This week, Solana saw a mix of highs and lows across its ecosystem, with its native token SOL dipping 1.61% to $141.85.
Despite the slight decline, the DeFi space on Solana continues to grow, with the total value locked (TVL) in decentralized finance surging to $5.41 billion.
However, the overall ecosystem market cap took a hit, dropping 5% to $253.26 billion. Daily active addresses on the network have also crossed 4 million, signaling continued interest and activity.
One of the week’s key narratives revolves around the surge in Solana’s active wallets, which now exceed 100 million. This increase has sparked debates over the validity of these metrics, especially as SUI, a potential competitor, emerges with native USDC support, positioning itself as a serious contender in the ecosystem.
Major Updates On Solana
In terms of major updates, Stripe has rolled out USDC and USDP payment options on Solana, a significant step in expanding the network’s utility in real-world applications. Jito leads the DeFi scene on Solana, holding $1.892 billion in TVL, though it saw a slight decline of 2.5%.
Another significant development is the growth of tokenized U.S. Treasuries on Solana, which have jumped 102% in the last month, reflecting the increasing interest in real-world assets (RWAs) on the blockchain.
🚀 Week in Solana: SOLtoshi Memes and RWAs Pump; Stripe USDC Goes Live
SOL dips 1.61% to $141.85!
DeFi TVL grows to $5.41B!
RWA tokens on Solana up 102%!Let's unpack Solana's week 🧵
1/6 pic.twitter.com/4lbDvqFYsR
— CoinMarketCap (@CoinMarketCap) October 16, 2024
On the NFT front, Solana continues to dominate, ranking second in terms of NFT users. The network generated $142,000 in weekly revenue and leads the space in creator royalties with $559,000. Security remains a priority, with BonkBot announcing major upgrades to safeguard the ecosystem.
Overall, Solana’s ecosystem continues to evolve, balancing dips with significant growth and adoption across DeFi, NFTs, and RWAs.
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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