Token

Solana

Marinade

<ul>
 <li style="font-weight: 400;">Solana’s TVL is at its highest level since October 2022.</li>
 <li style="font-weight: 400;">The chain’s DEX trading volume recently touched its year-to-date high.</li>
</ul>
<a href="https://ambcrypto.com/search/solana" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Solana’s [SOL]</a> decentralized finance (DeFi) ecosystem has experienced a surge of activity in the past two months, with its total value locked (TVL) reaching its highest point since the year began, according to data from <a href="https://defillama.com/chain/Solana" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">DeFiLlama</a>.
<div id="attachment_360149" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-at-07.40.14.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-360149" decoding="async" class="wp-image-360149 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-at-07.40.14.png" alt="" width="1728" height="700" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-at-07.40.14.png 1728w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-at-07.40.14-300x122.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-at-07.40.14-1024x415.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-at-07.40.14-768x311.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-at-07.40.14-1536x622.png 1536w" sizes="(max-width: 1728px) 100vw, 1728px"></a>
 Source: DefiLlama
</div>
At press time, Solana’s TVL was $1.30 billion. The last time the network’s TVL was this high was in&nbsp; October 2022. 
For context, as of 1st January, the network’s TVL was a mere $210 million, showing that Solana’s TVL has witnessed a year-to-date (YTD) growth of 519%.&nbsp;
Over the past month alone, Solana’s DeFi vertical has witnessed an impressive 130% growth. This is in tandem with the network-wide growth that the Layer 1 (L1) blockchain network has seen within that period.
Leading DeFi protocols on Solana, such as Marinade Finance, Jito, and Marginfi, have witnessed respective TVL growths of 87%, 55%, and 165% in the last 30 days.
<h4>Solana aims to close the year with a bang</h4>
The month so far has seen a remarkable uptick in the demand for the network. An assessment of the chain’s network activity revealed that its daily count of active addresses climbed to a YTD high of 1.26 million on 17th December.&nbsp;
While this has seen a slight retracement, Solana’s daily active address count has increased by 157% since the beginning of the month.
<div id="attachment_360150" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-at-07.41.40.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-360150" decoding="async" class="wp-image-360150 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-at-07.41.40.png" alt="" width="1180" height="1018" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-at-07.41.40.png 1180w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-at-07.41.40-300x259.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-at-07.41.40-1024x883.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-at-07.41.40-768x663.png 768w" sizes="(max-width: 1180px) 100vw, 1180px"></a>
 Source: Artemis
</div>
&nbsp;When a network’s user count increases, it sees a corresponding transaction increment. On Solana, the total number of transactions registered on-chain daily has gone up by 23% since 1st December.
As for the decentralized exchanges (DEXes) on Solana, the trade volume executed through them touched a YTD high of 2.61 billion on 22nd December, according to data from <a href="https://app.artemis.xyz/chains" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Artemis</a>. 
This marked a whopping 17,000% in DEX trading volume on Solana so far this year.&nbsp;
<div id="attachment_360151" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-at-07.42.40.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-360151" decoding="async" class="wp-image-360151 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-at-07.42.40.png" alt="" width="1180" height="1100" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-at-07.42.40.png 1180w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-at-07.42.40-300x280.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-at-07.42.40-1024x955.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-at-07.42.40-768x716.png 768w" sizes="(max-width: 1180px) 100vw, 1180px"></a>
 Source: Artemis
</div>
As a result of the increased activity on Solana in the last 30 days, monthly fees generated from users currently sit at its highest since the year began.&nbsp; 
How much are&nbsp;<a href="https://ambcrypto.com/convert/1-sol-to-usd" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">1,10,100 SOLs worth today</a>?
According to data from <a href="https://tokenterminal.com/terminal/projects/solana" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">Token Terminal</a>, so far this month, Solana’s transaction fees have totaled $3.7 million.
<div id="attachment_360152" style="width: 100%" class="wp-caption alignnone"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-at-07.43.30.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-360152" decoding="async" class="wp-image-360152 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-at-07.43.30.png" alt="" width="1770" height="1100" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-at-07.43.30.png 1770w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-at-07.43.30-300x186.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-at-07.43.30-1024x636.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-at-07.43.30-768x477.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-23-at-07.43.30-1536x955.png 1536w" sizes="(max-width: 1770px) 100vw, 1770px"></a>
 Source: Token Terminal
</div>
The monthly revenue derived from the same has also been at its highest since January. With a week left till the close of the 2023 trading year, the network has seen a monthly revenue of $1.9 million.

Solana: Can soaring metrics add fuel to SOL’s rally

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