User activity on smart contract platform Solana (SOL) has skyrocketed ever since its last upgrade went live, according to a new report.
According to Our Network, a weekly newsletter focused on on-chain analytics, Solana’s daily active signers have increased by 300% since the last update in late September.
The report notes that the daily active signers metric is a good proxy for network users.
“Unique signers peaked at 299,000 in late January, but tapered off a bit to 232,000 after the network’s most recent bout with degraded performance. Solana’s long-term uptrend has recently been bolstered by its two top wallets – Solflare and Phantom – launching their own iOS mobile apps, along with strong consumer participation in the Solana NFT market.”
Contributing to the surge in activity on Solana is its vibrant non-fungible token ecosystem (NFT). The report notes a massive increase in NFT owners ever since Metaplex, a protocol and application framework for decentralized NFT minting, storefronts and sales, went live on Solana.
“The Solana NFT market exploded into relevance in the second half of 2021, and carried that momentum into 2022 with a market cap just shy of $1 billion and seven-day volume of $46 million. Since Metaplex protocol went live on Solana, cumulative unique NFT owners grew from 28,000 to almost 2.5 million today.”
According to Our Network, the amount of wallets containing at least one Solana-based NFT has also risen since September.
“The number of NFT launches on Solana has skyrocketed, with more than 8 million total NFTs being minted using Metaplex. Since September, there’s been a significant increase in the number of wallets with more than one NFT, which recently surpassed 500,000.”
You can read the full report here.