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Solana [SOL] welcomes Ethereum, Bitcoin users seeking refuge from high fees
On the Ethereum network, the meme coin craze led by the unprecedented rally in the price, trading volume, and market capitalization of frog-themed, average transaction fees rallied to a high of $27.61 on 9 May, its highest level since May 2022.
As for the Bitcoin network, the introduction of Ordinals and BRC-20 tokens led to a significant increase in network activity and fees on the chain. Data from Messari further showed that the average transaction fees on the chain went as high as $30 on 8 May, its highest since April 2021.Intending to find blockchain networks that offer lower transaction fees, users have been moving away from Ethereum and Bitcoin.
Solana emerged as a top contender in this quest, garnering increased attention and leading to a rise in the number of active addresses on its network.Assessed on a month-over-month basis, Solana recorded a total of 7.72 million active addresses in April. Interestingly, with about two weeks left to go in May, the chain has already seen 7 million active addresses.Additionally, data from The Block showed that new address count on the chain has grown significantly since the end of April.
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