The cryptocurrency market saw a notable increase in active addresses in May, according to on-chain monitoring company Nansen. According to Nansen, May was a fantastic month for cryptocurrency growth. It happened as the number of active addresses reached a record high in May, with double-digit growth seen in the number of active addresses for numerous chains.
Nansen looks at the increase of active addresses for the most important blockchains. With 9.5 million more active addresses than the next closest competitor, Solana took the lead. The Solana blockchain has seen a considerable rise in active addresses because to the Orca, Stepn, and Raydium protocols.
BNB is still one of the ecosystem’s chains with the highest activity levels. PancakeSwap was the most frequently utilised entity on BNB outside of Binance in May. According to Nansen, over 11 million transactions were completed by TRON addresses on May 31 in a single day, while over 15 million USDT transfers were done during the previous seven days.
Solana Foundation reacts to SEC allegations
The SEC identified SOL and 12 other tokens as unregistered securities in historic cases filed against Binance and Coinbase, two of the largest cryptocurrency exchanges. After roughly three days, the Solana Foundation has replied to the SEC’s accusations.
A Solana Foundation representative reportedly told Fortune Magazine that “the Solana Foundation strongly believes that SOL is not a security.”
The SEC took action on Monday against Binance, the largest exchange by trading volume, and Changpeng Zhao, its CEO. According to the SEC, Binance marketed unregistered securities to customers and blatantly disregarded American securities regulations.
The largest exchange in the country, Coinbase, was sued by the SEC the next day on identical allegations that it had been operating as an unregistered broker, securities exchange, and clearing agency.
Recently, Robinhood stated that it will be removing Solana from its list of supported cryptocurrencies.
