Recent changes in the cryptocurrency market have revealed the resilience of Solana's DeFi assets despite price fluctuations of its SOL token. BNB also maintains competitive positions thanks to Binance's support.
Market and Capitalization of Solana
On June 24, SOL briefly led the market with a $107 billion capitalization, allowing it to surpass BNB, but by the next day Solana's capitalization fell below BNB's as the token price dropped below $190.
State of Solana's DeFi Ecosystem
The total value locked in DeFi on the Solana platform stands at over $10 billion, indicating a high level of investor confidence in the ecosystem despite price fluctuations of SOL.
Comparison of Revenue and DeFi Activity
Data shows that Solana generates $1.55 million in network fees while BNB earns $459 million. Despite Solana's higher DeFi metrics, BNB's stable market share makes it a formidable competitor.
Although Solana has temporarily lost its leadership in market capitalization, its strong DeFi foundation and high activity levels could significantly influence market dynamics in the future.
