Solana's $61 Billion staking system is leading the DeFi charge, leaving Ethereum behind
July 30 2024 - 11:00AM
In the rapidly evolving world of decentralized finance (DeFi),
Solana has emerged as a formidable player, as highlighted in the
July 2024 Crypto Market Report by AMBCrypto.
It provides an in-depth look at Solana's impressive staking
system, which has attracted a staggering $61 billion in staked
capital, surpassing Ethereum. The report also sheds light on
Solana's remarkable growth and its implications for the DeFi
ecosystem. Key highlights include:
- Staking milestone: Solana's staking system has
attracted $61 billion, surpassing Ethereum, despite having fewer
liquid staking tokens (LSTs).
- DeFi potential: Solana's DeFi Total Value
Locked (TVL) grew by 26% in native SOL tokens, indicating strong
ecosystem support despite a 9% decline in USD terms.
- Stablecoin growth: Solana's stablecoin market
expanded by 8%, reaching $3.1 billion, boosted by PayPal's launch
of PYUSD on its network.
- Market leadership: JitoSOL holds 48% of liquid
staked SOL, leading Solana's liquid staking market and reflecting
strong protocol dominance.
Solana's user-friendly staking system and growing DeFi and
stablecoin markets position it as a formidable contender in the
blockchain space, with significant growth potential. Besides, for a
detailed look at the crypto market, including DeFi, Politifi, DePIN
sectors, you can read the AMBCrypto report here. Please reach
out to AMBCrypto experts if you have questions.
About AMBCrypto
Launched in 2018, AMBCrypto is a leading crypto news platform
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enthusiasts. It is trusted by major tech companies like Amazon,
Facebook, X, Microsoft, and Tesla. We strive to demystify the
crypto world by providing in-depth analysis, breaking news, and
simplified explanations.
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