Solana becomes the second-largest chain by DeFi TVL as revenue surges in Q 2024

Solana increased to become the second Blockchain of DEFI TVL (exceeding Tron), while its applications revenues experienced a sharp increase of 213% of a quarter.

According to the State of Solana Q4 2024 Message ReportSolana climbed to the second blockchain by DEFI TVL, increasing by 64% to 8.6 billion dollars quarters. In addition, revenues from its application jumped 213% quarterly, fueled by an increased speculative exchange in mecoins and tokens.

The rapid ascent of Solana in the DEFI ranking was motivated by the increase in increase in its decentralized exchanges, its loan protocols and its platforms of jealous. Among the largest contributors to this growth were Raydium, who ended the quarter as the main protocol DEFI on Solana with 2.1 billion dollars on TVL, an 86% increase in QOQ. Jupiter Perps, an exchange of decentralized perpetual, also experienced an impressive qoq of 130% in TVL at $ 1.7 billion.

In parallel with its ascent in Challenge Dominance, Solana also experienced a 213% qoq of applications for applications (GDP of the channel), from $ 268 million to $ 840 million in the fourth quarter. Application income income has led the application income. The boom of speculative negotiations on mecoins and tokens linked to AI has fueled a large part of this income growth, the DAPPs benefiting from an increase in transaction fees and exchange volumes.

The key engine behind the expansion of DEFI and Solana’s income was speculation around Same And the tokens have. The resurgence of memes trade, after the 2024 American elections, saw massive entries in the projects launched on Solana. Tokens like AI16Z (AI16Z) and Fartcoin (Fartcoin) won a huge traction, leading to increased commercial activity on Dex based on Solana.

Raydium, who dominated the Solana Dex market with a share of 56% and an increase in QOQ of 242% of the volume of daily exchanges ($ 1.9 billion), played a central role in the facilitation of these transactions. In the same way, PumpA Launchpad same, has become the fourth DEX larger on Solana after an increase in the volume of 228% of the QOQ.