Solana (SOL), a high-performance Layer-1 blockchain, has overtaken Ethereum (ETH) as the most used chain on the Nansen platform.
Nansen co-founder Alex Svanevik announced this milestone in its X post from Nov. 18:
Solana is now the #1 most used chain on @nansen_ai.
First time in 4+ years it’s not Ethereum.
— Alex Svanevik (@ASvanevik) November 18, 2024
Nansen integrated Solana’s on-chain data in October, providing users with real-time insights into wallet activity, token balances, and the growth of Solana’s decentralized applications (DApps) and non-fungible tokens (NFTs).
Additionally, the SOL/ETH exchange rate reached a new all-time high on Nov. 18. The rate reached 0.07731, reflecting a 24-hour increase of 12% and marking a notable milestone for Solana against Ethereum.
Solana Surpasses Corporate Giants in Market Cap
Solana has seen a substantial increase in user activity in recent weeks, reaching over 6.3 million active addresses in November (as of Nov. 18), a new all-time high.
Additionally, Solana has seen a surge in token creation, particularly meme coins. According to Step Finance, 322,000 new tokens were created on the Solana network last week, driven by the meme coin craze.
Solana’s meme coin craze led to the creation of 323,759 new tokens last week. Source: Step Finance
On Nov. 18, Solana also surpassed the market capitalization of both Starbucks and Nike. Currently, Solana’s market cap stands at $115.67 billion, reflecting a 5% increase in the past 24 hours.
For comparison, Starbucks’ current market cap is $111.96 billion, while Nike’s market cap stands at $111.28 billion.
Memecoin Mania and Price Rally Boost Solana DeFi Ecosystem
Solana’s decentralized finance (DeFi) ecosystem is also expanding rapidly.
On Nov. 17, the total market capitalization of Solana liquid staking tokens (LSTs) surged to a new all-time high of $7.40 billion, according to Dune data. The top three LSTs by market share are JitoSOL (43%), mSOL (16.3%) and jupSOL (12.5%).
The total market cap of Solana LSTs reached a new high of $7.40 billion on Nov. 17. Source: Dune
Additionally, Solana-based DApps saw a significant increase in fees in the last 24 hours, with automated market maker Raydium and liquid staking protocol Jito setting new records of $11.79 million and $9.87 million respectively, according to DefiLlama data.
According to a Nov. 18 X post from DeFi analysts Patrick Scott, who cited DefiLlama data, five of the top 10 protocols by fees in the last 24 hours were on Solana.
Due to a memecoin frenzy, over the past 24 hours, half of the top 10 crypto protocols by fees generated were on Solana.
This is either a massive top signal or radical shift in market activity. pic.twitter.com/iKAbqSYx6j
— Patrick Scott | Dynamo DeFi (@Dynamo_Patrick) November 17, 2024
This surge in protocol activity coincides with the rise of memecoins like Peanut (PNUT), which saw a dramatic price increase of almost 600% on Nov. 14.
The listing of Dogwifhat (WIF), another popular Solana memecoin, on Coinbase on Nov. 13 further contributed to the overall market excitement.
SOL is currently trading at $242, nearing its all-time high of $259.
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