Solana Network Activity Surges Generating 24B in Liquid Staking on the Solana Platform
Solana’s blockchain network is experiencing unprecedented growth in various aspects, signaling a strong recovery from its challenging period in late 2022. Data from different tracking platforms reveals significant increases in revenue, trading volume, and total value locked (TVL) on the network.
The platform’s native token, SOL, has shown remarkable growth, with a 100% increase over the past 10 months. Although it currently trades at $180, down from its 2024 high of $240 and 2021 peak of $260, SOL remains the third-largest smart contracts platform, following Ethereum and BNB Chain.
According to data from Artemis, Solana is rapidly approaching $12.5 million in revenue. The growth in revenue primarily comes from gas fees paid by users for transactions and smart contract deployments. This revenue has been on an upward trajectory since late 2022, with a notable acceleration starting in September 2023.
The network’s Total Value Locked (TVL), a crucial indicator of blockchain usage, has surpassed $6 billion. Although this represents substantial growth, it is still below the network’s peak of $10 billion recorded in October 2021. Jito, a liquid staking platform, leads the ecosystem with over $2.4 billion in managed assets, according to DeFiLlama data.
Solana’s largest decentralized exchange (DEX), Raydium, has seen a 28% growth in managed assets over the past month, now exceeding $1.4 billion. This growth aligns with the broader trend of increasing DEX trading volume across the Solana network.
In terms of trading volume, Solana surpassed all competing blockchains in weekly DEX activity, including Aptos, Injective, and Cardano. The network processed over $15 billion in DEX trading volume over a seven-day period, a 150% increase compared to Ethereum’s volume during the same timeframe.
The surge in network activity can be attributed in part to the rise in meme coin trading, which saw a significant increase following the launch of Pump.fun in January 2024. The platform has contributed to higher engagement levels and transaction volumes across Solana’s decentralized applications.
The liquid staking sector remains strong within the Solana ecosystem, with Jito managing over $2.4 billion in assets. This demonstrates the growing interest in staking services on the network. Daily transaction metrics indicate sustained user engagement across the platform’s various applications and services.
The increase in gas fee revenue suggests a healthy balance between network usage and cost efficiency, which historically attracts developers and users to Solana. The platform’s technical infrastructure has maintained stability during this period of increased activity, addressing previous concerns about network reliability.
Trading patterns show consistent volume across major exchanges, with SOL maintaining its position among the top cryptocurrencies by market capitalization. The token’s price movement reflects broader market dynamics rather than network-specific issues, with historical data providing context for current metrics.
Recent developments in the DeFi sector show increased integration of Solana-based protocols with traditional finance applications. This integration has contributed to the rising TVL and transaction volumes across the network.
Financial data indicates steady growth in daily active users and new wallet creation, suggesting sustained adoption beyond speculative trading activity. The most recent data shows continued expansion in DEX trading volumes and network revenue, maintaining the growth trajectory established in late 2023.
