On-Chain Activity Drops Across Major L1s as Solana Falls From 32 Million Active Wallets

TLDR:

• On -chain activity on major L1s drop as Solana’s active wallets fall from 32 million to 1.7 million.
• BNB Chain retained 941,000 active wallets driven by Aster interest and brief meme activity.
• Base activity eased to 437,000 wallets after recent growth slowed within current market conditions.
• Ethereum and Polygon stayed steady at 86,000 and 252,000 wallets amid broader activity compression.

Solana’s on-chain activity has taken a sharp hit as daily active wallets slide far below last year’s peak. The latest figures show a steep drop from the chain’s September 2024 surge during the meme coin rush. 

Data shared by CryptoRank indicate that major Layer 1 networks are now experiencing broad slowdowns. The wider market appears to be entering a calmer on-chain phase as activity compresses across ecosystems.

On-Chain Activity Shows Broad Declines Across Major Networks

Solana’s collapse in active wallets marks one of the largest declines among top chains. 

Activity has fallen from nearly 32 million wallets during last year’s meme wave to about 1.7 million now, according to CryptoRank data. The shift underscores a sharp cooldown after months of heavy retail flow tied to meme trading.

BNB Chain has held up better than its peers in this environment. 

Current numbers show about 941,000 active wallets, supported by rising engagement around the Aster protocol and short-lived meme activity. This stability comes as most networks face slower user movement.

Base has shown a different path. 

Activity climbed earlier this year, but current conditions have slowed that growth. CryptoRank reports about 437,000 active wallets on the network, indicating a pullback after recent momentum.

Ethereum and Polygon continue to show steady patterns with less dramatic changes. 

Both networks sit close to levels recorded in past months, with Polygon at about 252,000 wallets and Ethereum near 86,000. Their stability suggests entrenched user bases even as broader activity cools.

Market Conditions Shape User Behavior Across Layer 1 Chains

The market environment appears to be driving uniform shifts across networks. 

Activity trends from CryptoRank show that user engagement has leveled off after several high-volume months. The slowdown aligns with reduced speculative trading across major ecosystems.

Solana’s drop reflects how quickly attention can move after a cycle peak.

Last year’s meme frenzy created a burst in daily wallets before fading as conditions normalized. The current numbers highlight a retracement toward pre-mania activity levels.

BNB Chain’s performance stands out in this landscape. 

Aster protocol enthusiasm and brief meme-driven movements have kept activity more stable. This has positioned BNB as one of the steadier networks during current market shifts.

Base now appears to be easing from its earlier growth streak. 

User activity gained momentum before slowing with the broader pullback. The latest readings from CryptoRank indicate cooling interest as conditions shift across chains.

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