March 28, 2024

Solana breaks into the TOP-5 in terms of capitalization

While Ethereum is postponing the transition to a faster protocol, other layer-one blockchains are expandingpresence and take away its market sharesmart contracts. So, in terms of the volume of blocked funds in DeFi, at the beginning of the year, Ethereum was an absolute with a market share of 97%, and now it has dropped to 63%.
Solana breaks into the TOP-5 in terms of capitalization

Image source: defillama.com

From the total pie of the DeFi market, Solana "took a bite" of 5%,taking fifth place. On the other hand, in the NFT market, the Solana-based platform took the second position in terms of daily turnover with an indicator of $ 7.5 million. During October and November, Magic Eden overtook OpenSea in terms of the number of transactions, despite a significant lag in terms of the total number of users and turnover. These heights were achieved in just four months after the debut of non-fungible tokens on Solana.
Solana breaks into the TOP-5 in terms of capitalization

Image source: dappradar.com

High transaction processing speed (2887 TPSat the moment), low commissions ($ 0.00025) and a good level of decentralization (1325 nodes) attract a large number of investors. So, in the summer, Solana Labs attracted $ 314 million in venture investments at a closed token sale, and Anatoly Yakovenko, the CEO, outlined the key goal of connecting 1 billion users. The strong interest of institutional investors is also confirmed by the third largest open interest in SOL futures with a volume of $ 860 million.
Solana breaks into the TOP-5 in terms of capitalization

Image Source: Cryptocurrency ExchangeStormGain

Investor interest in the project led Solana tofifth place in terms of capitalization with $ 55 billion. But if only independent blockchains with support for smart contracts are left in the ranking, Solana will immediately follow Ethereum.

At the end of November, SOL was one of the fewcoins showing growth; and over the past seven days, it is the only one showing positive dynamics from the TOP-5, excluding stablecoins. The blockchain periodically experiences problems due to the increased incidence of ddos ​​attacks, which leads to transaction delays and price adjustments. However, the project is young, and it needs time to solve children's ailments.

 

Analytical group StormGain

(platform for trading, exchanging and storing cryptocurrency)