- The past month has seen significant growth in the DeFi sector of the Solana blockchain, with Total Value Locked (TVL) increasing.
- The NFT ecosystem on Solana also witnessed notable growth, with sales volume increasing by over 5% in the past 30 days.
In the past month, the DeFi sector of the Solana blockchain has experienced notable expansion, with an increase in Total Value Locked (TVL). Solana Daily’s tweet highlighted the leading Solana dApps in terms of incoming value, which played a significant role in driving the growth of TVL on the platform.
Nevertheless, despite the growth of the DeFi ecosystem, investors in SOL were still experiencing losses at the current time.
Steady Increase in Solana’s DeFi Ecosystem
According to data from DeFiLlama, Solana’s Total Value Locked (TVL) has steadily increased for several weeks, indicating a positive momentum in the growth of its DeFi ecosystem. As of the latest update, SOL’s TVL has reached $1.12 billion. This rise in metrics signifies the expansion of the blockchain’s DeFi space.
In its recent tweet, Solana Daily featured the leading dApps within the ecosystem based on the value they received in the past week. Undoubtedly, these dApps played a significant role in driving the growth of the blockchain’s Total Value Locked (TVL). According to the tweet, the top three dApps were Sharky, Parrot, and Saber Labs.
Top Solana Dapps by Incoming Value Last 7D
🥇 @SharkyFi
🥈 @gopartyparrot
🥉 @Saber_HQ@MarinadeFinance @solendprotocol @port_finance @SquadsProtocol @mercurialfi @ProjectLarix @SolanartNFT @DivvyBet @helio_pay @RaydiumProtocol @png_fi @degencoinflip@dappradar #Solana $SOL pic.twitter.com/xd61KzRbzM— Solana Daily (@solana_daily) August 4, 2023
Furthermore, it is worth noting that Solana’s captured value has observed growth over the previous months. According to data from Artemis, SOL’s fees began to rise in the middle of June 2023, leading to an increase in the blockchain’s revenue. However, it is important to acknowledge that both metrics experienced a slight decline in the past few weeks.
In addition to the growth observed in the DeFi sector, the NFT ecosystem on the Solana blockchain also experienced significant expansion. According to recent data, sales volume for Solana NFTs increased by over 5% in the past 30 days. Moreover, the platform saw a rise in its total number of buyers, sellers, and transactions by 14%, 18%, and 5%, respectively.
Solana’s Resilience Despite FTX Collapse
During a recent episode of the crypto analysis show Coinsider on YouTube, the host presented a compelling argument favoring Solana ($SOL), a high-performance blockchain platform. Despite facing the collapse of FTX, its major supporter, Solana, has demonstrated remarkable resilience.
The cryptocurrency’s price experienced a significant drop from $250 to approximately $10, amounting to a 96% decline, leading many to believe that Solana had lost its viability. However, the host emphasized that Solana’s daily active addresses have remained steady at around 300,000 throughout 2023, putting it on par with Ethereum and Polygon regarding user engagement.
Additionally, Solana’s transaction volumes have rebounded to levels seen before the FTX collapse, and it currently ranks fourth in terms of daily fees generated. These factors have contributed to Solana’s remarkable 150% price surge since January 2023, catapulting it back into the top 10 cryptocurrencies on CoinMarketCap.
Thriving Developer Community on Solana
The host pointed out the flourishing developer community of Solana, noting that it currently ranks fourth in terms of the number of full-time developers across all blockchains. This places Solana ahead of Cardano, Avalanche, and even Bitcoin in developer engagement.
Additionally, the host highlighted Solana’s latest compiler, Solang, which easily facilitates Ethereum developers in creating dApps for Solana. This development is expected to significantly migrate Ethereum dApps to the Solana platform in the coming times.
Price Forecast
The host compared Solana’s potential and Ethereum’s performance in the previous cycle, projecting that Solana could achieve a 30x increase from its bear market low of approximately $10, reaching $300. Even at its current value of roughly $25, the host envisions a possible 15x upside.
As of the time of writing, SOL is trading at $23.07, reflecting a 0.39% increase over the past 24 hours.
