This remarkable increase is described in detail in a new report titled “State of Solana Q1 2024” by on-chain analytics company Messari.<\/p>\n
The research states that throughout the last three months, The altcoin’s average daily spot DEX volume increased by over 300% to $1.5 billion.<\/p>\n
Solana DEX Volume Skyrockets<\/strong><\/h2>\nSolana’s DeFi total value locked, a metric that represents the total value of cryptocurrency locked within DeFi protocols on a blockchain, surged by over 200% to nearly $5 billion, placing it fourth among all networks. This indicates a growing appetite from investors for DeFi projects built on Solana.<\/p>\n
\n.@solana<\/a> has become the home for retail users.<\/p>\nQoQ Metrics
\n– DEX Volume \u2b06\ufe0f 332%
\n– Revenue \u2b06\ufe0f 597%
\n– Total raised in ecosystem \u2b06\ufe0f 51%
\n– Market cap \u2b06\ufe0f 97%<\/p>\n
Check out the full Q1 report by @ph0rt0n<\/a> \ud83d\udc47https:\/\/t.co\/hYA1d2ZPY6<\/a> pic.twitter.com\/egpv6U9Rl8<\/a><\/p>\n\u2014 Messari (@MessariCrypto) April 5, 2024<\/a><\/p><\/blockquote>\nStablecoin Adoption On Solana On The Rise<\/strong><\/h2>\nAnother bright spot for Solana in Q1 was the significant growth in its stablecoin market capitalization, which jumped by 50% to nearly $3 billion. This surge was primarily driven by USDC, the leading stablecoin, whose market capitalization on Solana increased by an impressive 110% to slightly above $2 billion.<\/p>\n
This growth reflects a rise in trust and adoption of stablecoins on the Solana blockchain, which are cryptocurrencies pegged to the value of traditional assets like the US dollar, offering stability in a volatile market.<\/p>\n
![](\"https:\/\/www.tradingview.com\/x\/Ol3ztIOO\/\")
<\/h3>\nSOL market cap currently at $77.5 billion. Chart: TradingView.com<\/a><\/pre>\nSolana Price Volatility A Concern<\/strong><\/h3>\nDespite the positive indicators, the report also acknowledges some potential drawbacks. While the high trading volume is a positive sign, the fact that meme coins are a major contributor raises questions about the long-term sustainability of this growth.<\/p>\n
.@solana<\/a> has become the home for retail users.<\/p>\n QoQ Metrics Check out the full Q1 report by @ph0rt0n<\/a> \ud83d\udc47https:\/\/t.co\/hYA1d2ZPY6<\/a> pic.twitter.com\/egpv6U9Rl8<\/a><\/p>\n \u2014 Messari (@MessariCrypto) April 5, 2024<\/a><\/p><\/blockquote>\n Another bright spot for Solana in Q1 was the significant growth in its stablecoin market capitalization, which jumped by 50% to nearly $3 billion. This surge was primarily driven by USDC, the leading stablecoin, whose market capitalization on Solana increased by an impressive 110% to slightly above $2 billion.<\/p>\n This growth reflects a rise in trust and adoption of stablecoins on the Solana blockchain, which are cryptocurrencies pegged to the value of traditional assets like the US dollar, offering stability in a volatile market.<\/p>\n Despite the positive indicators, the report also acknowledges some potential drawbacks. While the high trading volume is a positive sign, the fact that meme coins are a major contributor raises questions about the long-term sustainability of this growth.<\/p>\n
\n– DEX Volume \u2b06\ufe0f 332%
\n– Revenue \u2b06\ufe0f 597%
\n– Total raised in ecosystem \u2b06\ufe0f 51%
\n– Market cap \u2b06\ufe0f 97%<\/p>\nStablecoin Adoption On Solana On The Rise<\/strong><\/h2>\n
<\/h3>\n
SOL market cap currently at $77.5 billion. Chart: TradingView.com<\/a><\/pre>\n
Solana Price Volatility A Concern<\/strong><\/h3>\n