In the last 24 hours, the Solana blockchain has witnessed a remarkable surge in token creation, with nearly 20,000 new tokens minted, predominantly memecoins.
A significant portion, approximately 70%, of these tokens debuted on the platform known as Pumpdotfun, highlighting the growing trend of memecoins on Solana.
🚨 REPORT: Nearly 20,000 tokens were created on @Solana in the last 24 hours, mostly memecoins, with 70% launched on @pumpdotfun. pic.twitter.com/U5mqB1NsjK
— SolanaFloor (@SolanaFloor) October 9, 2024
Market Dynamics
Solana itself experienced an 8.81% decline, settling at $137.49, amidst broader cryptocurrency market sell-offs. The total market cap stood at $63.94 billion, with DeFi Total Value Locked (TVL) remaining robust at $5.275 billion. Despite market volatility, daily active addresses continued to exceed 4 million, indicating sustained user engagement within the ecosystem.
🚀 Week in Solana: Post-Breakpoint Reality Check?
SOL down 8.81% to $137.49!
6 protocols hit $1B TVL each!
Snowden criticizes centralization!Let's unpack this week in Solana 🧵
1/6 pic.twitter.com/H2N1StUhPJ
— CoinMarketCap (@CoinMarketCap) October 9, 2024
DeFi Milestones
Six decentralized finance (DeFi) protocols on Solana have surpassed $1 billion in TVL each, marking a significant milestone for the ecosystem. The overall TVL across Solana’s DeFi projects reached $5.7 billion, the highest since January 2022. Notably, PayPal’s PYUSD supply on Solana decreased to $320 million, reflecting changes in stablecoin dynamics within the blockchain.
Solana NFTs And Gaming Takes On A New Vibrant Turn
NFTs and Gaming
Solana has emerged as a vibrant hub for NFTs and gaming, attracting 31,500 new NFT users in just seven days, constituting 23% of the platform’s total user base. This activity generated $168.8 thousand in trading revenue, representing 29% of the NFT market’s total volume. Annually, Solana’s NFT sector boasts 1.5 million users and $27.5 million in revenue, underscoring its growing significance in the digital asset space.
Regulatory and Staking Insights
In regulatory news, Mango Markets settled charges with the SEC for $700,000, addressing compliance issues within the Solana ecosystem. Meanwhile, concerns over Solana’s centralized architecture were raised by Edward Snowden, highlighting ongoing debates within the blockchain community.
Solana has also surpassed Ethereum in staking ratio, with 68% of SOL tokens currently staked, compared to Ethereum’s 28%. This milestone underscores Solana’s growing popularity as a preferred blockchain for staking and decentralized applications (dApps).
🚨JUST IN: Solana surpasses Ethereum in staking ratio, with 68% of SOL supply staked compared to Ethereum’s 28%.
Note: Data includes Native and Liquid Staking pic.twitter.com/Y7HcSYE4SY
— SolanaFloor (@SolanaFloor) October 9, 2024
As Solana navigates both growth and scrutiny, its ability to support diverse applications—from memecoins to DeFi and NFTs—positions it as a pivotal player in the evolving cryptocurrency landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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