Monday, November 11, 2024 – Institutional player Solana had secured $173 million through 29 projects in the third quarter of 2024, a recent report said.
The report is available here: https://messari.io/report/state-of-solana-q3-2024
Kamino, the lending platform, has placed Solana as the third among the networks, with 57% of growing total value locked in Solana’s DeFi system by Q3.
Average daily spot DEX volume declined by 10%, followed by less trading of memecoins that prevailed at the beginning of Q3.
Nevertheless, the average transaction fee has surged at the end of Q3 with memecoin rebounding.
The adoption of PYUSD significantly amounted to a capital of $331 million, where a 341% increase was noticed on Solana.
Additionally, with this jump, Solana could secure the fifth spot depending on the stablecoin market cap.
The liquid staking rate of Solana has increased by 31%, enabling the ecosystem to foster yield-bearing SOL.
The report evaluated that NFT volume has drastically decreased by 27% quarter of quarter to $2.5 million.
Seeker, the mobile powered by Solana that will be onboarded in mid-2025, and JamboPhone2, to which the preorders are open, were included as the novel milestones that Solana kept expecting its growth.
Embedded wallets, ZK compression, AirShip that eases airdrop tokens, and Filecoin have been newly launched on Solana’s core to upgrade its functionality for users.
The substantial growth of Solana’s potential features drives both the retail and institutional user bases to choose Solana.
