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A recent report from crypto data and research firm Messari has shed light on the performance of the Solana (SOL) ecosystem during the third quarter of 2024. The report highlights a mixture of growth and challenges faced by the blockchain amid broader volatility in the cryptocurrency market during that period.
Solana Stablecoin Market Cap Rises To $3.8 Billion
One of the standout metrics from the report is the growth of Solana’s Total Value Locked (TVL) in decentralized finance (DeFi), which rose by 26% quarter-over-quarter (QoQ) to reach $5.7 billion.
This growth positioned Solana as the third-largest network in terms of DeFi TVL, surpassing Tron in late September. Notably, the TVL denominated in SOL also increased, growing by 20% QoQ to 37 million SOL.
The rise in Total Value Locked (TVL) within the Solana ecosystem demonstrates the increasing adoption and utilization of decentralized finance (DeFi) on the platform. This growth not only solidifies Solana’s position within the DeFi space but also signifies the community’s confidence in the network’s capabilities and potential for further expansion.
Network Activity Thrives
Despite the challenges, the number of funding rounds for projects within the Solana ecosystem saw a reduction of 37% QoQ, with only 29 projects announcing funding. Yet, the total amount raised soared to $173 million, a 54% increase QoQ and the highest quarterly funding since Q2 2022.
The decrease in funding rounds coupled with a significant increase in total funding reflects a shift towards quality over quantity within the Solana ecosystem. This trend suggests a focus on more substantial and impactful projects, resulting in a higher overall investment amount despite fewer projects receiving funding.
At the time of writing, SOL was trading at $166, down 5% for the seven day period.
Solana’s current trading price reflects a slight decline over the past week, potentially influenced by market conditions and external factors impacting the broader cryptocurrency market. Despite this short-term decrease, Solana’s overall performance and ecosystem growth indicate long-term resilience and potential for further development.
