The post Solana TVL Soars 1000% YoY in Q2 with 3% Price Boost appeared on BitcoinEthereumNews.com.

Solana’s notable growth in the DeFi sector has garnered significant attention recently. The blockchain recorded a substantial increase in transactional activity and revenue over the past year. According to Coin98 Analytics, Solana’s Total Value Locked (TVL) surged dramatically by over 1000% year-on-year in Q2. Discover Solana’s remarkable performance metrics in Q2 and its promising future in the DeFi space. Impressive DeFi Growth: Solana’s Q2 Overview In the second quarter, Solana demonstrated noteworthy growth across various key metrics. According to a recent report by Coin98 Analytics, Solana’s transaction fees and revenue escalated significantly, generating over $26 million—a staggering 42-fold increase year-on-year. The blockchain achieved a total trading volume of $292 billion, reflecting a sevenfold surge compared to the same period last year. Transactional and User Activity Milestones Solana processed an impressive 15.3 billion transactions in Q2. Furthermore, daily active addresses on the network reached over 900k, marking a 499% increase year-on-year. This upsurge underscores the growing adoption and utility of the Solana blockchain. NFT and DeFi Sectors: Cornerstones of Growth Solana’s performance in the DeFi sector was particularly extraordinary. The blockchain’s Total Value Locked (TVL) saw a more than 1000% year-on-year increase, indicating robust growth in decentralized finance activities. Additionally, the creation of new NFTs on Solana skyrocketed, with over 98 million new NFTs minted—a 54-fold increase from the previous year. In Q2 2024, the platform had 1.4 million unique NFT buyers and 678k sellers, showcasing the vibrant activity in the NFT marketplace. Q3 Outlook: Mixed Start but Persistent DeFi Strength As we transition into the third quarter, initial data from Artemis suggests a mixed performance. While Solana’s daily active addresses and transaction volumes experienced a noticeable decline in the first week of Q3, its DeFi activities stayed strong, with TVL continuing to rise. This persistence in the DeFi sector indicates…

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Filed under: News - @ July 7, 2024 4:14 pm