Solana’s SOL has surged over the previous 24 hours, overtaking Binance-backed BNB, securing its place because the fourth-largest digital asset by market capitalization.

knowledge from crypto slate confirmed that SOL's market capitalization is hovering round $50 billion, the primary time it has exceeded this threshold since December.

In distinction, BNB's market capitalization peaked at $49.2 billion throughout the identical interval.

This important improve in SOL's market capitalization is primarily as a result of its superior worth efficiency. Over the previous week, SOL has outperformed vital cryptocurrencies corresponding to Bitcoin and Ethereum, reaching $115, a formidable 20% acquire.

The fast development in SOL's market capitalization isn’t a surprise given Solana's resilience in weathering current challenges, together with momentary outages and a previous relationship with now-defunct cryptocurrency alternate FTX. .

Moreover, asset administration agency VanEck predicted that SOL will develop into one of many high three blockchain networks when it comes to market capitalization, whole worth locked (TVL), and energetic customers by the tip of this yr.

Solana DeFi TVL goals for $2 billion

The worth of property locked on the Solana blockchain is approaching a major $2 billion mark, indicating a sustained upward development in DeFi exercise on the blockchain community.

Solana's community TVL has reached a 20-month peak of $1.958 billion, in keeping with DeFillama knowledge. This marks a outstanding comeback because the FTX alternate's disastrous collapse in November 2022.

In the meantime, decentralized alternate (DEX) exercise on Solana stays sturdy. DeFillama's DEX dashboard reveals that Solana's DEX protocol has facilitated over $9 billion price of trades for him this month alone. That is nearly half of the $22.65 billion whole recorded final month.

These numbers mirror the numerous development in DeFi exercise inside the Solana ecosystem. crypto slate Over the previous three months, we highlighted examples the place Solana-based DEXs drove extra buying and selling exercise than Ethereum-based DEXs.

Moreover, Solana’s DeFi enlargement has notably benefited Phantom, a distinguished cryptocurrency pockets extensively used inside the Solana ecosystem. In response to the report, Phantom's energetic consumer base has greater than tripled over the previous yr.