Solana’s momentum has surged in the past 24 hours, with its price climbing 11% to reach $185, outpacing all other top 10 digital assets by market capitalization. This price movement follows a broader market trend influenced by President Donald Trump’s election victory.
One of the significant drivers behind Solana’s growth is the increasing DeFi activity on its blockchain. The total value locked (TVL) on Solana has reached $6.7 billion, its highest since January 2022, according to DeFillama data. This places it behind only Ethereum and Tron, which have TVLs of $62.93 billion and $6.93 billion, respectively.
Further, Solana is also ahead of other layer-1 blockchains (L1s) by a wide margin. While the average L1 processes less than 5 million daily transactions, Solana handles an impressive 44.5 million, showing a strong demand for its network.
Moreover, the network’s Real Economic Value (REV), a metric combining transaction fees and Maximum Extractable Value (MEV) tips, has increased. These fees are crucial revenue sources for Solana and its validators, helping maintain network security.
In the first five days of November alone, Solana’s revenue from REV has averaged $5 million daily, reflecting a strong upward trend in economic activity across the platform, according to Blockwork Research’s data.
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Source: https://cryptoslate.com/insights/6-7b-tvl-surge-marks-solanas-growing-dominance-in-defi/