Solana surpasses BNB Chain as fourth-largest digital asset by market cap

Solana’s SOL has surged past Binance-backed BNB within the final 24 hours, securing its blueprint as the fourth-ideal digital asset by market capitalization.

Recordsdata from CryptoSlate showed that SOL’s market cap is wavering around $50 billion, marking its first foray past this threshold since December.

In distinction, BNB’s market cap peaked at $49.2 billion at some level of the the same duration.

This crucial uptick in SOL’s market capitalization is essentially attributed to its spectacular price efficiency. Over the final week, SOL has outshone fundamental cryptocurrencies like Bitcoin and Ethereum, boasting a excellent 20% manufacture larger to $115.

SOL’s like a flash boost in market cap comes as no shock, given Solana’s resilience in overcoming most up-to-date challenges, including non permanent outages and its past affiliation with the now-defunct crypto alternate FTX.

Furthermore, asset management firm VanEck predicted that SOL will become one of many conclude three blockchain networks by market cap, total cost locked (TVL), and tantalizing customers by the conclude of this One year.

Solana DeFi TVL eyes $2 billion

The associated charge of sources locked on the Solana blockchain is edging closer to the fundamental $2 billion price, marking a sustained uptrend in DeFi inform on the blockchain network.

In line with DeFillama recordsdata, Solana’s network TVL stands at a 20-month height of $1.958 billion. This marks a well-known resurgence since the distressing collapse of the FTX alternate lend a hand in November 2022.

In the intervening time, decentralized alternate (DEX) inform on Solana stays sturdy. DeFillama’s DEX dashboard unearths that DEX protocols on Solana gain facilitated trades price over $9 billion this month on my own, practically half of the full $22.65 billion recorded final month.

These figures mirror the gigantic boost in DeFi activities within the Solana ecosystem. CryptoSlate has highlighted conditions where Solana-based fully mostly DEXs facilitated extra buying and selling activities than their Ethereum-based fully mostly counterparts at some stage within the final three months.

Furthermore, Solana’s DeFi expansion has notably benefitted Phantom, a famed crypto pockets broadly utilized within the Solana ecosystem. Reports display that Phantom has witnessed its tantalizing person unsuitable surge by extra than triple at some stage within the final One year.

Solana Market Recordsdata

At the time of press 10:33 am UTC on Feb. 14, 2024, Solana is ranked #4 by market cap and the price is up 1.04% at some stage within the final 24 hours. Solana has a market capitalization of $50.47 billion with a 24-hour buying and selling quantity of $2.6 billion. Be taught extra about Solana ›

Solana

10:33 am UTC on Feb. 14, 2024

$115.38

1.04%

Crypto Market Abstract

At the time of press 10:33 am UTC on Feb. 14, 2024, the full crypto market is valued at at $1.92 trillion with a 24-hour quantity of $84.73 billion. Bitcoin dominance is currently at 52.56%. Be taught extra regarding the crypto market ›