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The number of daily active users on Solana overtook the Ethereum mainnet on Nov. 11 following a sharp uptick in activity.<\/p>\n
According to data to Artemix, Solana hosted 356,300<\/a> unique users on Saturday, surpassing Ethereum\u2019s nearly 330,000 by 10%. The milestone was driven by a sharp uptick in activity on Solana, with the network hosting only 208,000 active addresses on Nov. 7.<\/p>\n For comparison, Ethereum consistently hosted between 290,000 and 350,000 users daily over the majority of the past three months, with two brief spikes above 400,000 and a surge to more than 1M wallets.<\/p>\n The milestone is the latest sign of Solana\u2019s recovery following last year\u2019s brutal bear and the fallout from the collapse of its major investor, FTX.<\/p>\n The price of SOL plummeted more than 96% from its November 2021 all-time high of $250 to less than $10 in January, according to CoinGecko. Active addresses on the network shrank 85% from 1.28M in May 2022 to around 200,000 this September, according to The Block.<\/p>\n But Solana refused to stay down, with the network outperforming the broader markets amid the recent cryptocurrency rally as evidenced by the recent surge in active addresses.<\/p>\n The price of SOL is up 145% in four weeks, beating out many rival digital assets by at least double. The total value locked in Solana-based DeFi protocols is up 62% over the same period, according to DeFi Llama, while NFT sales volume grew 35%<\/a> in the past 30 days, according to Crypto Slam.<\/p>\n The move followed progress towards Solana’s firedancer<\/a> upgrade in the form of a testnet, and dissipating<\/a> expectations that the FTX bankruptcy estate would soon offload large sums of SOL on the markets.<\/p>\n While some analysts have been quick to pronounce<\/a> that Solana has flipped Ethereum by active users in response to the recent uptick in activity. However, the Ethereum ecosystem has expanded beyond its base-layer, with the majority of activity now taking place on Layer 2.<\/p>\nEthereum\u2019s Layer 2s<\/h2>\n
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