In 2024, Solana's DeFi ecosystem experienced significant growth, attracting an incredible number of new protocols. Here are the numbers:
The Mass Migration to Solana
Throughout 2024, the Solana ecosystem stood out as one of the most dynamic crypto ecosystems, particularly in terms of generated volumes and adoption rate. It solidified its position alongside giants like Ethereum, directly competing with the longest-standing and most popular network.
One of the most interesting data points, however, concerns the number of protocols that joined the ecosystem over the past year, legitimizing Solana’s authority even when compared to alternative networks.
We’re not just talking about NFTs or secondary protocols but major projects with roots in traditional finance (TradFi), making them highly functional in an era where crypto is no longer solely about niche communities.
One particularly noteworthy example is PayPal, which launched its native stablecoin, PYUSD, on the Solana ecosystem last May. Another is SKY (formerly MakerDAO), which expanded from Ethereum to the new network with its stablecoin USDS (formerly DAI).
More Projects Betting on Solana
Several exchanges have also embraced Solana, as evidenced by initiatives from Binance and ByBit in the Liquid Staking Token (LST) space, as well as Coinbase’s launch of cbBTC, its Bitcoin-pegged asset designed to compete with WBTC.
Recently, considerable attention has been drawn by Pudgy Penguins’ announcement of its native token, PENGU, 25% of which will be distributed via an airdrop on Solana. Additionally, the iconic NFT collections DeGods and y00ts have returned to Solana.
Finally, Ondo Finance, the largest Real World Assets (RWA) protocol, brought USDY to Solana over the past year. In a short time, Solana has secured the second-largest share of this stablecoin’s supply.
What do you think? Let me know in the comments!
By Gue22 🚀⚡