With a total value locked (TVL) of $6.9 billion, Solana has firmly established itself as the second-largest blockchain TVL. This milestone highlights Solana’s increasing impact and adoption in the rapidly evolving decentralized finance (DeFi) space.
Solana’s native token, SOL, had a rough time. It had a hard time continuing its bullish momentum after hitting the $134 level on April 14. However, even after this temporary dip, Solana has shown its strength and continues to thrive in various aspects.
Solana recently reclaimed the top position in decentralized exchange (DEX) activity, surpassing Ethereum with a notable 16% gain over seven days. This resurgence is a reflection of the growing popularity and usage of Solana-based DEXs.
The network has already eaten competitors such as Tron, Base, and Berachain for breakfast. It’s already scored an impressive 12% victory in the seven days leading up to April 16.
Solana’s TVL is currently equal to that of the entire Ethereum layer-2 ecosystem in deposits. Soaring DApps activity on Solana reached all-time high activity of $15.8 billion in the week ending 16th April. This figure exceeded the total volume on all Ethereum scaling solutions combined by more than 50% during this period.
Both analysts attribute price appreciation to Solana network deposit growth. This trend would have a major positive effect on the near-term market. SOL has fallen 57% below its all-time high set last November. If anything, the network’s excellent performance and rapidly increasing adoption suggest an optimistic future lies ahead.
Even considering Solana’s overall strength, its DApps see considerably smaller volumes on average than many of its larger competitors. Volumes on major Ethereum DApps like Uniswap, Fluid, and Curve Finance have all dropped. The BNB Chain reflects the same dynamic. PancakeSwap, Four-Meme, and DODO saw lower volumes than the week prior.
According to Exponent, Solana’s total value locked (TVL) has increased by 2x over the past 30 days. This spike is a direct reflection of the rapid growth of user engagement and investor confidence. Deposits on Sanctum, a liquid staking application, have increased by 30% over the same time frame. Both Jito and Jupiter have seen explosive growth, with deposits doubling in just the last 30 days.
Looking forward, Solana’s native token, SOL, is set to benefit the most. The expected launch of a Solana spot ETF in the US in 2025 will be a significant catalyst to this expansion. With this added development, Solana just may continue to increase their momentum, media spotlight, and draw in institutional investment.
