Solana DeFi Momentum Soars With $5.7 Billion Locked In Q3
Solana continues to prove that its one of the top blockchains for this cycle. After its rally, which gained 35% over the past 60 days, the popular Layer 1 blockchain is back in the news with more on-chain activities.
According to recent data, Solanas DeFi Total Value Locked or TVL increased to $5.7 billion in the third quarter, reflecting a 26% improvement from the previous quarter.
Kamino, a crypto lending service, leads the count with $1.5 billion in TVL and an impressive 7% Quarter-on-Quarter growth, helped by jupSOL and PYUSD additions. Recent data also suggests that Solanas market cap is now $3.8 billion, an improvement of 23%, boosted by the integration of PayPals PYUSD.
DeFI Continues To Drive Growth For Solana
Solana DeFi tops the chains activities with a total locked value, worth $5.7 billion. This latest SOL data reflects a solid 26% growth QoQ, pushing the blockchain to become third largest in this metric, surpassing Tron.
In a Messari report, Solanas TVL increased due to increased activities for Kamino, which accounted for $1.5 billion of the total contracts locked. Kaminos recent quarterly figure represents a 57% rise, thanks to the recent integration of jupSOL and PYUSD.
Aside from Kamino Finance, Solanas blockchain featured locked assets for Raydium, with $1.1 billion, and Jupiter, with $749 million. Kamino Finances impressive performance is linked to its Kamino Lend V2 launch, offering a permissionless vault and market layer.
Analysts expect Kamino Finance to continue its dominance by adding new projects like the Spot Leverage and Lending Orderbook.
Solana DEX Shows Signs Of Slowing Down
Solanas DEX activity was down 10% QoQ but rebounded a bit by October. The average daily volume on the blockchains exchange hit $1.7 billion, largely because of a fall in meme coins.
Raydium retains its dominance on Solanas DEX, with a 51% market share, although its daily average volume dipped by 13% to $852 million. The volume increased by $350 million with the release of Moonshot, a crypto mobile trading app.
Jupiter also stayed at the top, cornering 43% of the total spot exchange volume. Recent developments, including the release of Jupiter Mobile and the integration of Google Pay and Apple Pay, helped the platform.
SOLs Stablecoins Get Help From PYUSDIn the same Messari report, PayPals PYUSD lifts SOLs stablecoin market. The PYUSD was launched in May in Solana, which is mainly instrumental in its market cap growth, which now stands at $3.8 billion. With exciting features like programmable transfers and transfer hooks, PayPals PYUSD became instantly popular.
Aside from PYUSD, USDC also contributes to Solanas stablecoins market. Circles integration of Web 3.0 services for SOL provides enterprise functionality features like fee sponsorship and programmable wallets, allowing developers to integrate multi-chain solutions quickly.
Featured image from StormGain, chart from TradingView
Read more: https://www.newsbtc.com/news/solana-defi-momentum-soars-with-5-7-billion-locked-in-q3/
Text source: NewsBTC
