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No L1 Could Compete With Solana's Growth in May

In May, Solana's user base surged by 86% to 9.5M, outpacing Ethereum's decline. This growth, driven by platforms like Orca, Stepn, and Raydium, hints at a Solana resurgence. Meanwhile, NFT platform MadLadsNFT dominated the Solana NFT market, reaffirming the trend.

June 17, 2023 by Illustrious

In a world where narratives of a bear market have begun to surface, the crypto industry tells a different tale, as several blockchain platforms have exhibited tremendous growth throughout the month of May. Particularly, the blockchain ecosystem Solana has seen a meteoric rise in active users, signaling a potential resurgence.

Solana, the high-performance blockchain supporting builders around the world in creating crypto apps, has had a remarkable run in May. Its active users increased by 86%, reaching a total of 9.5 million. This places it ahead of Ethereum, which saw a slight decrease of 4%, taking its tally to 4.7 million users. Solana’s strong performance implies that a resurgence may indeed be underway, raising speculation of what lies ahead for the ecosystem.

Driving this upsurge are platforms like Orca, Stepn, and Raydium, which have once again topped the charts in terms of usage. These platforms have continued to attract new users and create a buzz around Solana's scalability, low-cost transactions, and interoperability.

In the realm of non-fungible tokens (NFTs), MadLadsNFT has once again dominated the Solana NFT market. NFTs have been a game-changer in the crypto sphere, offering new ways for creators and collectors to engage with digital assets, and it appears that Solana-based projects are catching users' eyes and wallets.

However, Solana's growth has not been an isolated incident. The Binance Smart Chain (BNB), with an increase of 14%, hit 12.4 million active users. Although Binance continues to lead the pack in terms of activity, Pancake Swap emerged as the most used entity on BNB in May, indicating a vibrant ecosystem of decentralized exchanges on the chain.

Not to be outdone, Angle Protocol saw an astonishing 2,351% increase in the last 30 days, including involvement from eight addresses labeled as 'smart money.' This activity suggests that investors are becoming increasingly sophisticated and strategic in the crypto market.

In contrast, Ethereum continues to maintain its stronghold, with familiar leaders holding their position at the top. Security remains a primary concern for many in the Ethereum ecosystem, with over 289,000 addresses opting for the secure multisig 'SAFE' over the past 30 days, reflecting the importance of security in the crypto world.

As we round off May, a key insight emerges - active addresses hit a new all-time high, with numerous chains experiencing double-digit growth in active addresses. This sets an optimistic precedent for the months to follow. As the industry continues to expand and innovate, it is intriguing to consider what June may bring.

In this dynamic and rapidly evolving ecosystem, Solana's growth stands as a testament to its performance and potential. As the crypto community sets its eyes on the developments of June, one thing is for sure: Solana's growth story is one to watch.

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