Recently, we can see that the Solana ecosystem has performed very well. Five of the top ten DeFi protocols are from the Solana ecosystem.
SOL has established resistance levels relative to the price of BTC and ETH and has been rising over time, which shows the strength of SOL.
At the same time, Solana's ecological construction also shows strong strength in its ability to attract users.
Jupiter
Jupiter is the leading DEX aggregator on Solana - the Dapp was introduced in detail in the previous article "Solana Ecosystem Built by DeFi!", and its number of active users has exceeded Uniswap v3. Jupiter's historical trading volume has now exceeded US$170 billion.
Number of active users
Jupiter Historical Volume
Back in January this year, Jupiter Exchange conducted an airdrop, distributing 1 billion JUP tokens to users, which was one of the largest token airdrops in 2024. Nearly 1 million Solana wallet addresses received this airdrop. Overall, the user base has grown, which is super positive for DEX.
Chimney
Kamino, the leading lending protocol on Solana, has seen over 15x growth in TVL since Q3 2023. Despite the initial sell-off during the TGE, ~60% of $KMNO tokens are staked, indicating user interest in staying in the ecosystem.
Like many of the leading DeFi projects on Solana, Kamino has low circulation relative to FDV, but even with an FDV of $772 million, Kamino is roughly half of AAVE’s FDV. Unlike AAVE, which focuses on lending, Kamino also offers innovative solutions in liquidity mining and leverage, providing users with a more comprehensive experience and showing greater growth potential.
Solana also had some major institutional wins in April, further boosting mainstream user adoption. Stripe supports USDC payments on both Solana and Ethereum, but Solana has a clear advantage in cost and speed.
Franklin Templeton Digital Asset Fund also wrote a research report on Solana, recognizing it as the "third largest crypto asset" after Bitcoin and Ethereum.
In summary, we believe Solana has demonstrated sufficient traction as more and more users are attracted to its killer applications and rewards opportunities. Users enable builders and give rise to institutional adoption, creating a flywheel effect that sustains the growth of the Solana ecosystem in this cycle.
Previous selections:
《Solana ecosystem built by DeFi!》
《RWA Project under BlackRock and Coinbase Investment Institutions (Potential and Opportunities)!》
"Runes is coming, how to plan?"
"If the Japanese economy collapses, the crypto market will also collapse!"
Note: All content represents the author's personal views only, is not investment advice, and should not be construed in any way as tax, accounting, legal, business, financial or regulatory advice. Before making any investment decision, you should seek independent legal and financial advice, including advice on tax consequences.
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