The Block Crypto News12 minutes ago

Published on July 17, 2024 17:31 GMT+00:00edited on July 17, 2024 17:34 GMT+00:00

Over the past several weeks, we’ve noticed a notable surge in activity within the Solana network. The seven-day moving average (7DMA) of daily non-vote transactions reached 46 million, its highest level since January 2022. This marks a near-doubling from its most recent low of 21.9 million transactions in late April 2024.

Non-vote transactions refer to all transactions on the network that are not related to validator voting processes. These can include various activities such as transfers, smart contract interactions, and decentralized application (dApp) usage. This surge in non-vote transactions can be attributed to the booming "memecoin" economy within the Solana ecosystem, with platforms like pump.fun having contributed significantly to this growth.

Despite this rapid increase in …