Solana’s First Quarter Report 2023: Circulating Market Value and DeFi Growth

04/24/2023 02:40 • Blockchain Briefs • 79 views

On April 24th, Messari released Solana’s first quarter report for 2023. Among them, Solana’s circulating market value rebounded with the market, rising by 118.1% month on month, and Solana’s revenue (in SOL) increased by 68.7% month on month. BONK airdrops, NFT favorites, and DePIN applications drove fee payment and trading activities in the first quarter. In terms of DeFi, Solana TVL in US dollars increased by 23.5% month on month in the first quarter, while TVL in SOL decreased by 40.7%, indicating an increase in SOL prices. Driven by Marinade Finance, Lido, Jito, and JPool, LSD showed significant month on month growth.

Messari: Solana’s circulating market value increased by 118.1% month on month in the first quarter of 2023

Introduction

On April 24th, Messari released Solana’s first quarter report for 2023. The report highlights some significant growth and performance metrics achieved by Solana in the first quarter of 2023. In this article, we will delve into the report’s key findings, focusing on Solana’s circulating market value, revenue, DeFi growth, and more.

Solana’s Circulating Market Value Rebounds by 118.1% Month on Month

One of the most notable highlights from the report is Solana’s rebound in circulating market value. During the first quarter, Solana’s market value increased by 118.1% month on month. It was driven by BONK airdrops, NFT favorites, and DePIN applications. These activities spurred fee payment and trading activities, leading to a surge in market value.

Solana’s Revenue in SOL Increased by 68.7% Month on Month

Solana’s revenue saw significant growth in the first quarter. The revenue generated in SOL increased by 68.7% month on month. This was fueled by the high demand for Solana’s blockchain and the growing use cases. The blockchain has become a popular choice for developers and users alike, thanks to its high speed, scalability, and low fees.

DeFi Growth: Solana TVL in USD Up by 23.5% Month on Month

Solana continued to show strong growth in Decentralized Finance (DeFi). The report revealed that Solana’s Total Value Locked (TVL) in USD increased by 23.5% month on month in the first quarter. This was primarily driven by projects like Marinade Finance, Lido, Jito, and JPool. They contributed to the significant month on month growth of LSD.

TVL in SOL Decreased by 40.7% Indicating an Increase in SOL Prices

Interestingly, TVL in SOL decreased by 40.7%, indicating a surge in SOL prices. With the growing demand for SOL, its price has been on the rise, leading to a decrease in TVL. However, this trend should not be a cause for concern as it is indicative of the increasing value of SOL.

Conclusion

In summary, Solana’s first quarter report 2023 reveals impressive growth in the circulating market value, revenue, and DeFi ecosystem. The blockchain continues to be a favorite among developers and users alike, thanks to its fast processing speeds, scalability, and low fees. Moreover, the demand for Solana’s native token – SOL – is at an all-time high, driving its price up and contributing to the decrease in TVL in SOL.

FAQs

1. What is Solana?

Solana is a fast, secure, and censorship-resistant blockchain focused on achieving high throughput and scalability, making it a popular choice among developers and users alike.

2. What is DeFi, and why is it essential for Solana’s growth?

DeFi stands for Decentralized Finance, a subset of the broader cryptocurrency ecosystem. It consists of financial applications that operate on public, decentralized blockchains. Solana’s growth in DeFi shows how the blockchain is gaining traction and becoming more mainstream.

3. What sets Solana apart from other blockchains?

Solana uses a unique collection of technologies like Proof of History (POH) and Tower BFT that makes it one of the fastest and most secure blockchains in the market today. Its impressive throughput and scalability make it the preferred choice for developers looking to build cutting-edge decentralized applications.

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