The number of daily active users on Solana overtook the Ethereum mainnet on November 11th after a sharp increase in activity.
According to Artemix, Solana was the host 356,300 unique users on Saturday, surpassing Ethereum’s nearly 330,000 by 10%. The milestone was driven by a spike in activity on Solana, with the network hosting just 208,000 active addresses on November 7.
In comparison, Ethereum has consistently hosted between 290,000 and 350,000 users per day for most of the past three months, with two brief spikes above 400,000 and growing to more than 1 million wallets.
The milestone is the latest sign of Solana’s recovery after last year’s brutal decline and the collapse of its main investor, FTX.
According to CoinGeck, the price of SOL has fallen by more than 96% from its November 2021 all-time high of $250 to less than $10 in January. Active addresses online have decreased by 85% from 1.28 million in May 2022 to around 200,000 this September, according to The Block.
But Solana refused to stay down, with the network outperforming the broader markets amid the recent surge in cryptocurrencies, as evidenced by the recent rise in active addresses.
The price of SOL has increased by 145% in four weeks, outperforming many competing digital assets by at least double. The total value locked in Solana-based DeFi protocols grew by 62% in the same period, according to DeFi Llama, while the volume of NFT sales increased 35% in the past 30 days, according to Crypto Slam.
The move followed the advance towards Solana firefighter upgrade in the form of a testnet, i wasting away expectations that the bankruptcy estate of FTX will soon unload large sums of SOL on the markets.
Ethereum layer 2
Although some analysts were in a hurry pronunciation that Solana flipped Ethereum towards active users in response to the recent surge in activity. However, the Ethereum ecosystem has expanded beyond its core layer, with most activity now taking place at layer 2.
According to data from Token Terminal, more than 800,000 users were active on the top seven tier 2 networks in the past day combined. Along with the Ethereum mainnet, data suggests that more than 1 million wallets were active across the Ethereum ecosystem. However, the data provided does not include users using the same wallet on multiple networks.
According to L2beat, Layer 2 networks power 80% of the activity in the wider Ethereum ecosystem, which powers approximately 60 transactions per second.