Significant Increase in Investment in Solana-Based Applications
In Q3 2024, institutional investment in applications built on the Solana blockchain reached $173 million, marking a significant 54% increase compared to the previous quarter. According to a report by Messari, this amount is the highest since Q2 2022, despite a 37% drop in the number of funding rounds.
Solana Surpasses Ethereum in Generated Fees
According to recent reports, on October 28, Solana generated over $2.54 million in fees, while Ethereum reached $2.07 million. Often referred to as the "Ethereum killer," Solana aims to increase transaction throughput and reduce costs through its monolithic scaling approach, removing the need for layer-2 blockchains. The third quarter showed a rise in generated fees, enhancing the network’s profitability.
Growth in Daily Fee Payers and a Decline in Certain Transactions
The average number of daily fee payers on Solana increased by 109% to 1.9 million, while new fee payers grew by 430% to 1.3 million. However, the average daily transactions unrelated to voting dropped by 12% to 62 million. The average transaction fee rose by 6% to 0.00015 Sol tokens ($0.023), while the median transaction fee saw a decline of over 19%.
Institutions Drive Tokenization Growth on Solana
At the end of Q3, Solana ranked as the third-largest blockchain for tokenized treasuries, with a total value of tokenized treasuries reaching $123 million, compared to $422 million on Stellar and $1.6 billion on Ethereum. With Franklin Templeton planning to launch a money market fund on Solana, further growth is anticipated.
Societe Generale to Support Solana’s Expansion
Solana’s blockchain growth will also be supported by banking conglomerate Societe Generale, which is launching a euro-denominated #stablecoin in preparation for the Markets in Crypto-Assets (MiCA) regulation. The stablecoin, which has already reached a value of over $37 million on #etherreum , is expected to soon bring support to Solana as well.
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