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A recent report from crypto data and research firm Messari has shed light on the performance of the Solana (SOL) ecosystem in the third quarter of 2024. The report highlights a mix of growth and challenges facing 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 figures from the report is the growth of Solana’s Total Value Locked (TVL) in decentralized finance (DeFi), which rose 26% quarter-on-quarter (QoQ) to $5.7 billion.
This growth positioned Solana as the third largest network in terms of DeFi TVL, surpassing Tron at the end of September. Notably, TVL expressed in SOL also increased, growing 20% quarter-on-quarter to SOL 37 million.
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Kamino emerged as a leading player within the Solana ecosystem, growing 57% in TVL, closing the quarter with $1.5 billion and capturing a 26% market share. This increase is attributed to the integration of new tokens, including PayPal’s USD (PYUSD) and jupSOL, which have broadened the platform’s appeal.
Despite the generally positive trends, decentralized exchange (DEX) volume saw a slight decline, due to a decline in memecoin trading. Average daily spot DEX volume fell 10% quarter-over-quarter to $1.7 billion.
According to the reportwaning interest in memecoins was evident, as only two tokens – WIF and POPCAT – managed to crack the top ten in terms of trading volume for the quarter.
Solana’s stablecoin ecosystem, on the other hand, showed resilience, with the stablecoin market capitalization growing 23% quarter-on-quarter to $3.8 billion, cementing its position as the fifth-largest network in the category.
On the non-fungible token (NFT) front, however, performance was less favorable. Average daily NFT volume fell 27% quarter-on-quarter to $2.5 million, with Magic Eden maintaining a dominant market share despite a 44% drop in volume.
Network activity is booming
Despite the challenges, the number of funding rounds for projects within the Solana ecosystem fell 37% quarter-over-quarter, with only 29 projects announcing funding. Still, the total amount raised rose to $173 million, a 54% increase quarter-over-quarter and the highest quarterly funding since Q2 2022.
Network activity remained robust, as evidenced by a 109% increase in average daily payers, which reached 1.9 million. Additionally, the average number of new payers per day grew 430% quarter-over-quarter to 1.3 million, indicating a growing user base.
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The average transaction costs on Solana rose 6% quarter-on-quarter to 0.00015 SOL (approximately $0.023), while average transaction fees fell 19% to 0.000008 SOL (approximately $0.0013).
As of October 15, Solana’s market capitalization also grew 5% quarter-over-quarter, reaching $71 billion and maintaining its position as the fifth largest cryptocurrency, behind only Bitcoin, Ethereum, Tether and Binance Coin.
However, the Real economic value (REV) from Solana, which tracks transaction fees and miner extractable value (MEV) for validators, fell 25% quarter-over-quarter 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% over the seven-day period.
Featured image of DALL-E, chart from TradingView.com
Credit : www.newsbtc.com
