Solanacontinuestoprovethatit’soneofthetopblockchainsforthiscycle.Afteritsrally,whichgained35%overthepast60days,thepopularLayer1blockchainisbackinthenewswithmoreon-chainactivities.
Accordingtorecentdata,Solana’sDeFiTotalValueLockedorTVLincreasedto$5.7billioninthethirdquarter,reflectinga26%improvementfromthepreviousquarter.
Kamino,acryptolendingservice,leadsthecountwith$1.5billioninTVLandanimpressive7%Quarter-on-Quartergrowth,helpedbyjupSOLandPYUSDadditions.RecentdataalsosuggeststhatSolana’smarketcapisnow$3.8billion,animprovementof23%,boostedbytheintegrationofPayPal’sPYUSD.
DeFIContinuesToDriveGrowthForSolana
SolanaDeFitopsthechain’sactivitieswithatotallockedvalue,worth$5.7billion.ThislatestSOLdatareflectsasolid26%growthQoQ,pushingtheblockchaintobecomethirdlargestinthismetric,surpassingTron.
InaMessarireport,Solana’sTVLincreasedduetoincreasedactivitiesforKamino,whichaccountedfor$1.5billionofthetotalcontractslocked.Kamino’srecentquarterlyfigurerepresentsa57%rise,thankstotherecentintegrationofjupSOLandPYUSD.
AsidefromKaminoFinance,Solana’sblockchainfeaturedlockedassetsforRaydium,with$1.1billion,andJupiter,with$749million.KaminoFinance’simpressiveperformanceislinkedtoitsKaminoLendV2launch,offeringapermissionlessvaultandmarketlayer.
AnalystsexpectKaminoFinancetocontinueitsdominancebyaddingnewprojectsliketheSpotLeverageandLendingOrderbook.
SolanaDEXShowsSignsOfSlowingDown
Solana’sDEXactivitywasdown10%QoQbutreboundedabitbyOctober.Theaveragedailyvolumeontheblockchain’sexchangehit$1.7billion,largelybecauseofafallinmemecoins.
RaydiumretainsitsdominanceonSolana’sDEX,witha51%marketshare,althoughitsdailyaveragevolumedippedby13%to$852million.Thevolumeincreasedby$350millionwiththereleaseofMoonshot,acryptomobiletradingapp.
Jupiteralsostayedatthetop,cornering43%ofthetotalspotexchangevolume.Recentdevelopments,includingthereleaseofJupiterMobileandtheintegrationofGooglePayandApplePay,helpedtheplatform.
SOL’sStablecoinsGetHelpFromPYUSD
InthesameMessarireport,PayPal’sPYUSDliftsSOL’sstablecoinmarket.ThePYUSDwaslaunchedinMayinSolana,whichismainlyinstrumentalinitsmarketcapgrowth,whichnowstandsat$3.8billion.Withexcitingfeatureslikeprogrammabletransfersandtransferhooks,PayPal’sPYUSDbecameinstantlypopular.
AsidefromPYUSD,USDCalsocontributestoSolana’sstablecoinsmarket.Circle’sintegrationofWeb3.0servicesforSOLprovidesenterprisefunctionalityfeatureslikefeesponsorshipandprogrammablewallets,allowingdeveloperstointegratemulti-chainsolutionsquickly.
FeaturedimagefromStormGain,chartfromTradingView
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