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0:00 Intro
0:29 Solana Dominance
3:00 Solana’s Onchain Metrics
8:55 What It All Means
11:29 What to Do on Solana
#crypto #defi #cryptocurrency
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Onchain Metrics for Salana Looking Incredible Recently
In today’s video, Patrick from Dynamo Defi shares his thesis on why Salana is a great place to be in crypto, backed by onchain data. The price and market cap of Salana sit at around $69 million, ranking it fifth on CoinGecko, with a dominance of over 3% – comparable to its peak in 2021. Notably, Salana is outperforming the market, surpassing its previous all-time high in 2021, and it’s doing so consistently, unlike previous alternative layer ones.
The total value locked (TVL) in Salana’s ecosystem is around $17 billion, making it the number two chain, after Ethereum. However, Salana’s TVL has been growing at a rate of 10% in the past month, whereas Ethereum’s TVL is down 14%. Additionally, Salana’s stablecoin inflows have picked up, increasing by 8% in the past 7 days.
Another significant indicator of Salana’s growth is its DEX volume, which has increased by 15x in one year, making it the number one chain in terms of DEX volume. The top 10 fee-collecting applications on Salana include popular platforms like Jupiter, and the chain’s liquidity for onchain derivatives is significant, with over $600 million deposited in Jupiter’s platform.
These metrics suggest that Salana has reached escape velocity, creating a positive feedback loop of liquidity, attention, and price appreciation. Patrick emphasizes that Salana’s uniqueness lies in its ability to carve out a niche for itself in the market, particularly in low-transaction-fee trading and meme coins.
Noteworthy Related Facts:
- Salana’s TVL has grown from around $8 million to over $17 billion in a short period.
- The chain’s DEX volume has increased by 15x in one year, surpassing its previous all-time high.
- Salana’s stablecoin inflows have picked up, increasing by 8% in the past 7 days.
