Solana: A primer on the performance of the Layer 1 blockchain in Q3
The post Solana: A primer on the performance of the Layer 1 blockchain in Q3 appeared on BitcoinEthereumNews.com. Solana’s native coin witnessed a value uptick in Q3. User activity on the chain declined during the same period. A new report from Messari revealed that leading open-source blockchain Solana [SOL] saw growth and some corresponding declines in Q3. Read Solana’s [SOL] Price Prediction 2023-24 A notable growth recorded within the Solana ecosystem was the uptick in the value of its native coin SOL between July and September. Here’s the rundown In the year’s second quarter, the U.S. Securities and Exchange Commission (SEC) filed regulatory complaints against Coinbase and Binance, alleging that SOL, alongside other crypto assets, were listed on these exchanges as securities. This resulted in a 34% dip in SOL’s price in June. However, towards the end of the month, the coin rebounded “and carried that momentum into Q3.” Despite the headwinds faced by the coin due to the network’s ties to the now-unusable crypto exchange FTX, SOL recorded a 17% increase in value quarter-over-quarter. Messari added, “Notably, SOL outperformed assets of a similar market cap — its market cap rank increased from 10 to 7 QoQ,” The blockchain’s decentralized finance (DeFi) vertical also experienced growth during the quarter under review. Closing Q3 with a total value locked (TVL) of $368 million, Solana saw a 32% increase in the value of assets held within the DeFi protocols housed within it. According to the report, MarginFi, a decentralized portfolio margining protocol, saw the most growth. Between July and September, the protocol’s TVL rallied by over 700%. Source: Messari Further, within the period under review, staking activity on Solana picked up momentum. Messari found that, “Total staked SOL continued to rise this quarter, up 2% to 404.9 million. At $8.2 billion, Solana is firmly in second place behind Ethereum in terms of total staking market cap. The amount of SOL staked…
The post Solana: A primer on the performance of the Layer 1 blockchain in Q3 appeared on BitcoinEthereumNews.com.
Solana’s native coin witnessed a value uptick in Q3. User activity on the chain declined during the same period. A new report from Messari revealed that leading open-source blockchain Solana [SOL] saw growth and some corresponding declines in Q3. Read Solana’s [SOL] Price Prediction 2023-24 A notable growth recorded within the Solana ecosystem was the uptick in the value of its native coin SOL between July and September. Here’s the rundown In the year’s second quarter, the U.S. Securities and Exchange Commission (SEC) filed regulatory complaints against Coinbase and Binance, alleging that SOL, alongside other crypto assets, were listed on these exchanges as securities. This resulted in a 34% dip in SOL’s price in June. However, towards the end of the month, the coin rebounded “and carried that momentum into Q3.” Despite the headwinds faced by the coin due to the network’s ties to the now-unusable crypto exchange FTX, SOL recorded a 17% increase in value quarter-over-quarter. Messari added, “Notably, SOL outperformed assets of a similar market cap — its market cap rank increased from 10 to 7 QoQ,” The blockchain’s decentralized finance (DeFi) vertical also experienced growth during the quarter under review. Closing Q3 with a total value locked (TVL) of $368 million, Solana saw a 32% increase in the value of assets held within the DeFi protocols housed within it. According to the report, MarginFi, a decentralized portfolio margining protocol, saw the most growth. Between July and September, the protocol’s TVL rallied by over 700%. Source: Messari Further, within the period under review, staking activity on Solana picked up momentum. Messari found that, “Total staked SOL continued to rise this quarter, up 2% to 404.9 million. At $8.2 billion, Solana is firmly in second place behind Ethereum in terms of total staking market cap. The amount of SOL staked…
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