Solana concluded Q4 2024 with outstanding achievements in the blockchain industry. The platform demonstrated significant growth across various sectors, including application revenues, decentralized finance (DeFi), and infrastructure enhancement.
Rapid Growth in App Revenue
According to a report by Messari, Solana increased application revenue by 213% to $840 million owing to key applications like Pump.fun, Photon, and Raydium, and a heightened interest in meme and AI-related tokens. November marked a record revenue of $367 million for the platform. The App Revenue Capture Ratio stood at 102.5%, highlighting robust economic activity on the platform.
Achievements in DeFi and DEX
Solana's Total Value Locked (TVL) in DeFi grew by 64% to $8.6 billion, maintaining its position as the second-largest network. Raydium secured 24% of the DeFi market on Solana. Speculation on meme and AI tokens also contributed to the TVL growth. Average daily DEX volume surged by 150% to $3.3 billion, driven by a renewed interest in meme coins following the 2024 U.S. elections.
Strengthening Infrastructure and Consumer Sector
Infrastructure development was pivotal to Solana's success. The introduction of Agave V2 and preparation for the Firedancer client promised enhanced scalability. The stablecoin market on Solana expanded by 36% to $5.1 billion, while a total of 21 projects secured funding, amassing $42 million. Institutional interest remained strong, with Visa expanding its USDC settlement pilot on Solana.
Closing 2024 with impressive metrics, Solana solidified its standing as a major player in the blockchain industry. Leading results in DeFi, significant revenue growth, and robust institutional support underscore its potential for further development in 2025.
