Solana Sees Resurgence in Institutional Investment and User Growth in Q3 2024

In Q3 2024, institutional investment in Solana-based applications witnessed a significant surge.

A total of 29 decentralized applications (dApps) raised $173 million—over 54% more than the previous quarter and the highest since mid-2022, despite a 37% drop in funding rounds, according to Messari.

This increase aligns with Solana outpacing Ethereum in daily fees, generating over $2.54 million compared to Ethereum’s $2.07 million.

The number of fee-paying users on Solana rose to 1.9 million, a 109% increase quarter-over-quarter, while new fee payers jumped 430% to 1.3 million. However, daily non-voting transactions fell by 12% to 62 million. Solana’s average transaction fees increased by 6% to about $0.023.

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By the end of Q3, Solana was the third-largest blockchain for tokenized treasuries, with $123 million tokenized, behind Stellar’s $422 million and Ethereum’s $1.6 billion.

The outlook for further growth is bolstered by Franklin Templeton planning a money market fund on Solana and Societe Generale set to launch a euro-denominated stablecoin, which will expand its crypto offerings.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.