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November has started on a good note for Solana (<a href="https://yellow.com/asset/sol">SOL</a>) as the network’s <a href="https://www.cryptoglobe.com/latest/2024/11/solanas-monthly-active-addresses-skyrocket-to-138-million-as-sol-ecosystem-grows/">monthly active addresses</a> hit the 138 million mark at the end of October, after experiencing phenomenal growth throughout the year as the crypto market recovered. 
The active addresses on Solana increased more than 30% in October as it crossed the 100 million mark. At the beginning of 2023, there were 13.8 million monthly active addresses on the SOL network which gradually grew over the following months to hit the 40 million mark in August. From then onwards there has been a constant upswing in the active addresses on the Solana network, leading to the current figure. 
This comes at a time when the total value locked (TVL) of the Solana DeFi ecosystem has surged exponentially with significant inflows, mainly from Ethereum. As much as $2.36 billion of Solana’s inflows originated in Ethereum, of which ETH got back $1 billion of the funds. 
Compared to the same period last year, 2.7% of Ethereum’s TVL has moved to Solana while SOL experienced a $6 billion net outflow this year. Solana has experienced phenomenal growth this year as it outperformed <a href="https://yellow.com/news/solana-flips-ethereum-daily-fees-goes-past-eths-by-half-a-million">digital assets like Ethereum</a> and others in some departments like daily fees. The coin is on its way to surpass Binance’s BNB to be the fourth-largest crypto in terms of market capitalization. 
Earlier in 2022, the network was severely affected by the FTX collapse as the exchange was well known for having large SOL holdings. It resulted in a 70% drop in SOL prices, causing a panic in the crypto market in November of that year. Many crypto analysts questioned the stability of the network as 20% of Solana projects had the backing of Alameda Research, FTX’s sister company. 
Ever since that incident, projects like DeFi crypto exchange <a href="https://yellow.com/news/%20raydium-extends-gains-as-solana-trading-volumes-soar">Raydium,</a> Pump.fun etc have drawn the attention of crypto investors, causing a spike in the the network activity. 
As of November 5 evening, <a href="https://coinmarketcap.com/currencies/solana/">SOL is trading</a> at $166.50, up by 2.20% in the last 24 hours with its trading volume gaining nearly 24% to reach $3.16 billion while its market cap stands at $78.42 billion, up by 2.28%.

Solana Sees 30% Surge in Monthly Active Addresses As the Network Grows

Yellow News

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