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Solana maintained a close relationship with FTX, and the latter’s downfall last year had considerable effects on the SOL token. Nevertheless, the seventh-largest cryptocurrency has made significant strides in recovery this year.
As per Nansen’s recent analysis, SOL has been on an upward trend since the summer. In fact, the SOL vs ETH ratio has been observed breaking higher, approaching levels not witnessed throughout the year.
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- In the second quarter of 2023, the SEC initiated regulatory actions against Coinbase and Binance, both of which had categorized SOL as a security alongside other cryptocurrencies.
- Consequently, these actions led to a notable 34% decline in SOL’s price.
- However, the token demonstrated a stronger rebound compared to other assets classified as securities by the end of the second quarter and sustained that positive trajectory into the third quarter.
- After a brief downturn, likely linked to the impending liquidation of Alameda/FTX’s SOL, the cryptocurrency concluded the quarter with a market capitalization of $8.4 billion, indicating a 17% increase from the previous quarter.
- Notably, SOL outperformed assets with comparable market capitalization; it advanced from the 10th to the 7th position in market cap ranking during the same quarter.
- Furthermore, Solana’s DeFi total value locked (TVL) surged by 32% quarter-over-quarter to $368 million, as highlighted in a recent Messari report, with growth driven by DeFi and liquid staking protocols implementing points programs, led by MarginFi, Jito, Cypher, and BlazeStake, among others.
- Additionally, the overall revenue, encompassing all fees accrued by the protocol, increased by 19% in USD, reaching an impressive $4 million. This represented a 10% rise in SOL terms, totaling 185,400 SOL.
- Solana transaction fees were identified as among the “most stable and economical” across all networks.
- In the third quarter, the average non-vote transaction fee was recorded at $0.0002.
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