Hold onto your hats, crypto enthusiasts, because Solana is charging full steam ahead and giving Ethereum a run for its money! With its decentralized finance (DeFi) scene making a grand comeback, Solana is capturing the spotlight during a broader market upswing.
Get this, Solana's decentralized exchanges (DEXs) have been on a roll, with daily trading volumes smashing the $5 billion mark for three days straight. That's a record-breaking streak! Just last week, from November 10-16, these DEXs racked up an impressive $16 billion in trading volume. Raydium led the charge, accounting for a whopping 62% of this volume, followed by Orca with 22.2%, and market makers Lifinity and Phoenix bringing up the rear with 6.96% and 4.92%, respectively.
In an exciting twist, Syncracy Capital's recent report reveals Solana is hot on Ethereum's heels, with 2024 data showing a boost in Solana's market share revenue. Solana's real economic value (REV) skyrocketed to 111% of Ethereum's in October, leaping from just 1% last year, thanks to transaction fees and MEV tips. Talk about a growth spurt!
Total application revenue (TAR) is another area where Solana is shining, hitting 109% of Ethereum's TAR. This uptick reflects the rising fees from applications on Solana's network. One expert even exclaimed, “Solana is eating market share from Ethereum. This is no longer conjecture, it is abundantly evident in the data.” With the past year's tailwinds propelling it forward, Solana has become the go-to hub for retail financial activity.
The financial buzz around Solana is driven by users diving into meme coin trading, searching for alternatives to traditional venture-backed assets and pricey tokens. This speculative wave mirrors Ethereum's DeFi explosion in 2020.
Syncracy Capital believes there's no better time for developers to jump on the Solana bandwagon. Take Pump.fun, for example, which became the fastest-growing app in crypto history, raking in $100 million in revenue in just 217 days. It's now rocking a jaw-dropping $348 million annual revenue run rate, crowning it the top revenue-generating app in the industry.
But wait, there's more! Solana's DePIN sector is flexing its muscles, crowdsourcing infrastructure costs and utilizing on-chain settlement for a more scalable, efficient network. Major projects like Hivemapper, which has mapped 28% of global roads on a shoestring budget, and Helium, with a 20,000-device network supporting US carriers, are making waves in the sector. Solana's future looks brighter than ever!
