Solana’s Strong Recovery and Positive Trends
Solana, the seventh-largest cryptocurrency, has made a strong recovery this year despite its previous association with FTX and the repercussions of FTX’s collapse. According to Nansen’s analysis, SOL has been trending positively since the summer, with the SOL vs ETH ratio reaching highs not seen all year.
Impressive Market Capitalization and Performance
Solana closed the quarter with a market capitalization of $8.4 billion, reflecting a 17% increase quarter-over-quarter. It has outperformed assets with similar market capitalization, climbing from the 10th to the 7th position in market cap rank over the same period.
Growth in DeFi and Revenue
Solana’s DeFi Total Value Locked (TVL) increased by 32% quarter-over-quarter to $368 million. This growth is fueled by DeFi and liquid staking protocols rolling out points programs, led by MarginFi, Jito, Cypher, and BlazeStake, among others.
The total revenue generated by Solana, including all fees accumulated by the protocol, jumped by 19% in USD to $4 million. In terms of SOL, it experienced a 10% growth, equivalent to 185,400 SOL.
Steady and Affordable Transaction Fees
Solana’s transaction fees are considered among the steadiest and cheapest of all networks. In the third quarter, the average non-vote transaction fee was $0.0002.
Hot Take: Solana’s Promising Momentum
Solana has shown promising momentum with its strong recovery, positive trends, impressive market capitalization and performance, growth in DeFi, and steady transaction fees. It has proven to be a competitive cryptocurrency, outperforming similar assets and attracting attention in the market. As it continues to gain traction and expand its ecosystem, Solana has the potential to become an even more prominent player in the crypto space.
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