Originally published on: November 01, 2024
In a recent update, with quotes from Messari Protocol Services, it has been revealed that institutional investments in Solana blockchain decentralized applications (DApps) have surged by 54% in the third quarter of 2024.
During this period, 29 Solana-based DApps managed to raise a total of $173 million, showcasing a significant increase of over 54% compared to the previous quarter. This influx of funds represents the highest investment level in Solana since the second quarter of 2022, even though the number of funding rounds decreased by 37%.
According to a report by Messari Protocol Services, this rise in funding reflects a renewed interest from institutional investors in crypto projects. Matthew Nay, a research analyst at Messari Protocol Services, highlighted the growing amount of total funding as a positive signal of resurging institutional interest in the crypto sphere.
Solana, often referred to as the “Ethereum killer” for its scaling capabilities, recently surpassed Ethereum in daily fees. Generating over $2.54 million in fees on Oct. 28, Solana outpaced Ethereum’s $2.07 million in fees. Additionally, Solana’s fee generation has seen a substantial increase in profitability during the third quarter.
Solana’s dominance is further solidified by its position as the third-largest blockchain by tokenized treasuries. With $123 million worth of treasuries tokenized on Solana compared to Stellar’s $422 million and Ethereum’s $1.6 billion, the network is gaining traction among institutional investors.
As Solana continues to attract more investments and partnerships, the future looks promising for this rapidly growing blockchain. With initiatives like Franklin Templeton’s money market fund launch and Societe Generale’s euro-denominated stablecoin, Solana is poised to reach new heights in the coming years.
Stay updated on the latest developments in DeFi with our Finance Redefined newsletter. Receive weekly insights, analysis, and financial opportunities to make informed decisions confidently. Subscribe now to stay ahead of the curve!
