Solana Has More On-Chain Active Addresses Than Ethereum

Solana, one of the main “Ethereum Killers”, has surpassed Ethereum as the network with the most transactions.

Wednesday, Nansen tweeted a comparison of the most active on-chain addresses in April. According to the company, Solana ranked second behind BNB Chain as the network with the most active addresses by a chain in April, with 5.1 million.

And despite a 12 percent decline from March, the cryptocurrency network still managed to surpass Ethereum in April, which had 4.9 million active addresses.

Last month, Solana also surpassed Ethereum in non-vote transactions. Non-vote transactions are transactions that do not involve token holders voting or making decisions. They typically involve the transmission of cryptocurrency between wallets or accounts and, due to their simplicity, are the most prevalent form of transaction on most blockchain networks.

The attractive development of Solana can be attributed to a number of factors, including an increase in developers and consumers as a result of its advantageous transaction velocities and costs. In addition to announcing various improvements to the network, such as a Chat GPT module and a web3 phone, Solana’s surging transactions have been propelled by NFTs.

Mad Lads, a new initiative introduced on Solana, has recently become the most traded collection, generating $17 million compared to $11 million for Yuga Labs’ Bored Ape Yacht Club collection during the final week of April. This is despite the Solana suffering a significant setback this year due to the departure of two of its most popular collections, y00ts and DeGods.

Mad Lads, which was released approximately a month ago, is a novel form of NFT that belongs to the xNFTs category. Ideally, xNFTs combine the characteristics of traditional NFTs with executable code, allowing users to engage in activities such as gaming and messaging.

Nevertheless, Solana’s native token SOL has also performed well, increasing by more than 116% since January 1. In comparison, Bitcoin is up 70 percent and Ether is up just over 50 percent year-to-date.

According to CoinMarketCap data, as of press time, SOL was trading at $21.47, a decrease of 3.36% over the previous 24 hours. Ether, on the other hand, increased by 1.66 percent during the same period and was trading at $1,851.

Also Read: Charles Hoskinson Says The Current Banking Model Is Collapsing, Threatening A Repeat Of 2008