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The fourth quarter of 2024 was one of Solana’s best quarters, according to a recent State of Solana Q4 2024 report from market intelligence platform Messari. The report states that the Solana network recorded an impressive 213% revenue jump in Q4 2024, from $268 million to $840 million. Messari also revealed that the best month was November, with the network receiving $367 million in revenue via protocol applications.
Solana has increasingly become the blockchain of choice among crypto developers because of several perks, including simplicity and scalability. Along with Ethereum, Solana has hosted several of the latest crypto coins currently considered the best options to invest in this year. Enjoying the strong infrastructure of the blockchains, holders of these meme coins can access better scalability, quick multi-chain transactions, real-time crypto market analysis, artificial intelligence integration, and impressive staking rewards.
Solana’s Fourth Quarter Figures
The Messari report contains a few specifics that highlight Solana’s recent growth. For instance, Solana recorded a 64% quarter-on-quarter (QoQ) increase in DeFi TVL, hitting $8.6 billion and overtaking the Tron network in November. For the quarter, decentralized exchange (DEX) Raydium had the highest numbers, rising 86% QoQ and scooping a 24% market share, with $2.1 billion. Kamino came in second, with a 21% market share and $1.8 billion in TVL.
Interestingly, the third largest, Jupiter Perps, recorded the biggest QoQ jump in TVL, at 130%. Jupiter Perps ended the quarter with a 20% market share and $1.7 billion in TVL. On the other hand, MarginFi saw the largest loss in market share, at a 40% plunge. The lending protocol also saw a 4% QoQ TVL crash to $349 million.
For Solana DEXs, the average volume on the network hit $3.3 billion, rising 150% QoQ. According to Messari, this was mostly due to a memecoin frenzy spurred by the US elections last year. Messari also notes that meme coins related to AI on the Solana blockchain gave the network plenty of traction. Raydium also scooped a 56% market share for average daily volume, which hit $1.9 billion after rising 242% QoQ.
Furthermore, stablecoins on Solana enjoyed significant pumps, with the total stablecoin market cap rising 36% QoQ to $5.1 billion, the fifth largest for all blockchains. USDC was the largest for the quarter, with a 75% market share after its Solana market cap jumped 53% QoQ to $3.9 billion. USDT was second, with an 18% market share, and $912 million in market cap, indicating a 20% QoQ jump. NFT activity was also notable, rising 7% QoQ to $2.7 million. Tensor had the largest market share in the quarter, increasing by 14% QoQ to $103 million.
Factors in Solana’s Favor This Year
Overall, Solana has enjoyed increased activity across the board, with more predicted to boost the blockchain. For instance, Solana Mobile announced its new Seeker mobile phone at last year’s Token 2049 event. The phone promises several improvements, including a better camera, longer battery life, and improved memory. Expected to begin shipping in mid-2025, there are already more than 145,000 unique pre-orders for Seeker.
Another factor predicted to boost the network is a SOL exchange-traded fund (ETF). Recently, the United States Securities and Exchange Commission (SEC) acknowledged a SOL ETF application from Grayscale Investments. The Cboe BZX Exchange has also resubmitted filings on behalf of Bitwise, 21Shares, Canary Capital, and VanEck, all looking to list SOL ETFs. The SEC must now approve or deny these applications this year, meaning that a SOL ETF listing this year is possible.
