Solana’s value exploded in the final quarter of 2024, according to a new report from Messari.
Massive Value Increase
The total value locked (TVL) in Solana—the total value of digital assets staked or locked in its system—jumped a massive 64% compared to the previous quarter and a staggering 486% compared to the same period in 2023. This brought the total TVL to a whopping $8.6 billion, making it the second-largest blockchain network, surpassing Tron.
Raydium Leads the Way
Much of Solana’s success can be attributed to Raydium, the network’s top decentralized exchange (DEX). Raydium’s TVL increased by 86% in Q4 2024, grabbing a 24% market share. This growth is largely due to the popularity of memecoins and AI-related crypto assets traded on the platform.
DeFi and More Fueling Growth
Solana’s overall growth wasn’t limited to just DEXs. The entire decentralized finance (DeFi) sector on Solana thrived, contributing significantly to the overall TVL increase. Other factors like liquid staking (where users stake their tokens to earn rewards) also played a role, growing by 33% during the quarter.
In short: Solana had an incredible Q4 2024, showing significant growth across various sectors, driven by the popularity of memecoins, AI-related crypto, and the overall DeFi boom.
/p>
