2024

Solana

Value

Coin98

DeFi

<ul> 
 <li aria-level="1">Solana’s total value locked (TVL) soared over 1000% year-over-year, indicating strong growth in decentralized finance.</li> 
 <li aria-level="1">Over 98 million new NFTs minted on Solana, a 54-fold increase from last year, showing expanding adoption.</li> 
</ul> 
Solana’s second quarter showed growth in the decentralized finance (DeFi) and non-fungible token (NFT) sectors, but challenges arose as the third quarter commenced. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 . <a href="https://twitter.com/solana?ref_src=twsrc%5Etfw">@solana</a> 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 <a href="https://t.co/TE2m7JYEEU">pic.twitter.com/TE2m7JYEEU</a> 
 — Coin98 Analytics (@Coin98Analytics) <a href="https://twitter.com/Coin98Analytics/status/1809609219131470221?ref_src=twsrc%5Etfw">July 6, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
<h2 id="b-quarterly-growth-and-setbacks-b">Quarterly Growth and Setbacks</h2> 
Solana’s Total Value Locked (TVL) witnessed a 1000% year-on-year increase in the second quarter, underscoring its expanding influence in the <a href="https://www.ethnews.com/solana-memecoins-capture-market-interest-in-2024s-first-half/">DeFi space</a>. 
The blockchain also reported a substantial rise in daily active addresses and a surge in transaction volumes, reflecting heightened user engagement and network activity. Moreover, Solana facilitated the creation of over 98 million new NFTs during this period, indicating a robust participation in the digital assets market. 
<figure id="attachment_80785" aria-describedby="caption-attachment-80785" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-80785 size-full" title="artemis-solanas-financial-metrics-skyrocket-in-q2-tvl-soars-nfts-flourish-and-market-remains-bullish" src="https://www.ethnews.com/wp-content/uploads/2024/07/artemis-solana-chart.png" alt="artemis-solana-chart" width="2048" height="792">
 <figcaption id="caption-attachment-80785" class="wp-caption-text">
 Source: Artemis
 </figcaption>
</figure> 
<h2 id="b-revenue-insights-b">Revenue Insights</h2> 
Financially, Solana experienced a noteworthy increase in network fees and revenue, collecting over $26 million, which marks a year-over-year growth. This financial success was paralleled by a trading volume that soared to $292 billion, demonstrating the platform’s increasing liquidity and market. 
<h2 id="b-current-quarter-challenges-b">Current Quarter Challenges</h2> 
As the third quarter unfolds, Solana has encountered some downturn. Key performance metrics such as daily active addresses and transaction volumes have seen a decline. This downturn has extended to the blockchain’s revenue and fees, suggesting a cooling off from the previous quarter’s high activity levels. 
<h3 id="b-market-position-and-outlook-b">Market Position and Outlook</h3> 
Despite <a href="https://www.ethnews.com/preparing-for-solana-etf-boom-which-cryptos-to-watch/">these challenges</a>, the price of Solana’s native token, SOL, has shown support, recovering from earlier losses. Currently, the token’s market valuation stands impressively, maintaining its position among the top cryptocurrencies. 
<figure id="attachment_80789" aria-describedby="caption-attachment-80789" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-80789 size-full" title="solanas-financial-metrics-skyrocket-in-q2-tvl-soars-nfts-flourish-and-market-remains-bullish" src="https://www.ethnews.com/wp-content/uploads/2024/07/SOLUSDT_2024-07-07_12-04-51-2048x1100-1-e1720369271764.png" alt="SOLUSDT_2024-07-07_12-04-51-2048x1100" width="2048" height="1051">
 <figcaption id="caption-attachment-80789" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
 Technical indicators on the daily charts suggest a cautiously optimistic outlook, with potential for further gains if market conditions stabilize. 
The post <a href="https://www.ethnews.com/solanas-financial-metrics-skyrocket-in-q2-tvl-soars-nfts-flourish-and-market-remains-bullish/">Solana’s Financial Metrics Skyrocket in Q2: TVL Soars, NFTs Flourish, and Market Remains Bullish</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Solana’s Financial Metrics Skyrocket in Q2: TVL Soars, NFTs Flourish, and Market Remains Bullish

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