Solana DeFi Momentum Soars With $5.7 Billion Locked In Q3

Name	Symbol	Market	Market Cap ($)	Algorithm
Solana	SOLUSD	Crypto	101,687,326,691	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Solana

SOLUSD

Crypto

101,687,326,691

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.770	0.36%	217.27	217.29	217.30

Price Change

Price Change %

Current Price

Bid Price

Offer

0.770

0.36%

217.27

217.29

217.30

High Price	Low Price	Open Price	Prev. Close	52 Week Range
217.88	216.32	216.49	216.53	- - -

High Price

Low Price

Open Price

Prev. Close

52 Week Range

217.88

216.32

216.49

216.53

- - -

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	00:41:42	0.438391	217.30	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

00:41:42

0.438391

217.30

USD

Price x Volume	Volume	Base Symbol	Related Pairs
3,918,110.99	18,050.16	SOL	SOLEUR	SOLGBP	SOLBTC

Price x Volume

Volume

Base Symbol

Related Pairs

3,918,110.99

18,050.16

Solana DeFi Momentum Soars With $5.7 Billion Locked In Q3

03/11/2024 10:00pm

NEWSBTC

Solana continues to prove that it’s one of the top blockchains for this cycle. After its rally, which gained 35% over the past 60 days, the popular Layer 1 blockchain is back in the news with more on-chain activities. According to recent data, Solana’s DeFi Total Value Locked or TVL increased to $5.7 billion in the third quarter, reflecting a 26% improvement from the previous quarter. Related Reading: Will Bitcoin Hit $176K? Anthony Scaramucci Lays Out His High-Stakes Forecast Kamino, a crypto lending service, leads the count with $1.5 billion in TVL and an impressive 7% Quarter-on-Quarter growth, helped by jupSOL and PYUSD additions. Recent data also suggests that Solana’s market cap is now $3.8 billion, an improvement of 23%, boosted by the integration of PayPal’s PYUSD. DeFI Continues To Drive Growth For Solana Solana DeFi tops the chain’s activities with a total locked value, worth $5.7 billion. This latest SOL data reflects a solid 26% growth QoQ, pushing the blockchain to become third largest in this metric, surpassing Tron. In a Messari report, Solana’s TVL increased due to increased activities for Kamino, which accounted for $1.5 billion of the total contracts locked. Kamino’s recent quarterly figure represents a 57% rise, thanks to the recent integration of jupSOL and PYUSD. Aside from Kamino Finance, Solana’s blockchain featured locked assets for Raydium, with $1.1 billion, and Jupiter, with $749 million. Kamino Finance’s impressive performance is linked to its Kamino Lend V2 launch, offering a permissionless vault and market layer. Analysts expect Kamino Finance to continue its dominance by adding new projects like the Spot Leverage and Lending Orderbook. Solana DEX Shows Signs Of Slowing Down Solana’s DEX activity was down 10% QoQ but rebounded a bit by October. The average daily volume on the blockchain’s exchange hit $1.7 billion, largely because of a fall in meme coins. Raydium retains its dominance on Solana’s DEX, with a 51% market share, although its daily average volume dipped by 13% to $852 million. The volume increased by $350 million with the release of Moonshot, a crypto mobile trading app. Jupiter also stayed at the top, cornering 43% of the total spot exchange volume. Recent developments, including the release of Jupiter Mobile and the integration of Google Pay and Apple Pay, helped the platform. Related Reading: Bitcoin Breaks $73,000, Yet Google Searches Stay Stagnant—Is Hype Fading? SOL’s Stablecoins Get Help From PYUSD In the same Messari report, PayPal’s PYUSD lifts SOL’s stablecoin market. The PYUSD was launched in May in Solana, which is mainly instrumental in its market cap growth, which now stands at $3.8 billion. With exciting features like programmable transfers and transfer hooks, PayPal’s PYUSD became instantly popular. Aside from PYUSD, USDC also contributes to Solana’s stablecoins market. Circle’s integration of Web 3.0 services for SOL provides enterprise functionality features like fee sponsorship and programmable wallets, allowing developers to integrate multi-chain solutions quickly. Featured image from StormGain, chart from TradingView

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SOLUSD Solana