Crypto News- Solana’s SOL made a remarkable leap, overtaking Binance’s BNB in the last 24 hours, solidifying its position as the fourth-largest digital asset by market cap. Data from CryptoSlate reveals SOL’s market cap hovering around $50 billion, a milestone not seen since December.
In contrast, BNB’s market cap peaked at $49.2 billion during the same period. This surge in SOL’s market cap is attributed to its impressive price performance, outpacing even Bitcoin and Ethereum with a 20% rise to $115 over the past week.
Solana Claims Fourth Spot in Digital Asset Market Cap, Surpasses Binance Smart Chain
This growth is no surprise, considering Solana’s resilience amid recent challenges, including temporary outages and its past association with the now-defunct FTX exchange.
Asset management firm VanEck predicts SOL will rise to the top three blockchain networks by market cap, total value locked (TVL), and active users by year-end.
Solana DeFi TVL Nears 2 Billion Dollars
The value of assets locked on the Solana blockchain is approaching $2 billion, signaling sustained growth in DeFi activity. According to DeFillama data, Solana’s network TVL reached a 20-month peak of $1.958 billion, rebounding since the FTX exchange collapse in November 2022.
DEX activity on Solana remains robust, with protocols facilitating over $9 billion in trades this month alone. This growth underscores the rise of DeFi within the Solana ecosystem, where Solana-based DEXs have even surpassed Ethereum-based counterparts in trading activities.
Phantom, a popular crypto wallet within the Solana ecosystem, has seen its user base triple over the past year, benefitting from Solana’s DeFi expansion.
The surge in Solana’s market cap and DeFi activity highlight its growing significance in the crypto landscape, showcasing its potential for further expansion and adoption.
Leave a comment