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

Information from CryptoSlate confirmed that SOL’s market cap is wavering round $50 billion, marking its first foray previous this threshold since December.

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

This important uptick in SOL’s market capitalization is primarily attributed to its spectacular value efficiency. Over the previous week, SOL has outshone important cryptocurrencies like Bitcoin and Ethereum, boasting a outstanding 20% enhance to $115.

SOL’s speedy progress in market cap comes as no shock, given Solana’s resilience in overcoming current challenges, together with non permanent outages and its previous affiliation with the now-defunct crypto alternate FTX.

Furthermore, asset administration agency VanEck predicted that SOL will develop into one of many high three blockchain networks by market cap, complete worth locked (TVL), and energetic customers by the tip of this yr.

Solana DeFi TVL eyes $2 billion

The worth of property locked on the Solana blockchain is edging nearer to the numerous $2 billion mark, marking a sustained uptrend in DeFi exercise on the blockchain community.

Based on DeFillama information, Solana’s community TVL stands at a 20-month peak of $1.958 billion. This marks a notable resurgence because the distressing collapse of the FTX alternate again in November 2022.

In the meantime, decentralized alternate (DEX) exercise on Solana stays sturdy. DeFillama’s DEX dashboard reveals that DEX protocols on Solana have facilitated trades value over $9 billion this month alone, almost half the overall $22.65 billion recorded final month.

These figures replicate the substantial progress in DeFi actions inside the Solana ecosystem. CryptoSlate has highlighted cases the place Solana-based DEXs facilitated extra buying and selling actions than their Ethereum-based counterparts over the previous three months.

Moreover, Solana’s DeFi growth has notably benefitted Phantom, a distinguished crypto pockets also used inside the Solana ecosystem. Reviews point out that Phantom has witnessed its energetic person base surge by greater than triple over the previous yr.