Booming DeFi, Revenue, And Institutional Adoption Delving deeper into Solana’s ecosystem metrics, Deutscher highlights its leading position in decentralized finance (DeFi) user growth, surpassing established chains like Bitcoin and Tron. The network’s Total Value Locked (TVL) has surged to new highs, reaching $5.367 billion, while its decentralized exchange (DEX) volume has outpaced Ethereum on a rolling 30-day basis.
Moreover, Solana’s revenue generation has surpassed that of major players in the crypto industry, like Ethereum, underscoring its prominence in the crypto sphere. Related Reading: Toncoin Rally Above 4-Hour 100-Day SMA Puts TON On The Path To $7.6 Deutscher also praised Solana’s latest upgrade, Firedancer, which aims to increase scalability, network efficiency, and institutional compatibility, as a major milestone for the blockchain and another reason to be bullish on the token’s prospects.
The analyst contends that SOL has maintained its position and garnered significant mindshare, particularly within the meme coin sector. Deutscher also emphasizes the role of attention in driving price action, noting that Solana’s prominence was underscored during the recent Bitcoin conference, where it ranked second only to BTC regarding mindshare, creating a positive feedback loop, and fueling SOL’s ascent.
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