Solana surpasses BNB Chain as fourth-largest digital asset by market cap
Solana's DeFi TVL is nearing the significant $2 billion milestone.
Solana’s SOL has surged past Binance-backed BNB in the last 24 hours, securing its position as the fourth-largest digital asset by market capitalization.
Data from CryptoSlate showed that SOL’s market cap is wavering around $50 billion, marking its first foray past this threshold since December.
In contrast, BNB’s market cap peaked at $49.2 billion during the same period.
This significant uptick in SOL’s market capitalization is primarily attributed to its impressive price performance . Over the past week, SOL has outshone significant cryptocurrencies like Bitcoin and Ethereum, boasting a remarkable 20% increase to $115.
SOL’s rapid growth in market cap comes as no surprise, given Solana’s resilience in overcoming recent challenges, including temporary outages and its past association with the now-defunct crypto exchange FTX.
Moreover, asset management firm VanEck predicted that SOL will become one of the top three blockchain networks by market cap, total value locked (TVL), and active users by the end of this year.
Solana DeFi TVL eyes $2 billion
The value of assets locked on the Solana blockchain is edging closer to the significant $2 billion mark, marking a sustained uptrend in DeFi activity on the blockchain network.
According to DeFillama data , Solana’s network TVL stands at a 20-month peak of $1.958 billion. This marks a notable resurgence since the distressing collapse of the FTX exchange back in November 2022.
Meanwhile, decentralized exchange (DEX) activity on Solana remains robust. DeFillama’s DEX dashboard reveals that DEX protocols on Solana have facilitated trades worth over $9 billion this month alone, nearly half the total $22.65 billion recorded last month.
These figures reflect the substantial growth in DeFi activities within the Solana ecosystem. CryptoSlate has highlighted instances where Solana-based DEXs facilitated more trading activities than their Ethereum -based counterparts over the past three months.
Furthermore, Solana’s DeFi expansion has notably benefitted Phantom, a prominent crypto wallet extensively utilized within the Solana ecosystem. Reports indicate that Phantom has witnessed its active user base surge by more than triple over the past year.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
AI infrastructure frenzy sweeps the US! Surge in computing equipment imports pushes trade deficit to highest level since March 2025
In July, the goods trade deficit unexpectedly widened to $118.8 billion, significantly above the market expectation of $100.5 billion, marking the largest gap since March 2025.
Nvidia (NVDA.US) stages a "Back to the Future" comeback: 70% growth guidance shocks Wall Street, analysts rush to upgrade, bullish sentiment in options market surges
Nvidia's latest quarterly results once again far exceeded market expectations, proving its unshakable dominance in the AI chip sector. This directly drove its stock price to surge in pre-market trading and prompted several analysts to raise their target prices.
Jackson Hole has not yet begun, but the Federal Reserve’s “hawkish” signal comes first! Schmid bluntly says interest rates are still not tight enough, raising rates risk returns to the trading desk
Kansas City Federal Reserve Bank President Jeff Schmid stated that as inflation continues to remain above the 2% target, the central bank's interest rate policy has not curbed the US economy.
On the Eve of the Jackson Hole Annual Meeting: The Dollar “Holds Its Breath” Awaiting Waller’s Speech as Traders Quietly Increase Rebound Hedges
As the Jackson Hole Global Central Bank Annual Meeting kicks off this Thursday, the forex market is turning its full attention to the keynote speech by Federal Reserve Chair Kevin Walsh on Friday.
Crypto prices
More
