According to Odaily, Messari has released its second-quarter report on Solana, revealing several key insights about the network's performance and ecosystem developments. The report highlights a 9% quarter-over-quarter decrease in DeFi Total Value Locked (TVL) to $4.5 billion, ranking fourth in the network. However, when measured in SOL, the DeFi TVL saw a 26% increase, suggesting that the decline in USD terms was primarily due to token price depreciation rather than capital outflow.
The Solana decentralized exchange (DEX) ecosystem experienced a slight reduction in trading volume compared to its peak activity in March, yet it maintained a high level of activity. The average daily spot trading volume on DEXs increased by 32% quarter-over-quarter, reaching $1.6 billion. DEX activity continued to be driven by memecoin trading, with tokens like WIF, MEW, POPCAT, and GME ranking among the top ten traded pairs in the second quarter. Jupiter remained the primary source of trading on Solana, accounting for 51% of the spot DEX trading volume, with its perpetual contract daily trading volume growing by 13% to $370 million.
Solana's stablecoin market capitalization grew by 8% quarter-over-quarter to $3.1 billion, placing it sixth in the network. However, NFT trading volume saw a significant decline, with the average daily NFT trading volume dropping by 56% to $3.4 million. Despite this, the total economic value of Solana, which measures validator transaction fees and MEV (Miner Extractable Value), increased by 41% compared to the previous quarter, reaching $151 million. Of this, 56% came from transaction fees, with the remainder from MEV tips.
Additionally, the average daily number of paid active addresses on Solana increased by over 300,000 compared to the first quarter of 2024. In the Liquid Staking Token (LST) protocol sector, Sanctum captured 14% of Solana's liquid staking market share, marking a 3,700% increase from the first quarter of 2024.