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Solana, one of the best-performing altcoin projects of 2023, has made a strong start to 2024. According to data from blockchain analytics platform The Block Data Dashboard, the Layer-1 network saw its highest transaction volumes since October 2022 earlier this month, and on January 28th, Solana recorded the highest daily new address level as a seven-day moving average to date.
Noteworthy Developments in the Solana Ecosystem
Although the Solana ecosystem experienced its best period in terms of new address numbers in May 2022, January has already surpassed the second-highest count with over 10 million new addresses, pushing the previous record to third place. These developments indicate a growing interest in the ecosystem among users.
The success of Solana-based memecoin projects has undoubtedly influenced the influx of new users into the ecosystem. The latest popular memecoin project, WEN, has been distributed to over a million users through an airdrop event, yet almost half of the allocated tokens remain unclaimed at the time of release.
The claim window for WEN, which is available to users of the Jupiter exchange operating in the Solana ecosystem, Solana Saga phone owners, and certain Solana-based NFT project owners, closes on January 30th.
Airdrop Events and the Solana Ecosystem
The WEN airdrop event serves as a test function for Jupiter, the largest decentralized exchange aggregator in the Solana ecosystem, ahead of its planned airdrop event for its governance token JUP on January 31st. The first airdrop event for the JUP token is open to 955,000 eligible users who met the $1,000 trading volume requirement by the snapshot date in November 2023.
Recently, the Solana ecosystem has hosted many new users, thanks to both airdrop events and the momentum in memecoin projects. However, rug-pull scams and phishing remain prevalent in airdrop farming and memecoin trading.
Following recent scam incidents, interest in the network declined for a while, but the latest developments have led Web3 users to show renewed interest in the Solana ecosystem.
