Solana Platform Records $2.4B in Liquid Staking as Network Activity Rises

TLDR

• Solana revenue approaching $12.5M with steady increase since late 2022
• Total Value Locked (TVL) exceeds $6B, with Jito platform leading at $2.4B
• DEX trading volume surpassed $15B in a week, 150% higher than Ethereum
• Meme coin activity spiked after Pump.fun activation in January 2024
• SOL trading at $180, down from 2024 high of $240 and 2021 peak of $260

Solana’s blockchain network is experiencing unprecedented growth across multiple metrics, marking a strong recovery from its challenging period in late 2022.

Data from various tracking platforms shows substantial increases in revenue, trading volume, and total value locked (TVL) on the network.

The platform’s native token, SOL, has shown remarkable growth, posting a 100% increase over the past 10 months.

Currently trading at $180, the token has retreated from its 2024 high of $240, though remains well-positioned as the third-largest smart contracts platform, following Ethereum and BNB Chain.

Recent data from Artemis reveals that Solana is rapidly approaching $12.5 million in revenue.

Solana is either exceeding or at ATHs for:

– TVL
– revenue
– volume
– real economic activity
– developer activity
– txns
– net inflows
– deduped stable transfer volume

not bad for a chain that will never amount to anything according to this app

faster pic.twitter.com/QwGrTfoTQW

— mert | helius.dev (@0xMert_) October 27, 2024

This growth in revenue, primarily derived from gas fees paid by users for transactions and smart contract deployments, has been on an upward trajectory since late 2022, with a notable acceleration beginning in September 2023.

The network’s Total Value Locked (TVL), a key indicator of blockchain usage, has surpassed $6 billion. While this figure represents substantial growth, it remains below the network’s peak of $10 billion recorded in October 2021.

DeFiLlama data shows that Jito, a liquid staking platform, leads the ecosystem with over $2.4 billion in managed assets.

Raydium, one of Solana’s largest decentralized exchanges (DEX), has seen its managed assets grow by 28% over the past month, now exceeding $1.4 billion. This growth aligns with broader trends in DEX trading volume across the Solana network.

Trading volume data from October 27 showed Solana surpassing all competing blockchains in weekly DEX activity, including Aptos, Injective, and Cardano.

The network processed over $15 billion in DEX trading volume over a seven-day period, marking a 150% increase compared to Ethereum’s volume during the same timeframe.

The surge in network activity can be partially attributed to the rise in meme coin trading, which saw a marked increase following the launch of Pump.fun in January 2024.

This platform has contributed to higher engagement levels and transaction volumes across Solana’s decentralized applications.

The liquid staking sector continues to show strength within the Solana ecosystem. Jito’s dominance in this space, managing over $2.4 billion in assets, demonstrates the growing interest in staking services on the network.

🚨 Major Milestone: @solana has overtaken all blockchains in weekly DEX trading volume, achieving a staggering 160% of Ethereum’s volume! 💥

Despite this impressive performance, Solana’s market cap is only 27% of Ethereum’s. 🤯@artemis__xyz #SOL #ETH pic.twitter.com/SH4ZejubPN

— Ryan⚡️ (@Cryptosisfinanc) October 27, 2024

Daily transaction metrics indicate sustained user engagement across the platform’s various applications and services.

The increase in gas fee revenue suggests a healthy balance between network usage and cost efficiency, a factor that has historically attracted developers and users to Solana.

The platform’s technical infrastructure has maintained stability during this period of increased activity, addressing previous concerns about network reliability that emerged during the market downturn of 2022.

Trading patterns show consistent volume across major exchanges, with SOL maintaining its position among the top cryptocurrencies by market capitalization.

The token’s price movement from its 2024 high of $240 to current levels around $180 reflects broader market dynamics rather than network-specific issues.

Historical data provides context for current metrics, with the network’s previous all-time high of $260 in 2021 serving as a benchmark for potential price movement.

The recent growth in network metrics suggests strong fundamental activity underpinning the ecosystem’s recovery.

Recent developments in the DeFi sector show increased integration of Solana-based protocols with traditional finance applications. This integration has contributed to the rising TVL and transaction volumes across the network.

Financial data from tracking platforms indicates steady growth in daily active users and new wallet creation, suggesting sustained adoption beyond speculative trading activity.

The most recent data shows continued expansion in DEX trading volumes and network revenue, maintaining the growth trajectory established in late 2023.