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Solana continues to prove that it is one of the top blockchains in this cycle. After its rally, which gained 35% in the last 60 days, the famous Layer 1 blockchain is back in the news with many on-chain activities.
According to the latest data, Solana’s DeFi Total Value Locked or TVL rose to $5.7 billion in the third quarter, showing a 26% improvement over the previous quarter.
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Kamino, a crypto lending service, leads the pack with $1.5 billion in TVL and an impressive 7% quarter-on-quarter growth, helped by the additions of jupSOL and PYUSD. The latest data also suggests that Solana’s market capitalization is now $3.8 billion, a 23% improvement, boosted by PayPal’s PYUSD integration.
DeFI Continues to Fuel Solana’s Growth
Solana DeFi is the leader in on-chain operations by total locked-in value, valued at $5.7 billion. This latest SOL data shows strong QoQ growth of 26%, pushing the blockchain to the third largest in this metric, overtaking Tron.
In Messari’s report, Solana’s TVL has increased due to the increase in Kamino’s activities, which includes $ 1.5 billion of total locked contracts. Kamino’s latest quarterly figure represents a 57% increase, thanks to the recent merger of jupSOL and PYUSD.
Apart from Kamino Finance, Solana’s blockchain showed the locked assets of Raydium, with $1.1 billion, and Jupiter, with $749 million. Kamino Finance’s impressive performance is linked to its launch of Kamino Lend V2, which offers a collateral-free underlying and market layer.
Analysts expect Kamino Finance to continue its dominance by adding new projects such as Spot Leverage and Lending Orderbook.
Solana DEX Shows Signs of Slowing Down
Solana’s DEX activity fell 10% QoQ but rebounded slightly in October. The average daily volume of blockchain exchanges reached $1.7 billion, mainly due to the fall of meme coins.
Raydium maintains its dominance on Solana’s DEX, with a market share of 51%, although its daily volume fell by 13% to $852 million. Volume increased by $350 million with the release of Moonshot, a mobile crypto trading app.
Jupiter also sat at the top, cornering 43% of the total number of space exchanges. Recent developments, including the release of Jupiter Mobile and the integration of Google Pay and Apple Pay, have helped the platform.
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SOL’s Stablecoins Get Help From PYUSD
In the same Messari report, PayPal’s PYUSD is raising the market for SOL’s stablecoin. PYUSD was launched in May in Solana, which is very important for its market growth, which now stands at $3.8 billion. With fun features like customizable transfers and transfer hooks, PayPal’s PYUSD quickly became popular.
Besides PYUSD, USDC also contributes to Solana’s stablecoins market. The integration of SOL’s Web 3.0 services circle provides business functionality features such as financing and programmable wallets, allowing developers to rapidly integrate multi-chain solutions.
Featured image from StormGain, chart from TradingView
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