Solana’s SOL has surged past Binance-backed BNB in the last 24 hours, securing its position as the fourth-largest digital asset by market capitalization.
Data from CryptoSlate showed that SOL’s market cap is wavering around $50 billion, marking its first foray past this threshold since December.
In contrast, BNB’s market cap peaked at $49.2 billion during the same period.
This significant uptick in SOL’s market capitalization is primarily attributed to its impressive price performance. Over the past week, SOL has outshone significant cryptocurrencies like Bitcoin and Ethereum, boasting a remarkable 20% increase to $115.
SOL’s rapid growth in market cap comes as no surprise, given Solana’s resilience in overcoming recent challenges, including temporary outages and its past association with the now-defunct crypto exchange FTX.
Moreover, asset management firm VanEck predicted that SOL will become one of the top three blockchain networks by market cap, total value locked (TVL), and active users by the end of this year.
Solana DeFi TVL eyes $2 billion
The value of assets locked on the Solana blockchain is edging closer to the significant $2 billion mark, marking a sustained uptrend in DeFi activity on the blockchain network.
According to DeFillama data, Solana’s network TVL stands at a 20-month peak of $1.958 billion. This marks a notable resurgence since the distressing collapse of the FTX exchange back in November 2022.
Meanwhile, decentralized exchange (DEX) activity on Solana remains robust. DeFillama’s DEX dashboard reveals that DEX protocols on Solana have facilitated trades worth over $9 billion this month alone, nearly half the total $22.65 billion recorded last month.
These figures reflect the substantial growth in DeFi activities within the Solana ecosystem. CryptoSlate has highlighted instances where Solana-based DEXs facilitated more trading activities than their Ethereum-based counterparts over the past three months.
Furthermore, Solana’s DeFi expansion has notably benefitted Phantom, a prominent crypto wallet extensively utilized within the Solana ecosystem. Reports indicate that Phantom has witnessed its active user base surge by more than triple over the past year.
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