InOctober,thetotalvaluelocked(TVL)onSolanahitanewhigh,surpassing$6.1billion.ThismarksthehighestlevelsinceJanuary2022.
TVLreferstothetotalvalueofassetsdepositedbyusersintoaproject.ArisingTVLisoftenanindicatorofincreasedusertrustandengagementwiththeplatform.
TVLSurpasses$6.1Billionwith40MillionSOLLocked
Alongsidetherecord-breakingTVL,datafromDefiLlamashowsthat,asofOctober15,over40millionSOLtokensarelockedinDeFiprotocols.Thisfigurehasbeensteadilyrisingfrom14millionSOLatthebeginningof2024.
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Solana’sTVLinSOL.Source:DefiLlama
Thus,theincreaseinTVLisnotsolelyduetotheriseinSOL’smarketprice.ThegrowingamountofSOLbeinglockedintheseprotocolsindicatesincreasinguserdemand.
MemeCoinHypeDrivesTradingDemandonDEXs
Raydium,adecentralizedexchange(DEX)onSolana,hasbeenamajorcontributortoitsTVLexceeding$6.1billion.SincethestartofOctober,Solana’sTVLhasincreasedby$1billion,withRaydiumaloneaccountingfor$600millionofthatgrowth.
“DEXtradingactivitycontinuedtoflourishonSolana,buoyedbythemultitudeofmemecoins.ItendedSeptemberwitha22%marketshareand$21.5billioninvolume,”CoinGeckosaid.
MonthlyTop10DEXVolumebyChain.Source:CoinGecko.
TradingdemandonRaydiumhassurgedamidsttheongoingmemecoincraze,whichshowsnosignsofcoolinginOctober.RecentdatafromKaitorevealsthatmemecoinshavehitanewpeakinmindshare.
Furthermore,datafromCoinGeckoindicatesthatthemarketcapitalizationofmemecoinsonSolanahassurpassed$11.2billion,withdailytradingvolumenearing$4billion.
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DailyActiveAddressesonSolanaHitNewHighs
DatafromIntoTheBlockrevealsthatSolana’snetwork’sdailyactiveaddresses(DAA)reachedanewrecord.InOctober,Solana’snetworksawover4millionactiveaddressesoncertaindays.SinceSeptember,DAAhasconsistentlyremainedabove3millionperday.
NumberofActiveAddressesonTheSolanaNetwork.Source:IntoTheBlock
Inaddition,thenumberofnewaddressesonSolana(7DMA)setanall-timehighinOctober,withover4millionnewaddressescreatedweekly.Thenumberofnewaddressesreflectsdemandfromnewusers,oftensignalingfreshcapitalinflowsintoaproject.Thistrendistypicallyakeydriverofpricegrowthforaltcoins.
Readmore:HowtoBuySolana(SOL)andEverythingYouNeedToKnow
NumberofNewAddressesonSolanaNetwork.Source:IntoTheBlock
Currently,SOListradingataround$156.RecenttechnicalanalysissuggeststhatSOLisfacingsignificantresistanceat$159,withthepotentialtoreach$200ifitbreakspastthislevel.
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