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A recent report from crypto data and research company Messari sheds light on the performance of the Solana (SOL) ecosystem in the third quarter of 2024. The report highlights the mix of growth and challenges blockchain faces amid broader volatility in the cryptocurrency market. at that time.
Solana Stablecoin Market Cap Rises To $3.8 Billion
One of the most prominent metrics in the report is Solana’s Total Value Locked (TVL) growth decentralized finance (DeFi), which rose 26% quarter over quarter (QoQ) to reach $5.7 billion.
This growth placed Solana as the third largest network in terms of DeFi TVL, surpassing Tron in late September. Notably, TVL written in SOL also increased, growing by 20% QoQ to 37 million SOL.
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Kamino emerged as the leading player within Solana’s ecosystem, achieving 57% growth in TVL, ending the quarter at $1.5 billion and taking a 26% market share. This surge was caused by the integration of new tokens, including PayPal’s USD (PYUSD) and jupSOL, which enhanced the platform’s appeal.
Despite the overall positive trends, exchange of places (DEX) volume decreased slightly, indicating a decrease in memecoin trading. Average daily DEX volume fell 10% QoQ to $1.7 billion.
According to the reportwaning interest in memecoins was evident, as only two tokens—WIF and POPCAT—were able to enter the top ten by trading volume for the quarter.
In contrast, Solana’s stablecoin ecosystem showed resilience, with the market cap of stablecoins growing by 23% QoQ to $3.8 billion, strengthening its position as the fifth largest network in this category.
You have an immovable token (NFT) earlier, however, the performance was not good. Average daily NFT volume fell 27% QoQ to $2.5 million, with Magic Eden maintaining the top market share despite a 44% volume decline.
Networking is flourishing
Despite the challenges, the number of funding rounds for projects within the Solana ecosystem decreased by 37% QoQ, with only 29 projects announcing funding. However, total funding increased to $173 million, which is a 54% increase QoQ and the highest quarterly funding since Q2 2022.
Network activity remains strong, as evidenced by a 109% increase in daily subscribers, reaching 1.9 million. Additionally, average new daily subscribers grew 430% QoQ to 1.3 million, reflecting a growing user base.
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Average transaction fee for Solana increased 6% QoQ to 0.00015 SOL (approx $0.023), while average transaction fee decreased 19% to 0.000008 SOL (approx $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 Solana’s (REV), which tracks operating fees and miner extractable value (MEV) for verifiers, fell 25% QoQ to 1.3 million SOL (about $196 million), with 56% of this total coming from operating fees .
At the time of writing, SOL was trading at $166, down 5% in the seven-day period.
Featured image from DALL-E, chart from TradingView.com
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