Ethereum (ETH) rival Solana (SOL) skyrocketed several multiples in terms of total value locked (TVL) in the last quarter of 2024, Messari’s latest data shows.
In its new “State of Solana Q4 2024” report, the crypto analytics firm notes that TVL on Solana grew by 64% quarter-on-quarter (QoQ) and 486% year-on-year (YoY) to $8.6 billion, ranking it second among blockchains, surpassing Tron (TRX) in November.
TVL refers to the total value of digital assets locked or staked within a blockchain or application’s smart contracts.
Leading the charge on Solana, according to Messari, was Raydium, which is currently the biggest decentralized exchange (DEX) on the network. Raydium’s TVL grew 86% QoQ and ended Q4 with a 24% market share.
Messari says Raydium’s dominance can be attributed to speculators trading memecoins and artificial intelligence (AI)-related crypto assets.
“Solana continued to establish its position as a dynamic force in the blockchain ecosystem throughout Q4 2024. The quarter saw remarkable growth across multiple sectors, including DeFi, liquid staking, NFTs (non-fungible tokens), and institutional involvement.
DeFi (decentralized finance) remained a cornerstone of the growth on Solana, with its Total Value Locked (TVL) soaring by 64% to $8.6 billion, securing the network’s place as the second-largest in the space. This increase was driven by significant jumps in lending platforms and decentralized exchanges (DEXs), with Raydium and Jupiter leading the charge in daily volumes. The memecoin trend provided further momentum, boosting application revenues and market activity. Meanwhile, the liquid staking rate rose by 33% QoQ to 11.2%, solidifying its role in the growing yield-bearing SOL ecosystem.”
You can read the full Messari report here.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Generated Image: DALLE3
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Pakistan has…
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Most of…
The landmark stablecoin legislation, the GENIUS Act, could be on Trump’s desk by the end…
Upbit, South Korea’s largest cryptocurrency exchange by trading volume, has announced the listing of four…
U.S. banking regulators have issued a statement clarifying the rules around cryptocurrency safekeeping, or custody,…
Tensions in the crypto sector escalated over the weekend following allegations that Coinbase was the…