Solana surpasses BNB Chain as fourth-largest digital asset by market cap

Solana’s SOL has surged previous Binance-backed BNB within the final 24 hours, securing its place because the fourth-largest digital asset by market capitalization.

Knowledge from starcrypto confirmed that SOL’s market cap is wavering round $50 billion, marking its first foray previous this threshold since December.

In distinction, BNB’s market cap peaked at $49.2 billion throughout the identical interval.

This important uptick in SOL’s market capitalization is primarily attributed to its spectacular value efficiency. Over the previous week, SOL has outshone important cryptocurrencies like Bitcoin and Ethereum, boasting a exceptional 20% improve to $115.

SOL’s fast progress in market cap comes as no shock, given Solana’s resilience in overcoming current challenges, together with non permanent outages and its previous affiliation with the now-defunct crypto trade FTX.

Furthermore, asset administration agency VanEck predicted that SOL will turn into one of many high three blockchain networks by market cap, whole worth locked (TVL), and energetic customers by the top of this yr.

Solana DeFi TVL eyes $2 billion

The worth of belongings locked on the Solana blockchain is edging nearer to the numerous $2 billion mark, marking a sustained uptrend in DeFi exercise on the blockchain community.

In accordance with DeFillama knowledge, Solana’s community TVL stands at a 20-month peak of $1.958 billion. This marks a notable resurgence for the reason that distressing collapse of the FTX trade again in November 2022.

In the meantime, decentralized trade (DEX) exercise on Solana stays sturdy. DeFillama’s DEX dashboard reveals that DEX protocols on Solana have facilitated trades value over $9 billion this month alone, almost half the overall $22.65 billion recorded final month.

These figures replicate the substantial progress in DeFi actions throughout the Solana ecosystem. starcrypto has highlighted situations the place Solana-based DEXs facilitated extra buying and selling actions than their Ethereum-based counterparts over the previous three months.

Moreover, Solana’s DeFi enlargement has notably benefitted Phantom, a outstanding crypto pockets also used throughout the Solana ecosystem. Studies point out that Phantom has witnessed its energetic person base surge by greater than triple over the previous yr.