🌎 Solana Surges to 2nd Largest Blockchain

Solana Rises to Second-Largest Blockchain by DeFi TVL, App Revenue Surges 213% QoQ

Solana has surpassed Tron to become the second-largest blockchain by DeFi TVL, growing by 64% to $8.6 billion quarter-over-quarter. The surge in DeFi TVL has been driven by increased activity across Solana’s decentralized exchanges, lending protocols, and staking platforms.

DeFi TVL Growth Driven by Raydium and Jupiter Perps

Raydium, a decentralized exchange on Solana, ended the quarter as the leading DeFi protocol with $2.1 billion in TVL, representing an 86% QoQ increase. Jupiter Perps, a decentralized perpetuals exchange, also saw a significant 130% QoQ jump in TVL to $1.7 billion.

App Revenue Surges 213% QoQ, Fueled by Speculative Trading

Solana’s app revenue saw a 213% QoQ surge, from $268 million to $840 million in Q4. The boom in speculative trading on memecoins and AI tokens fueled much of this revenue growth, with dApps benefiting from increased transaction fees and swap volumes.

The key drivers behind Solana’s DeFi and revenue expansion have been the speculation around memecoins and AI tokens. The resurgence of meme trading saw massive inflows into projects launched on Solana, with tokens like ai16z and fartcoin gaining huge traction.

Raydium and Pump.fun Play Pivotal Roles in Facilitating Trades

Raydium dominated the Solana DEX market with a 56% share and a 242% QoQ increase in daily trading volume ($1.9B). Similarly, Pump.fun, a memecoin launchpad, became the fourth-largest DEX on Solana after a 228% QoQ increase in volume.

Some of the key apps driving Solana’s revenue growth include:

* Pump.fun: $235M, +242% QoQ
* Photon: $140M, +278% QoQ
* Raydium: $74M, +268% QoQ