W3A PRO | Is Solana’s Onchain Activity Legit or Totally Fake?
Uncovering the truth behind Solana’s sudden increased onchain activity.
GM PRO DOers!
Solana just smashed all-time-highs for monthly active wallets in May. 🚀
You may have seen a chart similar to the one above over the last month across Twitter or other sources, touting the massive jump in Solana users in the month of May.
This got the entire Solana community buzzing with excitement and bragging about big things coming to the ecosystem soon. 🎉
And at first glance, it appears they were right…
Solana had more than 3 Million new unique wallets interacting onchain in May. That’s more new active wallets in one month than any total month of active wallets in Solana’s history!
That got the Web3 Academy PRO team thinking… What are all of these new users up to? 🤔
Did Solana launch a new application that’s taking web3 mainstream, or are the degens back to play?
So we decided to do a deep dive and, while we’re at it, take our PRO members through our journey of how we look onchain 👀🔛⛓️.
Today, we’re playing detective and looking at Solana’s onchain activity, exploring various sectors like DeFi, Gaming, and NFTs, and getting to the bottom of what happened on Solana in May. 🔍
This will arm us with a deeper understanding of the dynamics within the Solana ecosystem, enabling us to stay ahead of blockchain adoption trends and refine our investment strategies to capitalize on the opportunity.
So, without further ado, let's dive right in! 🌊
Decoding Solana's Transaction and Wallet Activity 🕵️
If we kick things off by scrutinizing the total transactions across Solana, we're greeted with a staggering figure of over 10 Billion in May.
This is a massive number compared to every other blockchain, although surprisingly, it doesn't align with the spike we expected to see in May with the advent of 3 Million new users.