Originally published on: November 01, 2024
In a recent update, institutional investments in decentralized applications (DApps) built on the Solana blockchain have experienced a significant uptick. During the third quarter of 2024, a total of 29 Solana-based DApps collectively raised $173 million, marking a notable 54% increase from the previous quarter.
This surge in funding indicates a renewed interest from institutional investors in crypto projects, according to a report from Messari Protocol Services. Despite a 37% decrease in the number of funding rounds, the total investment amount in Solana-based DApps in Q3 reached the highest level since 2022.
As Solana continues to outperform Ethereum in daily fees, generating over $2.54 million compared to Ethereum’s $2.07 million on Oct. 28, interest in the Solana network has been on the rise. Solana’s monolithic scaling approach has positioned it as a potential “Ethereum killer,” offering improved transaction throughput and reduced fees without relying on layer-2 solutions.
During the third quarter, Solana saw a notable increase in average daily fee payers and new fee payers. The network’s fee generation and profitability have also seen significant growth, with average transaction fees on the rise.
Solana’s tokenized treasuries have also shown promising growth, making it the third-largest blockchain by tokenized treasuries by the end of Q3. With institutional giants like Franklin Templeton and Societe Generale showing interest in the Solana network, the future looks bright for Solana-based DApps and tokenized assets.
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