled by the use of DeFi protocols, NFT projects , and cross-chain bridges. Solana’s reputation for quick transactions and low fees has attracted a large user base, which has contributed to its growing address list.
Vibrant developer ecosystem
Solana’s vibrant developer community also helps to drive its growth. The blockchain now supports over 1,000 projects, including DeFi, NFTs, and Web3 applications. The Phantom Wallet SDK has gained substantial traction, stimulating the developer ecosystem.
The combination of user engagement, developer activity, and network growth solidifies Solana’s position as a top blockchain platform. Solana is on track to achieve even greater success as it innovates further.
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