Solana Blockchain Dominates DeFi with Record-Breaking Numbers

In recent days, the Solana network has captured the attention of the crypto ecosystem with record figures and an unprecedented surge of economic activity on the blockchain. While its traditional competitors like Ethereum struggle to maintain their position, Solana is increasingly establishing itself as an indispensable player in decentralized finance (DeFi).

A record economic activity on Solana

On October 23, 2024, Solana reached a new peak with the generation of $8.7 million in economic value from its network activity, according to data from Blockworks Research. This increase comes just after having recorded just under $8 million the day before. “Solana continues to reach major milestones in terms of network revenue,” stated Dan Smith, head of data analysis at Blockworks. This figure includes all sources of revenue, from base fees to tips, up to priority fees.

At the same time, the total value locked (TVL) on Solana has exploded, rising from $250 million at the beginning of 2023 to over $6.8 billion on October 24, 2024. This momentum places Solana in a strong position against Ethereum, particularly thanks to a significant increase in its revenue in July, where Solana generated $25 million in weekly revenue, surpassing Ethereum’s $21 million.

The engines of Solana’s growth and prospects

Solana’s current success does not solely rely on increasing economic activity. Thus, the rise of meme coin trading platforms such as Pump.fun and Moonshot, primarily based on Solana, has played a decisive role in this increase in activity. These platforms have attracted many users and generated substantial transaction volumes, thereby strengthening Solana’s position in the crypto world. “Meme coin trading has been a significant factor in the rise of network revenues,” adds Blockworks Research.

Moreover, the potential for integrating SOL into exchange-traded funds (ETFs) in the United States makes it an asset to watch closely, alongside heavyweights like Bitcoin and Ether. This prospect of integration could offer increased exposure to SOL for institutional investors, thereby solidifying Solana’s position as an essential player in the crypto ecosystem.

Solana appears ready to play a major role in the future of decentralized finance. Its rapid rise, supported by record revenue growth and increasing adoption of its services, could redefine the established order in the crypto world. As Solana prepares to reach new milestones, it remains to be seen how its competitors, particularly Ethereum, will respond to this surge. One thing is certain: Solana is now a key player to watch in the evolution of the crypto ecosystem.