The number of new addresses on the Solana network has reached a nearly one-year high, possibly related to the increase in fees on the Bitcoin and Ethereum networks

ChainCatcher news, according to data from The Block, the number of new addresses on the Solana network (7-day average) reached 304,640 this Monday, the highest number since June 2022.

In addition, the transaction fees on both the Ethereum and Bitcoin networks hit a 3-month high last week, and the number of active addresses sending or receiving funds on the Bitcoin network also fell to the lowest level since July 2021.

The Block research analyst Rebecca Stevens stated, "The increase in new addresses seems to have started in early May when Ethereum's fees rose, prompting users to look for other networks for transactions. Similar growth in new addresses was also seen on Ethereum scaling networks like Polygon." (source link)