Solana (SOL) surpasses Ethereum (ETH) in active wallets, according to Nansen report

• Solana's active wallets increased in March, outpacing other blockchains, including Ethereum, and reaching 5.8 million active addresses.
• Binance and PancakeSwap lead the way in active users on the BNB chain, while Raydium Protocol, Stepn, and Orca continue to lead on Solana.
• Over the last 30 days, zksync and StarkWare have experienced a staggering increase in users on Ethereum, likely due to airdrop farmers bridging to other chains.

Blockchain analytics firm Nansen has released data showing that in March 2022, six major blockchains had over one million active addresses, which refers to those that have executed a transaction. The six blockchains listed by Nansen include BNB Chain, Solana (wallets), Ethereum, Polygon, Arbitrum, and Fantom.

According to the data, BNB Chain led the pack with 13.3 million active addresses, followed by Solana with 5.8 million active wallets. Ethereum ranked third with 5.2 million active addresses, while Polygon, Arbitrum, and Fantom had 3.9 million, 2.2 million, and 1 million active addresses, respectively.

Nansen's report also provides insights into the entities contributing to the growth of active addresses for each blockchain. For example, on the BNB Chain, Binance and PancakeSwap had the most active users, while Web3 social projects like Space ID Protocol also thrived. On the Solana network, Raydium Protocol, Stepn, and Orca were found to lead the pack with the highest number of users.

Meanwhile, on Ethereum, zksync and StarkWare saw a staggering increase in users over the last 30 days, with a 1,322% and 805% growth, respectively. This increase is likely due to airdrop farmers bridging to other chains.

Notably, the report also highlighted that Solana's active wallets had increased in March, outpacing other major blockchains like Ethereum. Solana's active wallet count was 5.8 million, while Ethereum had 5.2 million active addresses, putting it in third place after Solana.

These findings indicate the growing popularity of blockchain technology, with more users actively engaging in transactions on these platforms. The data also suggests that various factors, such as unique social projects and airdrop farming, are contributing to the growth of active users on specific blockchains.

Overall, the data released by Nansen provides valuable insights into the blockchain landscape and highlights the significance of tracking active addresses as a measure of user engagement.

In terms of Polygon, Nansen attributed the growth in active addresses to the increasing popularity of its quick transaction speeds, low fees, and interoperability. The blockchain's decentralized finance (DeFi) ecosystem is also rapidly expanding, with popular protocols such as Aave, SushiSwap, and Curve Finance operating on it.

Arbitrum, a Layer-2 scaling solution for Ethereum, has seen a surge in adoption since its launch in August 2021, with users taking advantage of its lower fees and faster transaction times. Fantom, a relatively new blockchain, has also been gaining traction thanks to its low fees and interoperability with other networks.

The increase in active addresses for these blockchains highlights the continued growth of the crypto ecosystem and the increasing adoption of blockchain technology. As more users enter the space and more projects are launched, the competition among blockchains to attract and retain users is only set to increase.

While Solana's surpassing of Ethereum in monthly active addresses is a notable milestone, it's important to note that Ethereum still remains the most widely used blockchain for DeFi and smart contract applications. However, Solana's rapid growth and scalability are positioning it as a serious competitor in the space.

As the crypto market continues to evolve, it will be interesting to see which blockchains emerge as the dominant players and how they will shape the future of decentralized finance and blockchain technology as a whole.

Table 1: Active Addresses in Major Blockchains in March 2022

Table 2: Leading Entities Contributing to Active Addresses Growth