Solana Activity Hits Another All-time High

Activity on Layer 1 blockchain Solana continues to soar, with its daily transaction count hitting a new all-time high on Dec. 17.

The chain processed 67 million transactions on Tuesday and 63 million transactions on Monday, which cleared its previous all-time high of 57 million in December 2021 by 17%.

Solana’s daily transaction count is up significantly from its 2023 lows, with a 191% increase from 23 million transactions processed on Dec. 18, 2023.

Solana’s total value locked (TVL) stands at 11.2 billion, a 490% increase since December 2023, according to DeFiLlama.

PENGU Drives Activity

This week’s all-time high transaction count was likely catalyzed by the launch of PENGU, the official token of the Pudgy Penguins NFT ecosystem. The token drop featured a claim mechanism, which required every eligible wallet to submit a claim transaction, potentially driving outsized activity within the ecosystem.

While the token claim is driving increased activity to the chain, it is estimated that less than 60% of total tokens have been claimed so far.

According to Spencer Ventures, one of the largest holders of Pudgy Penguins NFTs, 59% of Pudgy Penguins have claimed their tokens, and less than 30% of “other” wallets have claimed. The airdrop is available to many wallets that have been active on both Ethereum and Solana over the past couple of years.

It is presumed that some holders may be delaying their token claims for tax purposes, intending to claim in 2025.