Solana records influx of new users

On May 15, the number of new addresses on the Solana network rose to its highest level since June 2022 — 304,640. The data come from The Block.

In the first half of May alone, the influx of new users surpassed April’s figures. The spike in activity was likely driven by higher fees in Bitcoin and Ethereum networks.

According to Glassnode, miners’ revenue from fees per block for the fifth time in history exceeded the block reward for mining it (6.25 BTC).

The number of active addresses on Solana also rose to levels seen in January 2023. On May 9 the metric reached a local maximum of 488,460.

The Block analysts suggested that, in addition to higher fees in other networks, the influx of new users to Solana may be linked to issues with Ethereum transaction finalization.

The rise in network activity hardly affected the price of the native SOL token. At the time of writing, the asset was trading at $20.67, down 0.05% on the day.

In April, Solana launched a real-time carbon footprint tracking feature for the blockchain.