Date: Thu, Oct 03, 2024, 03:04 PM GMT
Q3 2024 has been a rollercoaster for the cryptocurrency market, with periods of growth offset by volatility. Bitcoin, the dominant cryptocurrency, saw a modest price increase of 0.76%, while Solana (SOL), one of the leading Layer-1 projects, recorded a stronger gain of 3.98%, according to Cryptorank.
As the quarter came to a close, CoinMarketCap, the most visited crypto tracking platform, released its highly anticipated Q3 research report. The report highlighted significant developments in Layer-1 (L1) tokens, with Solana taking the lead in a key metric: daily active users.
Solana Tops Daily Active Addresses
Despite challenging market conditions and a sluggish summer in Q3, daily active users across major Layer-1 networks saw a notable rise towards the end of the quarter. Among them, Solana stood out for its consistent uptrend in active users, overtaking Tron in late August to become the leading L1 in terms of daily active addresses.
Meanwhile, BNB Chain also saw a significant spike in activity, particularly on August 12. This boost was driven by its Meme Innovation Battle Round 3, as well as the growing popularity of platforms like Four.meme.
Daily Transactions on Top Layer-1 Networks
When it comes to daily transactions, however, Solana faced a 9.25% drop in Q3 but still remains at the top. The decline is largely attributed to reduced trading activity in meme coins as the overall market trended downward.
On the other hand, Ton Network experienced the highest surge in transactions, with a whopping 275% increase, from 1.2 million to 3.3 million transactions. This growth is driven by the growing popularity of Ton’s mini-apps, although part of it may be linked to airdrop farming activities.
Solana-Based Memecoin Dominate
Interestingly, despite market challenges, meme coins remain the top-performing sector. Out of 42 tokens that outperformed Bitcoin in Q3, meme coins led the charge. Solana-based POPCAT is the standout performer, gaining an incredible 10,670% year-to-date (YTD).
Conclusion
Solana’s dominance in daily active users and steady presence in the Layer-1 space shows its resilience despite a volatile market. With the highly anticipated Firedancer upgrade on the horizon, Solana’s ecosystem continues to evolve, positioning it as a leading network in the crypto space.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making any investment decisions.