Solana Q3 Digest: Total Value Locked Hits $5.7 Billion, Ranks Third Among Networks
03 November 2024 - 5:30AM
NEWSBTC
A recent report from crypto data and research firm Messari has shed
light on the performance of the Solana (SOL) ecosystem during the
third quarter of 2024. The report highlights a mixture of growth
and challenges faced by the blockchain amid broader volatility in
the cryptocurrency market during that period. Solana Stablecoin
Market Cap Rises To $3.8 Billion One of the standout metrics from
the report is the growth of Solana’s Total Value Locked (TVL) in
decentralized finance (DeFi), which rose by 26%
quarter-over-quarter (QoQ) to reach $5.7 billion. This growth
positioned Solana as the third-largest network in terms of DeFi
TVL, surpassing Tron in late September. Notably, the TVL
denominated in SOL also increased, growing by 20% QoQ to 37 million
SOL. Related Reading: How To Trade Bitcoin During The US Election,
Expert Reveals Kamino emerged as a leading player within the Solana
ecosystem, experiencing a 57% growth in TVL, ending the quarter
with $1.5 billion and capturing a 26% market share. This surge is
attributed to the integration of new tokens, including PayPal’s USD
(PYUSD) and jupSOL, which have enhanced the platform’s appeal.
Despite the overall positive trends, decentralized exchange (DEX)
volume experienced a slight decline, reflecting a downturn in
memecoin trading. Average daily spot DEX volume fell by 10% QoQ to
$1.7 billion. Per the report, the diminishing interest in
memecoins was evident, as only two tokens—WIF and POPCAT—managed to
make it into the top ten by trading volume for the quarter. In
contrast, Solana’s stablecoin ecosystem showed resilience, with the
market cap for stablecoins growing by 23% QoQ to $3.8 billion,
solidifying its rank as the fifth-largest network in this
category. On the non-fungible token (NFT) front, however, the
performance was less favorable. Average daily NFT volume fell by
27% QoQ to $2.5 million, with Magic Eden maintaining a dominant
market share despite experiencing a 44% decline in volume.
Network Activity Thrives Despite the challenges, the number of
funding rounds for projects within the Solana ecosystem saw a
reduction of 37% QoQ, with only 29 projects announcing
funding. Yet, the total amount raised soared to $173 million,
a 54% increase QoQ and the highest quarterly funding since Q2 2022.
Network activity remained robust, as evidenced by a 109% increase
in average daily fee payers, which reached 1.9 million.
Additionally, the average daily new fee payers grew by 430% QoQ to
1.3 million, signaling a growing user base. Related Reading:
Worldcoin Rejection At $2.1 Sparks Concerns Of Prolonged Downtrend
The average transaction fee on Solana increased by 6% QoQ to
0.00015 SOL (approximately $0.023), while the median transaction
fee dropped by 19% to 0.000008 SOL (around $0.0013). As of
October 15, Solana’s market capitalization also grew by 5% QoQ,
reaching $71 billion and maintaining its position as the
fifth-largest cryptocurrency, trailing only Bitcoin, Ethereum,
Tether, and Binance Coin. However, the Real Economic Value
(REV) of Solana, which tracks transaction fees and miner
extractable value (MEV) for validators, decreased by 25% QoQ to 1.3
million SOL (approximately $196 million), with 56% of this total
coming from transaction fees. At the time of writing, SOL was
trading at $166, down 5% for the seven day period. Featured image
from DALL-E, chart from TradingView.com
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