Solana (SOL) has demonstrated an extraordinary performance in the fourth quarter of 2024, with Messari reporting a staggering 213% quarter-over-quarter growth in total app revenue, reaching an impressive $840 million. This surge positions Solana as a strong contender in the blockchain industry, potentially marking the best quarter for any blockchain in history.
The remarkable growth in app revenue can be attributed to the success of leading applications like Pump.fun and Photon, as well as renewed interest in memecoins and AI-related cryptocurrencies. Solana’s DeFi ecosystem also experienced significant growth, with total value locked (TVL) increasing by 64% to $8.6 billion, surpassing Tron to become the second-largest DeFi network.
Solana’s ecosystem growth is further supported by the rise in liquid staking rate, indicating a thriving yield-bearing SOL environment. The NFT market also saw modest gains, with Tensor dominating the space. Network activity metrics reflected robust engagement, with substantial increases in daily fee payers and transactions.
Despite the overall positive performance, SOL’s price has experienced a 22% decline over the last two weeks, trading at $199 amid macroeconomic challenges affecting risk assets. However, the underlying fundamentals of the Solana ecosystem remain strong, with the potential for continued growth and adoption in the future.
As Solana continues to establish itself as a major player in the blockchain industry, investors and developers alike will be closely monitoring its progress. The record-breaking app revenue and ecosystem growth in Q4 2024 demonstrate Solana’s ability to attract and retain users, setting the stage for further expansion and innovation in the coming quarters.
Tags: Solana, SOL, DeFi, NFT, blockchain, crypto
Source: https://www.newsbtc.com/news/solana/solana-metrics-surge-total-app-revenue-climbs-to-840m-in-record-breaking-quarter/