Well, well, well, look who decided to crash the party! Solana has strutted its stuff right up to the second-largest blockchain by DeFi TVL, leaving Tron in the dust. And guess what? Its app revenue just did a backflip, soaring a jaw-dropping 213% quarter-over-quarter. Talk about a glow-up! 💅
According to the oh-so-reliable State of Solana Q4 2024 report by Messari (because who doesn’t love a good report?), Solana has flexed its muscles, growing by 64% to a whopping $8.6 billion in DeFi TVL. And let’s not forget that app revenue—up 213% quarter-over-quarter, all thanks to the wild world of memecoins and AI tokens. Who knew trading could be this much fun? 🎉
So, what’s fueling this meteoric rise? A frenzy of activity across decentralized exchanges, lending protocols, and staking platforms. Raydium, the overachiever of the group, ended the quarter as the top DeFi protocol on Solana with $2.1 billion in TVL—an 86% QoQ increase. Meanwhile, Jupiter Perps, a decentralized perpetuals exchange, decided to join the fun with a 130% QoQ jump in TVL to $1.7 billion. Can we get a round of applause? 👏
But wait, there’s more! Solana’s app revenue (or as I like to call it, Chain GDP) skyrocketed from $268 million to $840 million in Q4. Leading the charge were Pump.fun ($235M, +242% QoQ), Photon ($140M, +278% QoQ), and Raydium ($74M, +268% QoQ). All this thanks to the speculative trading frenzy on memecoins and AI-related tokens. Who knew that trading could be so lucrative? 💸
The real MVP behind Solana’s DeFi and revenue explosion? You guessed it—speculation around memecoins and AI tokens. After the 2024 U.S. election, meme trading made a comeback, and projects on Solana were rolling in the dough. Tokens like ai16z (AI16z) and fartcoin (FARTCOIN) became the talk of the town, leading to a trading bonanza on Solana-based DEXs. Because why not trade a coin named after flatulence? 😂
Raydium, the reigning champion of the Solana DEX market with a 56% share and a 242% QoQ increase in daily trading volume ($1.9B), was instrumental in making these trades happen. And let’s not forget Pump.fun, the memecoin launchpad that became the fourth-largest DEX on Solana after a 228% QoQ increase in volume. It’s like a fairy tale, but with more money and fewer talking animals! 🦄
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2025-02-07 09:41