Institution-led gold rush sparked within Solana
In the dynamic world of cryptocurrency, Solana continues to make waves. The total value locked (TVL) in DeFi protocols on Solana has reached a staggering $12.27 billion, surpassing the combined sum of major Ethereum layer-2 networks like Arbitrum and Base.
This impressive growth is driven by a combination of factors. Strong institutional buying interest is fueled by Solana's technical advancements, a burgeoning ecosystem for Non-Fungible Tokens (NFTs) and Decentralised Finance (DeFi), increased network stability, and expectations that a future Solana Exchange-Traded Fund (ETF) approval would boost liquidity and market credibility.
With these factors in play, Solana is positioning itself as a standalone player beyond Ethereum, a move that is fostering confidence among institutional investors.
The network's popularity is evident in its usage statistics. Approximately 2.5 million active addresses use the Solana network daily. Corporate America has also taken notice, with Forward Industries acquiring 6.82 million SOL, worth approximately $1.6 billion, marking a significant investment in the blockchain network.
17 companies now hold over 17.1 million SOL, which is almost 3% of the total supply. These companies can earn additional yields of about 8% per year with SOL through staking.
The CME Group has announced plans to launch Solana futures options starting October 13, subject to regulatory approval. This move further solidifies Solana's position in the cryptocurrency market.
Solana's rapid growth and success have not gone unnoticed. Pantera Capital CEO Dan Morehead described Solana as the "fastest and most cost-efficient protocol" on the market. To maintain this edge, Solana aims to strengthen its position as the fastest and most cost-efficient blockchain with planned network upgrades "Alpenglow" and "Firedancer".
In September alone, $2.25 billion of the stablecoin USDC was minted on Solana, underscoring its growing importance in the stablecoin market. As Solana continues to innovate and grow, it is poised to play a significant role in the future of financial markets.
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