Solana’s Q2 2024 financial report showcases a period of remarkable growth and expansion for the blockchain platform.
In this quarter, Solana’s fees and revenue soared, generating over $26 million, a staggering increase of more than 42 times compared to the same period last year. This impressive growth highlights the platform’s rising adoption and the increasing value users find in its services.
The total trading volume of SOL also saw a significant surge, reaching $292 billion. This is nearly seven times higher than the trading volume in Q2 2023, underscoring the growing confidence and participation in the Solana ecosystem.
The network and ecosystem metrics for Q2 2024 reveal further insights into Solana’s expanding influence. The platform processed over 15.3 billion transactions, both vote and non-vote, indicating robust activity and engagement. Total Value Locked (TVL) on Solana’s network hit $3.4 billion, a tenfold increase year-over-year, showcasing the flourishing decentralized finance (DeFi) applications within the ecosystem.
. @solana Q2 2024 Financial Report
Solana's fees and revenue experienced significant growth in the second quarter, generating over $26M, a more than 42x increase YoY
The total SOL trading volume reached $292B, nearly 7x higher compared to the same period last year pic.twitter.com/TE2m7JYEEU
— Coin98 Analytics (@Coin98Analytics) July 6, 2024
Solana NFTs Are Not Left Behind In The Remarkable Growth Run
In the realm of digital collectibles, Solana’s NFT market experienced explosive growth, with over 98 million new NFTs created—a 54-fold increase from the previous year. This surge highlights the platform’s significant footprint in the NFT space and its appeal to creators and collectors alike.
Moreover, the market capitalization of USDC on Solana reached $2.15 billion, making up roughly 70% of the total market cap. This substantial figure reflects the strong demand for stablecoins within the Solana network and its integral role in the broader digital economy.
Overall, Solana’s Q2 2024 report demonstrates the platform’s exceptional performance in both financial growth and ecosystem development, positioning it as a formidable player in the blockchain industry.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.