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As Ethereum and Bitcoin fees reach their three-month peak last week, the average number of new daily addresses to Solana, a Layer 1 network, has surged to its highest level since June 2022. Data from The Block shows that more new addresses were added in the first half of May than the whole of April.

The Block research analyst Rebecca Stevens commented that the upturn in new addresses could be attributable to growing transaction fees on both the Ethereum and Bitcoin networks. Another factor could be related to recent Ethereum finality issues, which may be making people look to other places to transact.

The recent growth in new Solana addresses comes despite the protocol having previously encountered resistence due to outages. This begs the question, what has changed? Solana's native SOL token, which has experienced a 109% year-to-date increase, may offer an answer.

The seven-day moving average of new addresses hit a peak of 304,640 on Monday, while the opposite is true for Bitcoin, with the number of active addresses that have sent or received funds on the Bitcoin network falling to the lowest level since July 2021.

It thus appears that high fees on Ethereum and Bitcoin, combined with Ethereum's finality issues, are pushing users to explore alternative networks. As such, Solana's continued popularity could be a testament to the network's potential as an alternative.



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