Solana Hits New Milestone with Record-Breaking New Addresses in January

• Solana set a new record in January 2024 with nearly 12 million new addresses, an 18% increase from December.
• The surge in new addresses and a significant uptick in daily active users indicate growing interest in Solana’s DEXs and memecoins.
• BONK DAO, overseeing a $124 million treasury, ventures into venture funding by investing $500,000 in Colosseum.

The Solana blockchain has kicked off the new year by setting a new record for the number of new addresses created in a single month.

January 2024 witnessed nearly 12 million new addresses joining the network, marking an 18% increase from December’s figures, which were already at a multi-month high.

On January 31, the network recorded over 884,000 active addresses

This surge in new Solana addresses surpasses the previous all-time high recorded in May 2022, which saw 11.72 million unique new addresses. The substantial increase in activity suggests a growing interest in Solana’s offerings, including its decentralized exchanges (DEXs) and the recent hype around memecoins like Wen and Bonk.

Additionally, the release of the native token by Jupiter, Solana’s largest decentralized exchange aggregator, on the final day of January likely played a significant role in attracting new users to the platform.

The spike in new addresses wasn’t the only sign of heightened activity on the Solana network. The 7-day average of daily active addresses has also seen a significant uptick since the beginning of the year, although it hasn’t quite reached the levels of activity observed in May 2022. This increased engagement indicates a robust and growing ecosystem that continues to draw users and developers alike.

BONK Dives into Venture Funding

The meme coin BONK, born from the humour-filled corners of the Solana ecosystem following FTX’s downfall in late 2022, is taking a turn into serious business territory.

The BONK DAO, a council comprising 12 influential figures within the Solana community, currently oversees a hefty treasury of $124 million in BONK tokens. The group has recently decided to allocate $500,000 from its funds to an early-stage startup fund dedicated to fostering new projects on the Solana blockchain.

This venture fund is spearheaded by Colosseum, a startup accelerator that has recently taken the helm in organising hackathons aimed at generating fresh projects for Solana.

As Solana continues to develop and introduce new features and projects, the ecosystem is likely to attract even more users, further solidifying its position as a leading platform in the blockchain space.