Solana's TVL Surges 486% in 2024, Overtaking Tron

Solana's Total Value Locked (TVL) shattered the $8.6 billion mark in the fourth quarter of 2024, surging by a staggering 486% year-on-year, according to data from Messari. This remarkable growth placed Solana as the second-largest blockchain by TVL, surpassing Tron (TRX) in November.

TVL, which represents the total value of digital assets locked or staked within a blockchain's smart contracts, grew by 64% quarter-on-quarter (QoQ) on Solana. The leading contributor to this growth was Raydium, the largest decentralized exchange (DEX) on the network, which saw its TVL increase by 86% QoQ and ended the quarter with a 24% market share.

Messari attributed Raydium's dominance to speculators trading memecoins and artificial intelligence (AI)-related crypto assets. The quarter also witnessed remarkable growth across various sectors, including decentralized finance (DeFi), liquid staking, non-fungible tokens (NFTs), and institutional involvement.

DeFi remained a cornerstone of Solana's growth, with its TVL soaring by 64% to $8.6 billion. This increase was driven by significant jumps in lending platforms and decentralized exchanges (DEXs), with Raydium and Jupiter leading the charge in daily volumes. The memecoin trend provided further momentum, boosting application revenues and market activity. Meanwhile, the liquid staking rate rose by 33% QoQ to 11.2%, solidifying its role in the growing yield-bearing SOL ecosystem.