Solana (SOL) continues to be the talk of the crypto town thanks to heightened on-chain activity since active addresses are going through the roof.
According to a recent report by a16z, “State of Crypto Report 2024,” Solana has been stealing the limelight due to soaring crypto activity.
Per the report, “The explosion of activity is primarily due to Solana, which accounted for about 100 million active addresses. Following were NEAR (with 31 million active addresses), Coinbase’s popular L2 network Base (22 million), Tron (14 million), and Bitcoin (11 million).”
Solana has been experiencing a beehive of activity thanks to its thriving meme coin ecosystem and surging builder interest since this metric increased from 5.1% to 11.2% this year.
Solana’s Decentralized Exchange Volume Escalates
Thanks to its bullish metrics, Solana continues to be a force to be reckoned with in the crypto space, and its DEX volume is on an upward trajectory.
On-chain metrics provider Crypto Rand acknowledged, “Solana daily DEX volume has surpassed $2 billion for the third day in a row, outpacing all other chains, including Ethereum. Current volume is sitting at $33,75B, but still a long way off its highest month of almost $60B in March this year.”
Since intermediaries are absent in DEXs, peer-to-peer (P2P) trades are conducted via smart contracts.
Therefore, Solana’s rising DEX volume illustrates heightened market confidence and a booming decentralized finance (DeFi) field.
Meanwhile, bulls are eyeing Solana exchange-traded funds (ETFs), given that SOL’s weekly institutional products recently witnessed inflows worth a whopping $2.4 million.
Solana was up by 12.1% in the past week to hit $167 at the time of writing, according to CoinGecko data.