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Solana reaches top 3 blockchains by revenue in Q3 2024
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Solana has achieved a major milestone by ranking among the top three blockchains in terms of revenue generated in Q3 2024.
According to data from CryptoRank.io, the blockchain generated US$54.7 million in revenue, behind only Ethereum and Tron. This result reinforces Solana’s position as one of the main blockchain networks on the global stage, standing out for its capacity for innovation and growing adoption.
Throughout the third quarter, Solana benefited from an increase in trading volume on decentralized exchanges (DEXs) that utilize its infrastructure. One of the main factors that drove this growth was the increase in activity in the memecoin market, with projects like Pump.fun gaining prominence on the platform.
Pump.fun, which acts as a launchpad for memecoins, recently launched the “Pump Advance” trading terminal, adding new features for traders. These innovations contributed to the increased use of the Solana blockchain, consolidating it among the main options for developers and investors.
Solana in the Top 3
Additionally, Solana continues to attract new projects, such as the Elmnts protocol, which tokenize investment funds backed by oil and gas royalties on the Solana blockchain.
The integration of this type of traditional asset into the world of cryptocurrencies demonstrates Solana’s versatility and strength to support a variety of projects, from decentralized finance (DeFi) to the tokenization of real-world assets.
Another relevant piece of data came from the CoinGecko report, published in October 2024. According to the report, there was significant growth in Solana’s market share, especially in DEXs.
This increase happened while Ethereum faced a slight decline in the same period. The report also highlighted Solana’s resilience in the cryptocurrency market, with a significant increase in transactions and investor interest.
In terms of price, the SOL token showed a slight correction, trading at US$166.73, after being rejected from the high of US$171.76 at the beginning of the week. However, analysts predict a potential gain of 11% for the token, reaching the US$184.89 mark in the coming weeks, if the positive momentum continues.
Solana reaches top 3 blockchains by revenue in Q3 2024
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Solana reaches top 3 blockchains by revenue in Q3 2024
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Solana reaches top 3 blockchains by revenue in Q3 2024