"Solana's Surge: $840M Revenue, 213% Price Boost"

Generated by AI AgentCoin World
Thursday, Feb 6, 2025 6:01 am ET1min read
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Solana (SOL) Price Surges 213% as Network Activity Soars

Solana (SOL), a high-performance blockchain platform, has witnessed a remarkable surge in its price and network activity during the fourth quarter of 2024. According to a report by market intelligence firm Messari, Solana's application revenue surged by 213% to $840 million, with November being the strongest month at $367 million.

This impressive growth can be attributed to increased activity across various sectors, including decentralized finance (DeFi), non-fungible tokens (NFTs), and new cryptocurrency launches. Leading applications on the network, such as Pump.fun and Photon, saw growth of 242% and 278% respectively, contributing to the overall revenue increase.

The network's success extended to its DeFi sector, where Solana claimed the position of second-largest network by total value locked (TVL). The TVL grew by 64% to reach $8.6 billion, allowing Solana to overtake Tron in November. When measured in SOL tokens, the DeFi TVL increased by 28% to 46 million SOL.

Daily trading activity on decentralized exchanges (DEXs) saw substantial growth, with average daily volume increasing by 150% to $3.3 billion. This uptick was largely driven by increased trading in memecoins and the emergence of new AI-themed tokens on the network.

The stablecoin market on Solana also expanded, with the total market cap growing by 36% to reach $5.1 billion. This positions Solana as the fifth-largest stablecoin market among competing networks. USDC maintained its dominant position, growing by 53% to $3.9 billion and representing 75% of the total stablecoin market on Solana.

Network participation showed healthy growth through liquid staking, with the rate increasing by 33% to reach 11.2%. This indicates that 66% of the eligible SOL supply is now staked, contributing to the network's security and stability.

The NFT market on Solana demonstrated steady performance, with average daily volume increasing by 7% to $2.7 million. Tensor emerged as the leading NFT marketplace with $