The once-thriving Solana blockchain is grappling with a significant decline in daily active addresses, reaching its lowest point since tracking began in late 2020. Recent data from The Block Research reveals that as of August 31, the network’s daily active addresses, calculated using a seven-day moving average, plunged to about 204,000.
The downward trend in active users for Solana has been worsened by various factors. One significant factor is the collapse of the crypto exchange FTX in November of the previous year. This event, along with the SEC categorizing its native SOL token as a security, casts a shadow over Solana’s future prospects.
Rebecca Stevens, a data analyst at The Block Research, commented on the situation, stating that the Solana ecosystem had been experiencing a decline in active users even before the FTX collapse. She noted that the blockchain’s close associations with the exchange and Alameda Research had negatively impacted its reputation.
In addition, Stevens emphasized that the SEC’s accusations about SOL’s security classification had caused even more downward pressure on the token’s value. This ultimately led to its delisting from various prominent U.S. platforms, including eToro and Robinhood.
Solana’s Resilience: Notable Partnerships Emerge
Despite the challenges and declining user numbers, the network is not without its resilience. The blockchain has been forging notable partnerships that underscore its determination to remain a key player in the crypto world.
Just yesterday, the network announced a groundbreaking partnership with Visa, a global payment leader. Solana’s lightning-fast blockchain technology will now take center stage in Visa’s ambitious expansion of its stablecoin settlement pilot program, ushering in a new era of speed and efficiency for cross-border payments.
This partnership holds tremendous potential to revolutionize the way transactions are carried out, ensuring unprecedented speed and efficiency. Moreover, Solana Pay, a pioneering decentralized payments protocol, has recently joined forces with Shopify, providing countless businesses with an innovative payment solution.
This collaboration enables merchants to enjoy real-time access to their funds while gaining greater control over working capital, liquidity, and liability protection. Additionally, Solana’s joint effort with Mastercard and other public blockchain companies to develop a new set of standards known as Crypto Credentials has added to the blockchain’s growing prominence.
However, the network is actively seeking to reinvent itself through strategic partnerships and innovative solutions, demonstrating its commitment to remaining a formidable player in the evolving blockchain landscape.