TLDR
- Solana achieves new milestone with $15B in weekly DEX activity
- Platform shows 100% growth in token value over 10 months
- Liquid staking dominates with $2.4B through Jito platform
- Network revenue hits $12.5M milestone
- DeFi ecosystem expands with Raydium reaching $1.4B TVL
Solana continues its upward trajectory in 2024, setting new records across multiple performance metrics. Recent data reveals unprecedented levels of decentralized exchange (DEX) activity, with weekly trading volumes surpassing $15 billion, marking a key milestone for the platform.
The blockchain’s native token, SOL, demonstrates strong market performance, posting a 100% increase across a 10-month period.
Despite retreating from its 2024 peak of $240, the current trading price of $180 positions SOL firmly as the third-largest smart contract platform in the market.
Network revenue data shows consistent growth, with figures approaching $12.5 million. This uptick in revenue stems primarily from transaction fees and smart contract operations, showing steady increases since the fourth quarter of 2022.
The platform’s liquid staking sector emerges as a standout performer, with Jito taking the lead at $2.4 billion in managed assets. This development highlights growing user interest in staking services within the Solana ecosystem.
Raydium, a key player in Solana’s DEX landscape, reports substantial growth with managed assets exceeding $1.4 billion. The platform’s 28% monthly growth aligns with broader positive trends across Solana’s trading infrastructure.
Solana is either exceeding or at ATHs for:
– TVL
– revenue
– volume
– real economic activity
– developer activity
– txns
– net inflows
– deduped stable transfer volumenot 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
October 2024 marks a notable achievement as Solana’s DEX activity surpassed competing networks, including established platforms like Aptos, Injective, and Cardano.
The weekly trading volume shows a 150% lead over Ethereum during the same period.
The introduction of Pump.fun in January 2024 sparked increased meme coin trading activity, contributing to higher engagement levels across Solana’s decentralized applications. This development adds another layer to the platform’s growing ecosystem.
Daily transaction metrics reveal consistent user engagement across various applications and services. The platform maintains cost-efficient operations while handling increased activity levels, a factor that continues to attract developer interest.
Technical performance data indicates stable network operations throughout periods of high activity. This stability addresses previous concerns about network reliability that emerged during market fluctuations in 2022.
Trading patterns across major exchanges show steady volume, maintaining SOL’s position among top cryptocurrencies by market capitalization. The token’s price movements reflect broader market trends rather than platform-specific issues.
🚨 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
The Total Value Locked (TVL) in the Solana ecosystem now exceeds $6 billion, showcasing substantial growth while remaining below the network’s previous peak of $10 billion from October 2021.
Recent developments show increased integration between Solana-based protocols and traditional finance applications. This expansion contributes to rising transaction volumes and TVL across the network.
Platform metrics indicate steady growth in daily active users and new wallet creation, pointing to sustained adoption beyond trading activity. The ecosystem’s DeFi sector shows particular strength in user engagement and transaction volume.
Trading volume data from late October 2024 confirms Solana’s position as a leading platform for decentralized trading activity. The network processes consistent transaction volumes while maintaining operational efficiency.
The most recent statistics point to continued expansion in DEX trading volumes and network revenue, following growth patterns established in late 2023.
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