Solana Network Sees Surge in Activity Amidst ETF Outflows
Solana’s blockchain has experienced its most active period in over a year, with unique active addresses reaching 1.88 million as of October 9, 2026. This figure represents a 13-month high, according to on-chain data compiled by SolanaFloor and the Blockworks analytics dashboard.
However, the surge in user activity on the network contrasts with the performance of U.S. spot SOL Exchange Traded Funds (ETFs), which have seen significant money outflows.
Network Growth Accelerates
Santiment data indicates that Solana’s network growth has accelerated by an impressive 124% since early September 2026. This translates to an average of approximately 1.71 million new wallets being created daily. Daily active addresses have also seen a sharp increase, climbing 58% to roughly 4.27 million unique wallets. It is important to note that these figures are derived from different tracking sources and should not be considered directly comparable.
Furthermore, the number of funded wallets—addresses holding a balance—rose by 38.5% month-over-month, reaching a total of 16.1 million.
Record Program Activity and Stablecoin Usage
In September 2026, the Solana network recorded over 8,400 monthly active programs, setting a new record. Programs on Solana function as smart contracts, powering applications, exchanges, games, and payment tools on the blockchain.
Daily active stablecoin addresses on Solana also reached a significant milestone, hitting 888,000 in September. This represents a substantial 269% increase compared to the same month in the previous year. The total stablecoin supply on the network has now surpassed $15 billion, distributed across more than 14 million addresses.
ETF Outflows and Future Outlook
Despite the robust on-chain activity, U.S. spot SOL ETFs have recorded net outflows exceeding $22 million in early October. This reversal follows a September that saw strong inflows into these same investment products.
The substantial growth in stablecoin activity may offer a key insight into Solana’s evolving use case. The 269% year-over-year increase in daily active stablecoin addresses, coupled with over $15 billion in supply, suggests that Solana is increasingly being utilized for dollar transactions, moving beyond just token trading.
Key metrics to monitor moving forward include the sustained level of unique active addresses around the 1.88 million mark, the continuation of funded wallet growth at a pace comparable to its recent 38.5% monthly increase, and whether ETF flows will return to positive territory.
