The number of new addresses on the Solana network (7-day average) reached 304,640 on Monday, the highest number since June 2022, according to the data.
In addition, transaction fees on both the ethereum and bitcoin networks hit 3-month highs last week, and the number of active addresses sending or receiving money on the bitcoin network fell to its lowest level since July 2021.
The rise in the number of new addresses appears to have started in early May, when Ether fees rose and users began looking to other networks for transactions, with similar growth in new addresses seen on Ether scaling networks like Polygon.
In addition, transaction fees on both the ethereum and bitcoin networks hit 3-month highs last week, and the number of active addresses sending or receiving money on the bitcoin network fell to its lowest level since July 2021.
The rise in the number of new addresses appears to have started in early May, when Ether fees rose and users began looking to other networks for transactions, with similar growth in new addresses seen on Ether scaling networks like Polygon.