Author: Jeff Albus, Blockworks; Translated by: Baishui, Golden Finance
Market performance is resilient
SOL has not only rebounded in 2024, it has risen from the ashes, soaring from around $40 a year ago to an all-time high of over $260 in recent days. Critics who questioned the network’s reliability have been silenced. Solana has proven itself capable, achieving near-perfect uptime and showing the world that it can scale effortlessly. DEX monthly trading volume on Solana has surpassed $100 billion, while futures open interest has hit an all-time high of $4.54 billion. The numbers don’t lie.
Every great blockchain has a large army of builders behind it, and Solana’s developer community has been crushing it.
The Colosseum Radar hackathon, which took place from September 2 to October 8, 2024, attracted over 13,600 attendees, a 63% increase over the previous Renaissance conference. On top of that, 2024 saw some major upgrades to developer tools.
Ecosystem expansion and adoption
The network processed 62 million non-voting transactions per day in Q3 2024, supported by 1.9 million unique fee payers per day. Not bad, eh? NFTs have also been booming. Platforms like Magic Eden and Tensor are leading the way, with Solana’s total NFT sales exceeding $5 billion at the beginning of the year. And let’s not forget stablecoins. Solana’s total stablecoin market cap grew 151% year-over-year to $3.8 billion. With Circle doubling down on USDC support, Solana is asserting itself as the main stage of DeFi.
Community spirit and decentralization
But you know what really sets Solana apart? Regular people — This year, the network demonstrated how a vibrant community can be the cornerstone of long-term success. Solana Breakpoint heralded a slew of new initiatives on the network. Real-life hubs like The Shipyard in Bangalore and The Port in Miami became go-to places for innovation, collaboration, and perhaps the occasional Solana-branded latte. Initiatives designed to support validators helped maintain a healthy, distributed network. Meanwhile, grassroots activism and community-led marketing campaigns amplified Solana’s cultural influence, from engaging memes to viral initiatives that reflected the community’s humor and creativity. If 2024 taught us anything, it’s that a blockchain is only as good as its believers — and Solana’s community is second to none.
Sustainability and energy efficiency
According to the Solana Foundation, the network’s carbon footprint has been reduced by a massive 69% by September 2024, from nearly 8,800 tons of CO2 in 2023 to just 2,671 tons this year. To put that into perspective, that’s the equivalent of removing the average annual emissions of 167 Americans off the map. How efficient is Solana per transaction? Just 0.00412 watt-hours. Solana is setting a benchmark for the industry, showing how technology can be used to support environmental goals.
Innovative use cases and cross-chain growth
Interoperability? Solana certainly did. Cross-chain bridges like Wormhole make it easy to move assets across blockchains, while tools like Dialect take private wallet-based messaging to the next level. Then there’s Mantis, a new layer 2 solution launched at Breakpoint 2024 that promises seamless cross-chain transactions and user-centric transactions. And Blinks? They’ve changed the crypto game on social media, integrating features like tipping content creators and minting custom NFTs directly into platforms like X (formerly Twitter). Such innovations significantly lower the barrier to entry for new users while providing seamless access for experienced users.
Future Outlook
We’re almost there in 2024, but Solana’s momentum shows no signs of slowing down. Institutional interest continues to grow, with multiple spot ETFs filed this year, demonstrating a maturing market and growing confidence in the ecosystem. The focus on decentralized identity, along with advances in tools and governance systems like the Solana Mobile Stack (SMS), are laying the foundation for a more connected and user-centric blockchain future. Whether you’re staking SOL, minting NFTs, or just checking out the memes, it’s clear that Solana’s brightest days are ahead. From rock-solid technology to a vibrant community, Solana gives us all a lot to celebrate.
