In the rapidly evolving world of decentralized finance (DeFi), Solana has emerged as a formidable player, as highlighted in the July 2024 Crypto Market Report by AMBCrypto.

It provides an in-depth look at Solana's impressive staking system, which has attracted a staggering $61 billion in staked capital, surpassing Ethereum. The report also sheds light on Solana's remarkable growth and its implications for the DeFi ecosystem. Key highlights include:

• Staking milestone: Solana's staking system has attracted $61 billion, surpassing Ethereum, despite having fewer liquid staking tokens (LSTs).
• DeFi potential: Solana's DeFi Total Value Locked (TVL) grew by 26% in native SOL tokens, indicating strong ecosystem support despite a 9% decline in USD terms.
• Stablecoin growth: Solana's stablecoin market expanded by 8%, reaching $3.1 billion, boosted by PayPal's launch of PYUSD on its network.
• Market leadership: JitoSOL holds 48% of liquid staked SOL, leading Solana's liquid staking market and reflecting strong protocol dominance.

Solana's user-friendly staking system and growing DeFi and stablecoin markets position it as a formidable contender in the blockchain space, with significant growth potential. Besides, for a detailed look at the crypto market, including DeFi, Politifi, DePIN sectors, you can read the AMBCrypto report here. Please reach out to AMBCrypto experts if you have questions.

About AMBCrypto

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Media Contact:Manisha MishraAMBCryptonews@ambcrypro.comhttps://ambcrypto.com/