Solana DeFi Momentum Soars With $5.7 Billion Locked In Q3
03 Novembre 2024 - 11:00PM
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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