Onchain Data Unveils Solana’s Record-Shattering Metrics

Solana has come from the brink of destruction to re-introduce itself as one of the crypto industry’s most tantalising prospects. After nearly ceasing to exist following the fall of FTX in late 2022, Solana has burst into the new year as a top-5 coin by market cap with a huge list of exciting projects on the horizon. 

Related: XRP, Litecoin Lead Rally With 20% Gains, What’s Behind the Surge?

Now, the weight of its impressive performance is starting to be reflected in the underlying data, as the Solana network records 12-month highs in a swathe of on-chain metrics.

1 Million Active Users Around the Corner

Ecosystem health is a key factor in determining a cryptocurrency’s long-term viability, both from a price and development point of view. Solana has emerged over the last few years as having one of the most active networks in the industry, with hundreds of thousands of unique users visiting the DeFi sector every day. 

In February, about 400k users were signing a unique transaction per day – by March this figure breached 500k and just last week it almost hit 800k. If these trends were to continue, it’s feasible to suggest that by the start of April there will be over 1M daily unique transactions signed on the Solana blockchain.

Source: flipsidecrypto.xyz

Another earth-shattering metric for Solana is the number of daily decentralised exchange (DEX) trades. DEXs are the most-used DeFi application currently on the market, as it allows traders to access low-fee crypto swaps, derivatives and more without the need for an intermediary. Therefore, high levels of DEX usage indicate an active and healthy ecosystem.

Solana has enjoyed staggering growth in DEX usage over the past fortnight, with the number of trades per day soaring from 2.2M to over 6M. This massive jump occurred in less than fourteen days. To contextualise how impressive this is, before late 2023, Solana’s peak in daily DEX trades was 2.2M. 

Related: Cathie Wood Reveals Astonishing Bitcoin Price Targets

The impressive fundamentals and growing Solana user base suggest the network’s utility is continuing to increase. Investors are taking notice, with the price of SOL up 37% over the past month.