Solana’s decentralized finance (DeFi) ecosystem has reached a major milestone, showing its growing role in the blockchain space.
Blockchain total value locked (TVL) has surpassed $10 billion for the first time in three years.
Solana’s Growing TVL and DEX Activity
Data from DeFiLlama shows that Solana’s TVL has increased by $1.5 billion since January 14, reaching an all-time high of $10.172 billion. This push highlights the platform’s growing adoption in DeFi applications and its ability to attract substantial liquidity.
Solana has also outperformed its competitors in the area of decentralized exchange (DEX) trading activities. Over the past 24 hours, figures reveal that Solana’s daily DEX volume soared to $10.47 billion, almost three times that of Ethereum’s $3.28 billion.
Over the past week, Solana maintained its dominance, achieving $33.7 billion in trading volume, compared to Ethereum’s $15.39 billion.
The launch of a memecoin named “TRUMP” on the Solana blockchain contributed significantly to this growth. The token, linked to US President-elect Donald Trump, has seen a meteoric rise, jumping almost 500% and reaching a market capitalization above $15 billion.
“TRUMP pairs represent 18.5% ($1.92 billion) of Solana’s total trading volume today,” said crypto analyst Tom Wan.
Similarly, blockchain analyst Sharples highlighted that the meme coin frenzy fueled activity in borrowing markets, with a $20 million surge in USDC lending and 460 million new USDC tokens issued since the beginning of the token.
Meanwhile, the excitement surrounding Solana is not limited to memecoins. Market speculation about potential Solana-based ETFs and their alleged inclusion in US strategic reserves has boosted investor confidence. These developments spurred whale trading and amplified Solana’s appeal to institutional investors.
Notably, the bullish outlook positively influenced Solana’s native token, SOL, whose price jumped 10% over the past day, trading around $242, according to data from BeInCrypto.
A recent report from Bitwise Asset Management predicts that SOL will reach $2,318.90 to $6,636.88 by 2030, driven by increasing daily active addresses and robust blockchain adoption.
Solana’s growth has solidified its position as a formidable competitor to Ethereum in the DeFi landscape. The network’s scalability and efficiency make it a preferred choice for speculative trading and innovative applications. Analysts predict that as Solana’s ecosystem matures, it will unlock even more opportunities for growth and innovation.
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