Solana users fall to lowest level in more than 2 years

Quick Take

  • Solana’s daily active addresses declined to around 204,000 on Aug. 31.
  • That’s the lowest amount since The Block started measuring the data in late 2020.

The Layer 1 blockchain Solana SOL + is continuing to lose momentum, with the number of daily active addresses hitting the lowest point since The Block started tracking the data in late 2020.

The number of daily active addresses on Solana, using a seven-day moving average, plummeted to around 204,000 on Aug. 31, according to The Block’s Data Dashboard.

The 7DMA metric shows the average value of a data point over the past week and can help spot trends.

The decline in Solana's active users has intensified following crypto exchange FTX's bankruptcy last November and the Securities and Exchange Commission's depiction of Solana's native SOL token as a security.


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Solana's decline

"The Solana ecosystem was already seeing a decline in active users prior to the collapse of FTX, but the fact that the blockchain had such strong ties to the exchange and Alameda Research [FTX’s sister trading firm] hurt its reputation a bit," said Rebecca Stevens, data analyst at The Block Research. "The SEC alleging that SOL is a security also hurt the token's price and has caused it to be delisted in the U.S. on several platforms like eToro and Robinhood," she added.

The price of SOL currently stands at around $20, down about 7% in the past seven days, per CoinGecko data. Solana is currently ranked tenth in terms of total value locked, which currently sits at around $311 million, according to DefiLlama data.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.


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