The Solana ecosystem is firing on all cylinders, starting in early 2024:

▸ TVL tripled to $4.91 billion.

▸ Solana project raises over $210 million

▸ Memes like $PEPE, $WIF, and $BONK sparked a frenzy

What’s the next 100x?

Get a 3-minute insight into the $SOL ecosystem.

Preface:

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.

Key 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.

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.

Meme Tokens: BONK, WIF, BOME

Meme coins like $BONK promote the growth of Solana by boosting community spirit.

This has led to the launch of more meme projects and attracted cash flow to Solana due to its low transaction costs, making it more accessible to small investors than ETH.

DePIN tokens: IO, HNT, RNDR, HONEY

Solana is a pioneer in the DEPIN trend and serves as the infrastructure hub for the following projects:

Key activities include:

▸ Rendernetwork migration to Solana

▸ Ionet Fundraising

▸ Helium and Telefónica collaboration

▸ Hivemapper new product release

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

Finally, let me share my personal feelings:

I believe the Meme Super Cycle is coming and Solana Meme is about to take off.

AI and DePIN will dominate the Solana ecosystem, while the momentum for re-staking Solana will increase. Let's look forward to it.

Remember, if you view your position as a long-term investment, a market drop should be viewed as a gift. It provides an opportunity to buy more tokens.

Finally, it is crucial to have a strategy before making any purchases, and never invest all of your money.

I hope this topic is helpful to you. 🙏Thank you for your likes and support👍