Solana Recorded Impressive Growth in DeFi and NFT Figures in Q4 2024
The post Solana Recorded Impressive Growth in DeFi and NFT Figures in Q4 2024 appeared on BitcoinEthereumNews.com.
Photo by GuerrillaBuzz on Unsplash The fourth quarter of 2024 was one of Solana’s best quarters, according to a recent State of Solana Q4 2024 report from market intelligence platform Messari. The report states that the Solana network recorded an impressive 213% revenue jump in Q4 2024, from $268 million to $840 million. Messari also revealed that the best month was November, with the network receiving $367 million in revenue via protocol applications. Solana has increasingly become the blockchain of choice among crypto developers because of several perks, including simplicity and scalability. Along with Ethereum, Solana has hosted several of the latest crypto coins currently considered the best options to invest in this year. Enjoying the strong infrastructure of the blockchains, holders of these meme coins can access better scalability, quick multi-chain transactions, real-time crypto market analysis, artificial intelligence integration, and impressive staking rewards. Solana’s Fourth Quarter Figures The Messari report contains a few specifics that highlight Solana’s recent growth. For instance, Solana recorded a 64% quarter-on-quarter (QoQ) increase in DeFi TVL, hitting $8.6 billion and overtaking the Tron network in November. For the quarter, decentralized exchange (DEX) Raydium had the highest numbers, rising 86% QoQ and scooping a 24% market share, with $2.1 billion. Kamino came in second, with a 21% market share and $1.8 billion in TVL. Interestingly, the third largest, Jupiter Perps, recorded the biggest QoQ jump in TVL, at 130%. Jupiter Perps ended the quarter with a 20% market share and $1.7 billion in TVL. On the other hand, MarginFi saw the largest loss in market share, at a 40% plunge. The lending protocol also saw a 4% QoQ TVL crash to $349 million. For Solana DEXs, the average volume on the network hit $3.3 billion, rising 150% QoQ. According to Messari, this was mostly due…
Filed under: News - @ February 11, 2025 5:25 am