Solana’s Decentralized Finance (DeFi) environment has achieved a significant landmark, underscoring its expanding influence within the realm of blockchain technology.
The blockchain’s total value locked (TVL) surpassed $10 billion for the first time in three years.
Solana’s Surging TVL and DEX Activity
According to information from DeFiLlama, Solana’s Total Value Locked (TVL) has increased by approximately $1.5 billion since January 14th, peaking at a record high of $10.172 billion. This significant growth indicates a rising use of the platform in Decentralized Finance (DeFi) projects and its capacity to draw substantial funds.
It’s worth noting that Solana has shown superior performance in the area of decentralized exchange trading compared to its competitors. In fact, data from the last 24 hours indicates a significant increase in Solana’s daily DEX volume, which reached an impressive $10.47 billion. Remarkably, this figure is nearly three times greater than Ethereum‘s daily DEX volume of $3.28 billion.
Over the last seven days, Solana has maintained its lead, recording a trading volume of approximately $33.7 billion, significantly higher than Ethereum’s $15.39 billion.
A major factor fueling this growth is the debut of a memecoin called “TRUMP” on the Solana blockchain. This token, associated with the then-US President-elect Donald Trump, saw an incredible surge, nearly quadrupling in value and reaching a market capitalization over $15 billion.
According to crypto analyst Tom Wan, Trump-related accounts make up approximately 18.5%, or $1.92 billion, of the overall trading volume on the Solana platform today.
In a similar vein, blockchain expert Sharples noted that the craze surrounding meme coins stimulated lending market action, causing a surge of $20 million in USDC loans and the creation of 460 million new USDC tokens since its introduction.
Currently, the buzz around Solana isn’t just about memecoins. In fact, market discussions revolve around potential Solana-based spot ETFs and rumors of its integration into US strategic reserves. These speculations have fueled optimism among investors. As a result, we’ve seen an increase in significant transactions (whale trades) and growing interest from institutional investors due to Solana’s enhanced allure.
Significantly, the optimistic viewpoint has boosted Solana’s own token, SOL. In just one day, its value increased by 10%, and it is currently being traded at approximately $242, as per data from BeInCrypto.
According to a recent prediction by Bitwise Asset Management, Solana (SOL) could potentially rise to a range between $2,318.90 and $6,636.88 by the year 2030. This projection is based on factors such as growing daily active addresses and strong adoption of its blockchain technology.
Solana’s expansion has firmly established it as a tough rival to Ethereum in the decentralized finance (DeFi) sector. Its impressive scalability and robust infrastructure make it an attractive option for both speculative trading and groundbreaking applications. Experts believe that as Solana’s ecosystem develops, it will open up even more chances for expansion and innovation.
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2025-01-18 20:35