Solana Overtakes Ethereum as Top Chain on Nansen, Raydium Rakes in Record Fees

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Veronika Rinecker

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Veronika Rinecker

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Veronika Rinecker is based in Germany, studied international journalism and media management. She specializes in politics and regulation, energy, blockchain, and fintech. Since 2017, she has been...

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November 18, 2024 13:15 EST

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Solana (SOL) overtook Ethereum (ETH) as the most used chain, according to Nansen’s latest data.

Nansen co-founder Alex Svanevik announced the milestone in its X post on November 18.

In October, Nansen integrated Solana’s on-chain data, providing users with real-time insights into wallet activity, token balances, and the growth of Solana’s decentralized applications (DApps) and non-fungible tokens (NFTs).

Additionally, the SOL/ETH exchange rate reached a new all-time high, 0.07731, reflecting a 24-hour increase of 12%.

Solana Surpasses Corporate Giants in Market Cap

Solana has seen a substantial increase in user activity in recent weeks, reaching over 6.3 million active addresses in November, a new all-time high.

Additionally, Solana has seen a surge in token creation, particularly meme coins. Step Finance said 322,000 new tokens were created on the Solana network last week, driven by the meme coin craze.

Solana also surpassed the market capitalizations of Starbucks and Nike on the same day, with a market cap of $115.67 billion, reflecting a 5% increase in the past 24 hours.

Starbucks’ current market cap is $111.96 billion, while Nike’s market cap stands at $111.28 billion.

Memecoin Mania and Price Rally Boost Solana DeFi Ecosystem

Solana’s decentralized finance (DeFi) ecosystem is also expanding rapidly.

According to Dune data, the total market capitalization of Solana liquid staking tokens (LSTs) surged to a new all-time high of $7.40 billion on November 17. The top three LSTs by market share are JitoSOL (43%), mSOL (16.3%), and jupSOL (12.5%).

Additionally, fees for Solana-based DApps increased greatly in the last 24 hours, with automated market maker Raydium and liquid staking protocol Jito setting new records of $11.79 million and $9.87 million, respectively, according to DefiLlama data.

According to a Nov. 18 X post from DeFi analyst Patrick Scott, who cited DefiLlama data, five of the top 10 protocols by fees in the last 24 hours were on Solana.

The surge in protocol activity coincides with the rise of meme coins like Peanut (PNUT), which saw a dramatic price increase of almost 600% on November 14.

The listing of Dogwifhat (WIF), another popular Solana meme coin, on Coinbase on November 13 further increased market excitement.

SOL is currently trading at $242, nearing its all-time high of $259.