The fourth quarter of 2024 was one in every of Solana’s greatest quarters, in keeping with a latest State of Solana This autumn 2024 report from market intelligence platform Messari. The report states that the Solana community recorded a formidable 213% income soar in This autumn 2024, from $268 million to $840 million. Messari additionally revealed that one of the best month was November, with the community receiving $367 million in income by way of protocol functions.
Solana has more and more develop into the blockchain of selection amongst crypto builders due to a number of perks, together with simplicity and scalability. Together with Ethereum, Solana has hosted a number of of the newest crypto cash at the moment thought-about one of the best choices to take a position on this yr. Having fun with the robust infrastructure of the blockchains, holders of those meme cash can entry higher scalability, fast multi-chain transactions, real-time crypto market evaluation, synthetic intelligence integration, and spectacular staking rewards.
Solana’s Fourth Quarter Figures
The Messari report accommodates a number of specifics that spotlight Solana’s latest development. For example, Solana recorded a 64% quarter-on-quarter (QoQ) improve in DeFi TVL, hitting $8.6 billion and overtaking the Tron community in November. For the quarter, decentralized trade (DEX) Raydium had the best numbers, rising 86% QoQ and scooping a 24% market share, with $2.1 billion. Kamino got here in second, with a 21% market share and $1.8 billion in TVL.
Curiously, the third largest, Jupiter Perps, recorded the most important QoQ soar in TVL, at 130%. Jupiter Perps ended the quarter with a 20% market share and $1.7 billion in TVL. However, MarginFi noticed the biggest loss in market share, at a 40% plunge. The lending protocol additionally noticed a 4% QoQ TVL crash to $349 million.
For Solana DEXs, the typical quantity on the community hit $3.3 billion, rising 150% QoQ. Based on Messari, this was principally on account of a memecoin frenzy spurred by the US elections final yr. Messari additionally notes that meme cash associated to AI on the Solana blockchain gave the community loads of traction. Raydium additionally scooped a 56% market share for common day by day quantity, which hit $1.9 billion after rising 242% QoQ.
Moreover, stablecoins on Solana loved vital pumps, with the overall stablecoin market cap rising 36% QoQ to $5.1 billion, the fifth largest for all blockchains. USDC was the biggest for the quarter, with a 75% market share after its Solana market cap jumped 53% QoQ to $3.9 billion. USDT was second, with an 18% market share, and $912 million in market cap, indicating a 20% QoQ soar. NFT exercise was additionally notable, rising 7% QoQ to $2.7 million. Tensor had the biggest market share within the quarter, growing by 14% QoQ to $103 million.
Elements in Solana’s Favor This Yr
General, Solana has loved elevated exercise throughout the board, with extra predicted to spice up the blockchain. For example, Solana Cell introduced its new Seeker cell phone eventually yr’s Token 2049 occasion. The telephone guarantees a number of enhancements, together with a greater digital camera, longer battery life, and improved reminiscence. Anticipated to start transport in mid-2025, there are already greater than 145,000 distinctive pre-orders for Seeker.
One other issue predicted to spice up the community is a SOL exchange-traded fund (ETF). Just lately, the US Securities and Alternate Fee (SEC) acknowledged a SOL ETF utility from Grayscale Investments. The Cboe BZX Alternate has additionally resubmitted filings on behalf of Bitwise, 21Shares, Canary Capital, and VanEck, all trying to checklist SOL ETFs. The SEC should now approve or deny these functions this yr, which means {that a} SOL ETF itemizing this yr is feasible.
