Solana Witnessing Lowest Number of Active Wallet Addresses in 3 Years

According to statistics compiled by The Block, the average number of active wallets on the Solana blockchain in the first week of September 2023 stands at approximately 207,000 addresses, the lowest figure recorded since data collection began in early 2021.

These numbers paint a stark contrast to the peak seen in April 2021 when there were 3.47 million wallets, followed by a steady recovery to 1.29 million wallets in May 2022. However, since the latter part of 2022 and throughout 2023, the figures have been on a downward trajectory. In comparison, the number of active wallet addresses on Bitcoin and Ethereum, while subject to market fluctuations, has largely maintained levels similar to early 2021. As of the beginning of September, Bitcoin boasts nearly 906,000 active wallets, and Ethereum has 405,000 addresses.

Notably, The Block attributes two significant events during this period as having a considerable impact on Solana’s activity. Firstly, the collapse of the FTX exchange, and secondly, the U.S. Securities and Exchange Commission (SEC) declaring SOL tokens as securities in lawsuits against major exchanges such as Binance and Coinbase. These events prompted ripple effects throughout the Solana ecosystem, leading to major trading platforms like Robinhood delisting SOL to avoid legal repercussions.

However, despite these challenges, Solana’s blockchain has experienced significant advancements in 2023. After facing persistent issues in 2021 and 2022, Solana recorded only one blockchain freeze in February, after which the network has operated without major disruptions for six consecutive months. Solana has also achieved considerable success in adoption, with notable integrations such as Shopify incorporating Solana payments and, most recently, Visa experimenting with payments using the USDC stablecoin.

Solana’s Activity History as of September 2023. Source: Solana Status (September 6, 2023)

These developments signal that Solana is not only overcoming its recent setbacks but also positioning itself as a prominent player in the blockchain space. While the road ahead may still be challenging, the network’s resilience and continued innovation demonstrate its potential for a brighter future in the cryptocurrency landscape.

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