Solana’s SOL surpassed Binance-backed BNB in ββthe previous 24 hours to safe the place because the fourth largest digital asset by market capitalization.
Information from fromcrypto confirmed SOL’s market capitalization hovering round $50 billion, marking the primary time it has crossed that mark since December.
In distinction, BNB’s market capitalization peaked at $49.2 billion over the identical interval.
This important improve in SOL’s market capitalization is primarily attributed to its spectacular worth efficiency. Over the previous week, SOL has outperformed main cryptocurrencies akin to Bitcoin and Ethereum, boasting a outstanding 20% rise to $115.
The speedy development of SOL’s market cap comes as no shock given Solana’s resilience in overcoming latest challenges, together with short-term outages and its former affiliation with the now-defunct crypto trade FTX.
Moreover, asset administration agency VanEck has predicted that SOL will change into one of many high three blockchain networks by market capitalization, whole worth locked (TVL), and lively customers by the tip of this 12 months.
Solana DeFi TVL has $2 billion
The worth of property locked on the Solana blockchain is approaching the numerous $2 billion mark, signifying a sustained upward development in DeFi exercise on the blockchain community.
In response to DeFillama information, Solana’s TVL community is at a 20-month excessive of $1.958 billion. This can be a outstanding restoration for the reason that determined collapse of the FTX trade in November 2022.
In the meantime, Decentralized Trade (DEX) exercise on Solana stays sturdy. DeFillama’s DEX Panel reveals that DEX protocols on Solana facilitated greater than $9 billion value of trades this month alone, practically half of the $22.65 billion whole recorded final month.
These numbers mirror the substantial development of DeFi actions within the Solana ecosystem. fromcrypto highlighted cases the place Solana-based DEXs have enabled extra buying and selling exercise than their Ethereum-based counterparts over the previous three months.
As well as, Solana’s DeFi growth has vastly benefited Phantom, a outstanding cryptocurrency broadly used within the Solana ecosystem. Studies counsel that Phantom has greater than tripled its lively consumer base over the previous 12 months.
Solana market information
At press time 14 Feb 2024, 10:33 UTCSolana is ranked 4th by market capitalization and the value is up 1.04% within the final 24 hours. Solana has a market cap $50.47 billion with 24-hour buying and selling quantity 2.6 billion {dollars}. Discover out extra about Solana βΊ
Crypto market overview
At press time 14 Feb 2024, 10:33 UTCthe entire crypto market is valued at $1.92 trillion with 24-hour quantity $84.73 billion. Bitcoin dominance is at the moment at 52.56%. Be taught extra concerning the crypto market βΊ
