Real-World Assets Soar on Solana as DeFi Thrives
Solana’s (SOL) DeFi landscape is booming, according to a recent Messari report.Key metrics show robust growth, though some areas experienced downturns.
The report highlights a major surge in real-world assets (RWAs) on Solana. Year-to-date, RWAs have climbed 124%, hitting $390 million. Leading this charge is Ondo Finance’s USDY, a U.S. Treasury-backed token. It boasts a market cap of $175.3 million.
In parallel, Solana’s DeFi total value locked (TVL) reached $8.6 billion, up 30% from the previous quarter. This positions Solana as the second-largest DeFi hub, right behind Ethereum. Jito Labs’ liquid staking platform leads with $2.87 billion in TVL.
- new liquid staking platform Sanctum amassed $2.18 billion in revenue shortly after launching.
- Staked SOL topped $60 billion, marking a 25% increase from the prior quarter.
- Liquid staking participation reached 12%, led by jitoSOL.
However, not all indicators were positive. App revenue fell 44% quarter-over-quarter to $576 million, with Pump.fun and Axiom leading the pack. Validator fees also declined but were mitigated by the Alpenglow consensus protocol, which reduces costs.
Despite these setbacks, the share of revenue captured by apps rose from 126.5% to 211.6%,signaling a promising shift in monetization strategies within the Solana ecosystem.
