{"id":1040,"date":"2024-11-03T06:00:19","date_gmt":"2024-11-03T06:00:19","guid":{"rendered":"https:\/\/ad-doge.com\/blog\/solana-q3-digest-total-value-locked-hits-5-7-billion-ranks-third-among-networks\/"},"modified":"2024-11-03T06:00:19","modified_gmt":"2024-11-03T06:00:19","slug":"solana-q3-digest-total-value-locked-hits-5-7-billion-ranks-third-among-networks","status":"publish","type":"post","link":"https:\/\/ad-doge.com\/blog\/solana-q3-digest-total-value-locked-hits-5-7-billion-ranks-third-among-networks\/","title":{"rendered":"Solana Q3 Digest: Total Value Locked Hits $5.7 Billion, Ranks Third Among Networks"},"content":{"rendered":"

A recent report from crypto data and research firm Messari has shed light on the performance of the Solana (SOL) ecosystem during the third quarter of 2024. The report highlights a mixture of growth and challenges faced by the blockchain amid broader volatility in the cryptocurrency market during that period.<\/p>\n

Solana Stablecoin Market Cap Rises To $3.8 Billion<\/h2>\n

One of the standout metrics from the report is the growth of Solana\u2019s Total Value Locked (TVL) in decentralized finance (DeFi), which rose by 26% quarter-over-quarter (QoQ) to reach $5.7 billion.\u00a0<\/p>\n

This growth positioned Solana as the third-largest network in terms of DeFi TVL, surpassing Tron in late September. Notably, the TVL denominated in SOL also increased, growing by 20% QoQ to 37 million SOL.<\/p>\n

\"Solana\"<\/p>\n

Kamino emerged as a leading player within the Solana ecosystem, experiencing a 57% growth in TVL, ending the quarter with $1.5 billion and capturing a 26% market share. This surge is attributed to the integration of new tokens, including PayPal\u2019s USD (PYUSD) and jupSOL, which have enhanced the platform\u2019s appeal.<\/p>\n

Despite the overall positive trends, decentralized exchange (DEX) volume experienced a slight decline, reflecting a downturn in memecoin trading. Average daily spot DEX volume fell by 10% QoQ to $1.7 billion.\u00a0<\/p>\n

Per the report<\/a>, the diminishing interest in memecoins was evident, as only two tokens\u2014WIF and POPCAT\u2014managed to make it into the top ten by trading volume for the quarter.<\/p>\n

In contrast, Solana’s stablecoin ecosystem showed resilience, with the market cap for stablecoins growing by 23% QoQ to $3.8 billion, solidifying its rank as the fifth-largest network in this category.\u00a0<\/p>\n

On the non-fungible token (NFT) front, however, the performance was less favorable. Average daily NFT volume fell by 27% QoQ to $2.5 million, with Magic Eden maintaining a dominant market share despite experiencing a 44% decline in volume.\u00a0<\/p>\n

Network Activity Thrives<\/h2>\n

Despite the challenges, the number of funding rounds for projects within the Solana ecosystem saw a reduction of 37% QoQ, with only 29 projects announcing funding.\u00a0Yet, the total amount raised soared to $173 million, a 54% increase QoQ and the highest quarterly funding since Q2 2022.<\/p>\n

\"Solana\"<\/p>\n

Network activity remained robust, as evidenced by a 109% increase in average daily fee payers, which reached 1.9 million. Additionally, the average daily new fee payers grew by 430% QoQ to 1.3 million, signaling a growing user base.\u00a0<\/p>\n

The average transaction fee on Solana increased by 6% QoQ to 0.00015 SOL (approximately $0.023), while the median transaction fee dropped by 19% to 0.000008 SOL (around $0.0013).\u00a0<\/p>\n

As of October 15, Solana\u2019s market capitalization also grew by 5% QoQ, reaching $71 billion and maintaining its position as the fifth-largest cryptocurrency, trailing only Bitcoin, Ethereum, Tether, and Binance Coin.\u00a0<\/p>\n

However, the Real Economic Value (REV) of Solana, which tracks transaction fees and miner extractable value (MEV) for validators, decreased by 25% QoQ to 1.3 million SOL (approximately $196 million), with 56% of this total coming from transaction fees.<\/p>\n

\"Solana\"<\/p>\n

At the time of writing, SOL was trading at $166, down 5% for the seven day period.<\/p>\n

Featured image from DALL-E, chart from TradingView.com\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

A recent report from crypto data and research firm Messari has shed light on the performance of the Solana (SOL) ecosystem during the third quarter of 2024. The report highlights a mixture of growth and challenges faced by the blockchain amid broader volatility in the cryptocurrency market during that period. Solana Stablecoin Market Cap Rises…<\/p>\n","protected":false},"author":1,"featured_media":1041,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[51,53,300,175,176,109,110,466,867,115,117],"class_list":["post-1040","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-crypto","tag-crypto-news","tag-defi","tag-sol-news","tag-sol-price","tag-solana","tag-solana-sol","tag-solana-analysis","tag-solana-blockchain","tag-solana-news","tag-solusdt"],"_links":{"self":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/1040","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/comments?post=1040"}],"version-history":[{"count":0,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/1040\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media\/1041"}],"wp:attachment":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media?parent=1040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/categories?post=1040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/tags?post=1040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}