Solana experienced a 30% decrease in total value locked, but the blockchain is poised to reach new highs in the near future. According to DefiLlama, decentralized applications saw a $10 billion drop in value in April. Additionally, the total value locked (TVL) on the Solana blockchain decreased from a peak of $4.64 billion in March to $3.8 billion currently.

The decline in Solana’s performance coincided with a decrease in enthusiasm around meme coins on the blockchain and the correction of Bitcoin (BTC) following its rapid surge in March. However, Tristan Frizza, the founder of decentralized exchange Zeta Markets, remains optimistic about Solana’s future.

“Solana, as an ecosystem, is here to stay. It continues to lead in terms of active addresses, transactions, and volumes. The recent network congestion challenges have prompted improvements in the network, user interface, and decentralized application speed,”

Frizza believes that Solana is on track to surpass its all-time high despite recent setbacks. He also highlighted recent developments, such as Stripe’s re-entry into the crypto market and the demonstration of payments using Solana, as significant validations of the network’s potential to attract retail users and drive sales at scale.

“Solana’s ascent to a top three blockchain by market cap appears inevitable,”

In April, global payment system Stripe announced its return to the crypto market, enabling customers to accept payments in USDC stablecoin on Solana, Ethereum, and Polygon blockchains. The company plans to expand its support to include other digital assets and blockchains in the future.

For more updates on Solana and other cryptocurrency news, stay tuned to Global Crypto News.

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