Solana's Daily Active User Base Skyrockets 50% - Here's Why
Solana's Moment:How the Blockchain Network is Experiencing a Resurgence
The crypto world has been abuzz lately with news of Solana's (SOL) user base having a moment. According to Token Terminal, the number of daily active users on the Solana blockchain has increased by an impressive 55.9%, reaching a new high of 160,000 users since the FTX crash in November. So, what's behind this Solana resurgence?
Bonk Inu (BONK):
The Meme Token on the Rise One factor driving Solana's growth is the hype surrounding Bonk Inu (BONK), a meme token on the Solana blockchain that's gaining a lot of traction on social media. Over 100,000 addresses now hold the token, and it's only growing in popularity. The overall positive momentum in the crypto market at the beginning of 2023 has also been a contributing factor to Solana's growth. Ethereum and Polygon, two of Solana's main competitors, have both seen increases in activity as well.
Combating the FUD
Beyond the hype and increased activity, @loganjastremski and @Frictionless have created a handbook to combat the FUD (fear, uncertainty, and doubt) surrounding Solana. They address four main criticisms of the network: downtime, centralization, inflationary tokenomics, and FTX involvement. The handbook argues that Solana has had 99.6% uptime, is decentralized and censorship-resistant, has a sustainable plan for profitability and inflation, and that FTX's involvement came after Solana had already gained traction.
The Future of Solana
It's hard to say how long this Solana moment will last, but the current positive momentum and efforts to combat FUD suggest that the future looks bright for the Solana network. With a growing user base, increasing hype around the Bonk Inu (BONK) meme token, and the overall positive momentum in the crypto market, it's safe to say that Solana is here to stay.
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