$SOL The past year’s blockchain data shows that onchain activity shifts quickly between networks rather than remaining anchored to any single chain. Usage fell most sharply on blockchains where activity had been concentrated around a small number of applications, incentive programs or viral moments.
At the same time, those declines do not automatically signal broader ecosystem failure. In several cases, activity cooled after periods of outsized growth, highlighting how year-over-year comparisons can be distorted by hype cycles, airdrops or short-lived applications.
Solana offers a useful contrast. While memecoin-driven activity boomed throughout 2024 and early 2025 before cooling toward the end of the year, the surge also brought in users, liquidity and applications that continued to support the network.
Telegram, TON, Layer2, zk-Rollup, GameFi, Features, Nansen
Solana’s memecoin boom has brought in new addresses that stayed after the boom. Source: Nansen
Solana’s daily active addresses peaked above 9 million on Oct. 22, 2024, during the height of memecoin trading. By December, daily users fluctuated between 2 million and 3 million. While that marked a sharp pullback from peak levels, activity remained consistently higher than before the boom.
Much of the past year’s onchain activity decline was driven by short-term profit-seeking, but networks such as Solana, BNB Chain and Base showed signs of retaining usage beyond viral surges, setting them apart from chains that saw sharper reversals.
