thecryptobasic.com 01 October 2024 11:01, UTC

Solana-based tokens have shown impressive growth in Q3 of 2024, marking a strong performance across the ecosystem.

According to Solana Daily, various tokens across decentralized finance (DeFi), decentralized exchanges (DEX), and other blockchain sectors experienced massive market cap growth. The platform highlighted that Solana continues to expand its influence in the blockchain space, with several tokens seeing notable increases in value during this period.

Tokens Leading Market Growth

Among the top performers, CROWN, the native token of the Photo Finish platform, saw a market cap increase of 103%, reaching $110 million. Metaplex’s token, MPLX, followed with a 55% growth, bringing its market cap to $462 million.

Other tokens, such as DRIFT, which powers the Drift BET, rose by 42%, reaching $157 million in market cap. Similarly, Wormhole’s W token increased by 45%, with a total market cap of $786 million.

Additionally, io.net’s IO token grew by 38%, with a market cap of $202 million, while GMT token expanded by 37%, reaching a market cap of $456 million. Pyth Network’s PYTH token saw a 32% growth, reaching $1.3 billion in market cap, showing the strength of oracles in the ecosystem.

The Render Network’s RENDER token also performed well, growing by 27%, as it reached a market cap of $2.6 billion.

Expansion of the Solana Ecosystem

Beyond token growth, the broader Solana ecosystem saw several key developments. For instance, Solana Daily reported that the total value locked (TVL) in Solana’s DeFi protocols surged to $5.48 billion.

Moreover, notable partnerships were established, such as PayPal allowing U.S. business customers to buy, sell, hold, and transfer cryptocurrencies. Jupiter Terminal v3 also launched, enhancing token routing and selection for decentralized applications (dApps) on Solana.

Meanwhile, Layer3, the consumer attention layer, announced its expansion to Solana in October, further strengthening the ecosystem’s reach.

Several projects have also migrated to Solana, including Unlonely, which moved from Base. In addition, Binance launched SOL Surge. Google Cloud’s partnership with Solana Labs helped bolster the network’s expanding infrastructure.

Surging DEX Volume Leaves Ethereum Behind

Further data from September 30 reveals that Solana’s decentralized exchange (DEX) volume saw a remarkable 45.74% increase during the last week of September, processing over $7.87 billion in trades.

In contrast, Ethereum’s DEX volume grew by just 1.3% during the same period, showcasing the rapid pace of Solana’s growth in the decentralized finance space.