Layer-1 blockchain Solana has emerged as the blockchain project with the highest daily active addresses. According to a recent metric shared by the blockchain analytics firm IntoTheBlock, the L1 network saw over 3 million addresses actively engaging with its platform.
This chart shows the number of daily active addresses across major tokens👇
Which one are you bullish on? pic.twitter.com/QvxiFljo8Z
— IntoTheBlock (@intotheblock) September 26, 2024
The metric also showed that Toncoin (TON) and Tron (TRX) secured second and third places with 2.89 million and 2.5 million daily active addresses, respectively. Dogs (DOGS), Bitcoin (BTC), and Ethereum (ETH) trail closely.
Why is Solana at the Top?
Solana’s decentralized finance (DeFi) platforms are viral. They allow users to lend, borrow, trade, and earn rewards. Protocols like Jupiter have made it easy for users to interact with their digital assets.
These activities on the Solana chain make the network very busy. As more people troop into Solana, the L1 network sees an overall increase in active users and daily transactions, cementing Solana in its leading position.
Airdrops are another potent catalyst for Solana’s growth. Most protocols, like Kamino, SharkyFi, and Uprock, attract new users by offering free tokens. This encourages users to explore Solana’s ecosystem, hoping for more airdrops from new protocols, resulting in increased adoption and engagement.
These reasons are reflected in Solana’s native token, which has achieved the highest number of daily active addresses. This milestone shows the crypto’s widespread adoption and interest in Solana’s ecosystem.
Toncoin Takes Second Position
Toncoin, the native token of The Open Network (TON), has gained significant traction since 2023. Its affiliation with Telegram, one of the world’s most popular messaging apps with over 900 million users, has solidified Toncoin’s presence among the leading crypto projects.
Telegram’s integration with TON has fueled the success of play-to-earn mini-games like Notcoin, Dogs, and Hamster Kombat, which reward users with tokens. These engaging games have boosted TON’s popularity and attracted new users. They have also driven network activity as their native tokens are launched on the Telegram-affiliated blockchain.
Despite the latest metric, a blockchain project’s success is not solely measured by its active addresses. Factors like trading volume, market cap, liquidity, and developer activity are vital in determining the protocol’s growth.
