The Solana ecosystem is firing on all cylinders. Starting in early 2024:
▸ TVL tripled to $4.91 billion.
▸ Solana project raises over $210 million
▸Memecoins like $PEPE, $WIF, and $BONK sparked a frenzy
What’s the next 100x?
Get to know the $SOL ecosystem with 5 minute insights.
📌 Solana 101
Solana is a L1 blockchain that uses Proof of History and Proof of Stake to enable fast, low-cost transactions and is designed to achieve global mass adoption.
The collapse of FTX shook the cryptocurrency industry and caused losses to project owners, VCs, and KOLs.
Solana suffered losses, with $SOL falling to $8 in January 2023.
Despite the setback, the Solana team persevered and rebuilt, recovering on March 18, 2024 with a $Sol price of $210.
📌 Vital Statistics:
finance:
▸ Q1 2024 revenue: $98.8 million (up 597% from the previous quarter)
▸ MC grew 97.3% to $86.4 billion
network:
▸ March 17, 2024, peak daily users at 2.4 million
▸New DAU index hits a record high of 1.5 million
▸Old users return, reaching 930,000 on March 17, 2024
Validator:
▸ Solana currently has 1,724 validators
▸Total transaction volume on the network is 290b+
▸ TPS：2,250
▸ SOL Staked: 368,526,932 $SOL
Since the beginning of 2024, the Solana ecosystem has seen tremendous growth in TVL.
Currently, its TVL is $4.91 billion, a 3x increase from the beginning of 2024.
Although it has yet to surpass the previous peak of $9.66 billion set on November 6, 2021, expectations are high for this bull cycle.
Currently, jito_sol, MarinadeFinance, and KaminoFinance are the three dApps with the highest TVL on Solana, with each dApp having a TVL of over $1 billion.
Among the top 10, there are some important names such as RaydiumProtocol and JupiterExchange.
📌Ecosystem
Solana has all the necessary ecosystem pieces in place to sustain its blockchain status in a unique way.
It is an ecosystem that contains all the puzzle pieces, with a scale close to Ethereum's Defi, Meme, RWA, DePIN, and infrastructure.
DePIN:
helium, rendernetwork, ionet, iotex_io
Lending: marginfi, soldendprotocol, KaminoFinance, etc.
DEX：orca_so，RaydiumProtocol，openbookdex，PhoenixTrade等。
Derivatives/Perpetual Contracts: JupiterExchange, DriftProtocol, ZetaMarkets, FlashTrade_, etc.
consumer:
saydialect，Realms_DAOs，MatricaLabs，_cubik等。
RWA:
maplefinance, Parcl, Credix_finance,
infrastructure:
wormhole, PythNetwork, jito_sol, heliuslabs等。
Meme:
pepecoineth, Bomebookofmemes, dogwifcoin等。
📌 Meme Coin:
Meme coins like $BONK promote Solana by boosting community spirit.
This has led to the launch of more meme projects and attracted cash flow to Solana due to low transaction costs, making it more accessible to small investors than ETH.
Macro estimates predict that liquidity will be restored by the end of 2024.
With the support of KOLs, emoticons are becoming popular.
The Solana ecosystem is leveraging this trend to grow.
➜What a smart move!
📌 DePIN:
Solana is a pioneer in the#DEPINtrend and serves as the infrastructure hub for projects such as:
Key activities include:
▸ rendernetwork migrated to Solana
▸ ionet fundraising
▸ Helium’s collaboration with Telefónica
▸ New product release of Hivemapper.
Solana is a layer 1 blockchain known for low transaction costs, fast processing speeds, and high throughput.
This improves the user experience and makes the project more accessible to new users, and has been recognized by DeFi projects and builders on Solana.
Solana’s ecosystem includes projects like Render Network, Hivemapper, and Helium Network, providing inspiration for developers.
➜Strong infrastructure, low costs, and venture capital support make Solana an ideal choice for DePIN projects, ensuring innovation and growth.
📌Re-staking:
Users stake ETH to validators to earn profits, but may face asset lock-up issues, driving demand for the Liquid Staking protocol.
EigenLayer’s re-staking offers some innovations such as direct staking on Ethereum and Liquid re-staking using LST tokens.
sanctumso, originally used for LST Token liquidity on Solana, now provides Liquid Staking with LST Token as INF.
Their goal is to simplify the creation of LSTs and investments in different LSTs.
➜Increasing the quantity and quality of LSD on Solana lays the foundation for re-staking on Solana.
Solana Mobile 2 is now back in stock and has received over 100,000 orders in a month.
Orders come with certified NFTs for airdrops from projects like $Bonk, $MEW, $MANEKI, and $WUF, helping users recoup their phone bills.
Solana’s success has also driven sales growth in other ecosystems.
📌Fundraising:
Solana project raised $210.65 million in 2024: Some recent funding rounds:
▸ OpenSocialLabs – $5 million – SocialFi
▸ Gaianet_AI — $10 million — Artificial Intelligence / DePIN
▸ blade_rite - $12 million - Gaming
▸ PhoenixTrade - $20M - DEX
▸ EclipseFND - $50 million - Infrastructure
▸ ionet - $30 million - Artificial Intelligence
📌Personal feelings
I believe a memecoin super cycle is coming.
The Solana memecoin is about to take off!
AI and DePIN will dominate the Solana ecosystem, while momentum for re-staking Solana will grow.
let's see!
