Solana reaches a pivotal milestone in its growth trajectory on March 23, 2025, as on-chain data reveals that the number of addresses holding SOL has climbed to an all-time high of 11.09 million. The achievement comes amid a broader surge in network activity that sees Solana outpacing Ethereum across multiple key metrics, including weekly active addresses, DeFi total value locked, and cross-chain asset transfers. The data paints a picture of a blockchain ecosystem experiencing accelerating adoption at both the retail and institutional levels.
TL;DR
- Solana reaches a record 11.09 million addresses holding SOL, the highest number ever recorded on the network
- Weekly active addresses surge to 17 million, nearly ten times Ethereum’s 1.8 million during the same period
- Over $72 million in assets bridged from Ethereum to Solana in a short timeframe, signaling a shift in user preference
- DeFi TVL on Solana climbs to 54.87 million SOL, the highest level since June 2022
- Binance begins reaccumulating SOL after recent sales, adding further bullish momentum to the ecosystem
Record-Breaking Address Growth
According to data shared by on-chain analytics platform Ali Charts, the number of unique Solana addresses holding SOL has reached 11.09 million — an all-time high for the network. This figure represents the cumulative result of months of sustained growth in user adoption, driven by Solana’s low transaction fees, high throughput capabilities, and expanding ecosystem of decentralized applications.
The growth in address count serves as a proxy for broader network adoption, reflecting both new users entering the ecosystem and existing users consolidating their activity on Solana rather than competing chains. The milestone is particularly significant given that it comes during a period of broader market uncertainty, with Bitcoin consolidating near $84,000 and altcoins experiencing mixed performance across the board.
Outpacing Ethereum on Activity Metrics
Perhaps the most striking aspect of Solana’s recent growth is the degree to which it has surpassed Ethereum on key activity metrics. Weekly active addresses on Solana have surged to 17 million, compared to just 1.8 million on Ethereum — a gap of nearly 10x. While direct comparisons between the two blockchains require nuance given their different architectures and use cases, the magnitude of the divergence draws attention from analysts and investors alike.
The activity surge extends beyond simple address counts. Cross-chain bridge data reveals that over $72 million in assets have been transferred from Ethereum to Solana in a compressed timeframe, suggesting that users and capital are actively migrating between ecosystems. This flow of assets represents one of the largest single-period transfers from Ethereum to an alternative Layer 1 blockchain in recent memory.
DeFi Ecosystem Expansion
Solana’s decentralized finance ecosystem shows corresponding strength, with total value locked across Solana DeFi protocols climbing to 54.87 million SOL according to DeFiLlama data. This represents the highest TVL level on the network since June 2022, a period that preceded the collapse of FTX — an event that had severely impacted Solana given the close ties between the exchange and the blockchain ecosystem.
The TVL recovery signals that the DeFi ecosystem on Solana has not only recovered from the FTX aftermath but has rebuilt itself on what many consider a more sustainable foundation. Current DeFi activity on Solana spans decentralized exchanges like Jupiter and Raydium, lending protocols, liquid staking platforms, and a growing array of real-world asset tokenization projects.
The fact that TVL is measured in SOL terms rather than dollar terms is worth noting — it means the growth represents genuine protocol expansion rather than simply reflecting SOL price appreciation. With SOL trading near $131 at the time of the data snapshot, the dollar-denominated TVL sits well above $7 billion.
Institutional Interest and Exchange Dynamics
On-chain data reveals another bullish signal for Solana: Binance, the world’s largest cryptocurrency exchange by trading volume, has begun reaccumulating SOL after a period of selling. The exchange’s SOL wallet balance is rising again, suggesting that institutional demand at the exchange level is turning positive after a period of distribution.
This accumulation pattern at the exchange level often precedes price appreciation, as it indicates that available selling supply is being absorbed. For traders and investors monitoring exchange flow data, Binance’s pivot from selling to buying represents a significant shift in the near-term supply-demand dynamics for SOL.
Solana retains its position as the 8th largest cryptocurrency by market capitalization as of March 23, 2025, with the price showing a 2.31% gain over the preceding 24 hours. The combination of record address growth, surging on-chain activity, expanding DeFi TVL, and institutional accumulation creates a confluence of bullish factors for the ecosystem.
Why This Matters
Solana’s record-breaking adoption metrics represent more than just impressive numbers — they signal a fundamental shift in the competitive dynamics between Layer 1 blockchains. With 17 million weekly active addresses compared to Ethereum’s 1.8 million, Solana is demonstrating that its technical architecture can support mainstream-scale usage. The $72 million in assets bridged from Ethereum suggests that users are voting with their wallets, choosing Solana’s low-cost, high-speed environment for an increasing share of their on-chain activity. If this trend continues, Solana could solidify its position as the primary alternative to Ethereum for decentralized applications, DeFi protocols, and the growing tokenization of real-world assets.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk, and past performance is not indicative of future results. Always conduct your own research before making investment decisions.
The Pectra upgrade is going to be huge for staking and UX
ETH is undervalued relative to its developer activity and TVL
17 million weekly active vs 1.8 million on ETH sounds impressive until you account for sybil farms. the real question is unique humans not addresses
72M bridged from ETH to SOL was mostly Jupiter airdrop farmers rotating capital. calling it a shift in user preference is generous
Smart contract activity on Ethereum dwarfs every competitor
DeFi on Ethereum still has more TVL than all other chains combined
The merge was the biggest de-risk event in crypto history
72M bridged from ETH to SOL in a short window. capital follows cheap fees and SOL was processing transactions for fractions of a cent
17M weekly active addresses vs ethereums 1.8M. say what you want about solana but the user count gap is massive
addr_growth 17M weekly active vs 1.8M on ETH is a massive gap. the question is how many of those are syndicates and market makers vs actual users
the active address question is fair but even if 80% are bots and sybils that still leaves 3.4M real users. ethereum wishes it had that kind of noise floor
Sofia M. even at 20% real users thats 2.2M actual people. ethereum maxis keep moving the goalpost on what counts as adoption
72M in assets bridged from ETH to SOL in a short timeframe. capital follows users and users follow low fees
Petra H. capital follows users and low fees. but DeFi TVL at 54.87M SOL needs to hold through a real stress test before the victory lap
the TVL stress test already happened. March 2025 SOL dropped 40% in a week and the DeFi rails held. 54.87M SOL in TVL is not just hot money, a big chunk of it is sticky liquidity
sol_through_bear the March 2025 40% drop stress test is the strongest bull case for SOL DeFi. rails held and TVL recovered fast
17M weekly active vs 1.8M on ETH is not even in the same league anymore. the gap has been widening for months
17 million weekly active addresses vs ethereums 1.8 million is insane. but how many of those are unique humans vs sybil farms airdrop farming
Dejan K. this is the question nobody wants to ask. solana activity metrics always spike around airdrop seasons then quietly drop off
72M bridged from eth to sol in a short window. that was purely jup airdrop farming and everyone knows it