dogwifhat

Solana

Defi

Million

The Solana ecosystem has achieved a significant milestone by becoming the most popular blockchain ecosystem of the year. This is due to its ability to capture nearly half of the world’s crypto investor interest in the chain-specific theater. 
Together with the outstanding performance of native meme coins like dogwifhat and important ecosystem project tokens like Pyth, Solana’s comeback to 2021 peaks show a revived faith in the network. 
<h2 id="strong-solana-s-dominance-coingecko-study-insights-strong">Solana’s Dominance: Coingecko Study Insights</h2> 
According to a study by Coingecko, as a result of<a href="https://defillama.com/chain/Solana?volume=true&amp;tvl=false&amp;currency=USD" target="_blank" rel="noopener nofollow"> Solana’s nearly 50% share of global chain-specific interest,</a> and its affiliated projects’ increasing popularity and performance, the ecosystem has a significant mindshare that reinforces its leadership in the cryptocurrency market. 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-598943" src="https://www.newsbtc.com/wp-content/uploads/2024/03/a_57662c.png?resize=671%2C758" alt="" width="671" height="758" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/a_57662c.png?resize=671%2C758?w=671 671w, https://www.newsbtc.com/wp-content/uploads/2024/03/a_57662c.png?resize=671%2C758?w=407 407w" sizes="(max-width: 671px) 100vw, 671px" data-recalc-dims="1"> 
Currently priced at $191, Solana (SOL) has increased by 13% in value over the past 24 hours. The fifth-ranked cryptocurrency has a market capitalization of nearly $85 billion, and its 24-hour trading volume amounted to $9 billion. 
<img loading="lazy" decoding="async" class="aligncenter size-full" src="https://www.tradingview.com/x/vE3EI3kS/" width="1835" height="883"> 
The popularity of Solana’s meme coins and ecosystem initiatives are successful in attracting attention to the network’s lively and dynamic ecosystem. As long as Solana is drawing attention and capital, its ecosystem will continue to dominate the cryptocurrency investor scene, paving the way for network expansion and innovation. 
<a href="https://www.coingecko.com/en/coins/ethereum" target="_blank" rel="noopener nofollow">Ethereum,</a> on the other hand, is the second most popular blockchain ecosystem this year, having garnered nearly 13% of investor interest. Ethereum is probably not a new, hot crypto narrative anymore as its ecosystem and investors are already familiar with it. The Ethereum ecosystem is also seeing its focus spread out among the layer 2 ecosystems that are developing on top of it. 
<h2 id="strong-factors-driving-solana-s-tvl-increase-strong">Factors Driving Solana’s TVL Increase</h2> 
Meanwhile, according to DefiLlama’s data, the Solana blockchain has demonstrated a remarkable performance, with its decentralized finance (DeFi)<a href="https://defillama.com/chain/Solana?volume=true&amp;tvl=false&amp;currency=USD" target="_blank" rel="noopener nofollow"> total value locked (TVL) rising by nearly 80%</a> in the previous month alone. 
Related Reading: <a href="https://www.newsbtc.com/news/defi-turmoil-over-5-million-wiped-out-in-liquidations-amid-ethereum-price-drop/"> DeFi Turmoil: Over $5 Million Wiped Out In Liquidations Amid Ethereum Price Drop</a> 
This incredible ascent represented a significant turning point for the network, with the Solana TVL reaching its highest point in the previous two years. According to the most recent report, Solana is among the top five with the fastest-rising TVL in DeFi, with nearly $4 billion. 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-598946" src="https://www.newsbtc.com/wp-content/uploads/2024/03/a_bf6411.png?resize=1024%2C304" alt="" width="1024" height="304" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/a_bf6411.png?resize=1024%2C304?w=1300 1300w, https://www.newsbtc.com/wp-content/uploads/2024/03/a_bf6411.png?resize=1024%2C304?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/a_bf6411.png?resize=1024%2C304?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/a_bf6411.png?resize=1024%2C304?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/a_bf6411.png?resize=1024%2C304?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/a_bf6411.png?resize=1024%2C304?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
Much of Solana’s TVL is based on the increase in trade volume, which is tracked by the Defi protocols and operates across its Layer 1 (L1) network. 
Just this past month, there was a 125% increase in the daily trading volume of these protocols; the level of trading reached a peak of nearly $3.7 billion. 
Additionally, the network achieved an all-time high of $1.6 million in total daily fees, with fee income of $3.61 million.

Leading The Pack: Solana Captures Nearly 50% Of Global Crypto Attention

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