Despite the sluggish market, Solana is up 7% in the past 24 hours, driven by strong social media discussions and increasing DeFi activities.
This impressive performance has put Solana in the lead on LunarCrush’s AltRank index, indicating increased interest on social networks.
Small investors pay attention to this figure because a high AltRank often indicates a community-supported asset with higher potential for growth.
The price increase of Solana also leads to an increase in Total Value Locked (TVL). In just the last 24 hours, the daily trading volume has surpassed the $3.6 billion mark, setting a new all-time high.
This significant increase has quickly propelled Solana to the third position among the world’s largest DeFi chains, surpassing Binance Smart Chain (BNB) for the first time.
It is worth noting that at the end of 2022, due to close ties with the cryptocurrency exchange FTX (FTT), the Total Value Locked (TVL) on Solana plummeted to a low of $300 million at that time. Many critics even declared the end of Solana’s DeFi ecosystem.
However, a significant turnaround began in October 2023, resulting in a TVL increase of 13 times as of the time of writing. In addition to TVL growth, Solana also leads in terms of stablecoin volume on the chain.
Data from Artemis analysis reveals that Solana processed the highest volume of stablecoins in the first quarter of 2024, surpassing long-standing competitors such as Ethereum (ETH) and Tron (TRX). This dominance showcases the increasing importance of Solana as a preferred network for stablecoin transactions and settlements.
