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.
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.
In a fresh move highlighting crypto’s rising momentum in traditional finance, 21Shares has set its sights on launching a Dogecoin-backed exchange-traded fund (ETF) in the United States.
Reports of ProShares’ XRP futures ETFs launching on April 30 have turned out to be premature.
Virtual Protocol, a project focused on decentralized AI agents, is capturing attention as activity across its ecosystem explodes and its native token, VIRTUAL, stages a massive price rally.
Solana (SOL) continues to impress with steady gains, trading firmly above $150 and extending its winning streak into a fourth consecutive week.