The post Solana On-Chain Activity Skyrockets As Transfer Volume Hits Record-Breaking Heights appeared on BitcoinEthereumNews.com.

The Solana network remains one of the leading blockchains in the dynamic crypto sector, drawing in a significant number of users on a daily basis, which has led to a recent notable spike in its transfer volume to unprecedented levels. Solana Sets New Benchmark In Adoption Glassnode,  a world-leading on-chain and financial platform, reported that the on-chain activity on the Solana network is heating up, resulting in a massive surge in its transfer volume to a new all-time high, signalling a growing network usage and interest. This surge in transfer volume to a new all-time high demonstrates the blockchain’s increasing popularity due to its fast and low-cost transactions, as well as the growing appeal of decentralized apps and projects developed on the network. It also solidifies Solana’s position and broadening role in the crypto landscape as a leading blockchain with more users leveraging its capabilities. According to the on-chain platform, Solana’s transfer volume reached a new all-time high of about $318 billion, whereas the number of active addresses jumped to more than 22 million on November 16. While the transfer volume moved to a record high, the mean and median transaction volumes decreased sharply throughout the same time frame. Solana transfer volume reaches record high | Source: Glassnode on X Glassnode pointed out that this pattern of network activity, which has previously fueled such trends on the blockchain, could be a sign of bot-driven activity. As the record-breaking activity persists, the network’s influence will continue to expand in the blockchain sector, attracting retail and institutional players. The rise in transfer volume coincides with a significant surge in its Decentralized Exchange (DEX) volume. A few days ago, the network’s decentralized volume spiked to new highs, further indicating the growing need for the network’s decentralized operations and a rise in user engagement. IC…

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Filed under: News - @ November 22, 2024 3:19 am