Off the back of the Original Trump memecoin, Solana's total value locked (TVL) has reached $9.77 billion, marking a major expansion from $1.4 billion a year ago. TVL increased approximately 600% over the 12-month period.
Raydium, Solana's leading DEX, accounts for $2.59 billion of the total TVL, highlighting the growing demand for decentralized trading infrastructure on the network.
While substantial, Solana's TVL remains proportionally smaller than Ethereum's $68 billion, indicating potential room for further growth in the ecosystem.
The TVL growth coincides with robust network activity metrics. The network processes approximately 300 million transactions daily, while active addresses have surpassed 4 million, reflecting increased user engagement.
Increased attention from high-profile projects and figures has been a significant driver of activity on the chain. President Trump chose to launch his memecoin on Solana on Jan. 17, shocking novice and experienced traders alike. Since its launch, the TRUMP token has helped draw in more than $11 billion in volume on Solana. At the time of writing, Meteora had a 24-hour swap volume of 5.6 billion, with more than 4 billion attributed to TRUMP token pairs.
Also of note, Solana’s daily transaction fees reached a record high of $33.3 million on Sunday.
Additionally, established projects like Pudgy Penguins launching their token PENGU on Solana, combined with the network's growing reputation for hosting successful memecoin launches throughout 2024, have contributed to the ecosystem's growth.
The sustained growth in TVL points to Solana's maturing DeFi ecosystem. Projects increasingly choose Solana for new launches, suggesting growing confidence in the network's infrastructure.
While still a ways from challenging Ethereum, the growth in Solana TVL indicates potential opportunities for further DeFi development and adoption.
This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
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