The decentralized applications (Dapp) sector on the Solana Blockchain grew significantly during the third quarter of 2024. Institutional investments in this area increased by 54% between July and September, accumulating capital of $173 million.
This increase in investments marks the highest growth since the second quarter of 2022. This and other data is presented in Messari’s State of Solana report, which also analyzes key metrics such as total value locked (TVL).
During the quarter, Solana’s TVL rose 26% from the previous quarter, reaching $5.76 billion. This advancement allowed Solana to rank third among blockchain networks, surpassing Tron in September, according to the report.
Among the most notable protocols is Kamino, with a 57% quarter-on-quarter increase in its TVL, reaching a 26% market share on the Solana blockchain. In turn, the stablecoin sector also recorded 23% growth during the same period.
Solana’s TVL grew 26% in the third quarter. Source: Messari
Other relevant data from the third quarter in Solana
Despite general growth, some sectors experienced setbacks. Trading volume on decentralized exchanges (DEX) showed a decline, as did the NFT market, whose average daily volume fell 27% to $2.5 million quarter-over-quarter. However, the gaming sector showed notable progress, with several notable launches during the Solana Breakpoint event.
In the DePin and payments area, Solana also saw strong growth, driven by solutions such as Helium Mobile. In the payments field, Solana has established itself as a robust option thanks to its ability to process fast and low-cost transactions.
The network also saw advances in security and usability during the quarter. SOL token staking in USD terms increased by 12%, significant growth after the 2022 crash following the FTX collapse.
At the valuation level, the SOL token grew by 5% and remains among the largest in the world. However, real economic value, which includes transaction fees and MEV for validators, decreased 27% in the quarter.
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