Solana (SOL) Sees 86% Monthly Growth in Active Network Addresses: Details

On-chain analytics firm Nansen highlighted remarkable growth in active addresses for the cryptocurrency market in May. Nansen says that May was an incredible month for growth in crypto. It occurred as active addresses hit a new all-time high in May, with many chains seeing double-digit growth in active addresses.

May was an incredible month for growth for crypto. They say we’re in a bear market, but the numbers say otherwise!

Solana: 9.5M (+86%)
BNB Chain: 12.4M (+14%)
Ethereum: 4.7M (-4%)
Optimism: 1M (+22%)
TRON: 12.1M

What were these addresses doing and how have things progressed? pic.twitter.com/4caCV5ms8l

— Nansen (@nansen_ai) June 9, 2023

Nansen examines the growth in active addresses for major blockchains. Solana led the pack with an 86% increase in active addresses, coming in at 9.5 million. The Orca, Stepn and Raydium protocols contributed significantly to the increase in active addresses on the Solana blockchain.

BNB continues to be one of the most active chains in the ecosystem. Outside of Binance, PancakeSwap topped the chart as the most-used entity on BNB in May. Nansen reports that on May 31, TRON addresses accomplished nearly 11 million transactions in a single day, and in the last seven days, nearly 15 million USDT transfers were made.

Solana Foundation reacts to SEC allegations

In landmark lawsuits against Binance and Coinbase, two of the biggest cryptocurrency exchanges, the SEC named SOL and 12 other tokens as unregistered securities. The Solana Foundation has now responded to the SEC’s allegations, about three days later.

According to Fortune Magazine, a Solana spokesperson stated that «the Solana Foundation strongly believes that SOL is not a security.»

The largest exchange by trading volume, Binance, and its CEO, Changpeng Zhao, were the targets of the SEC’s action on Monday. The SEC said that Binance sold customers unregistered securities and flagrantly failed to adhere to U.S. securities legislation.

The next day, the SEC sued Coinbase, the largest exchange in the U.S., alleging in a similar manner that it had been acting as an unregistered broker, securities exchange and clearing agency.

Robinhood just announced that it would be delisting several cryptocurrency assets, including Solana.

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