In a notable trend for the decentralized application (dApp) landscape, 29 dApps successfully raised $173 million in funding, marking a significant 54% increase compared to the previous quarter. This surge represents the highest funding level since mid-2022, despite a 37% decrease in the number of funding rounds, as reported by Messari.
The increase in funding aligns with Solana's impressive performance in the blockchain space, where it has recently outpaced Ethereum in daily fees. Solana generated over $2.54 million in fees, compared to Ethereum’s $2.07 million, showcasing its growing adoption and utility among users.
The number of fee-paying users on Solana has also seen remarkable growth, rising to 1.9 million—a staggering 109% increase quarter-over-quarter. New fee payers surged even more dramatically, jumping 430% to reach 1.3 million. This uptick in users reflects Solana's expanding ecosystem and appeal to developers and investors alike. However, it's worth noting that daily non-voting transactions fell by 12% to 62 million, indicating some fluctuations in transaction activity. Additionally, the average transaction fees on Solana increased by 6% to approximately $0.023, reflecting a robust but evolving fee structure.
By the end of Q3, Solana established itself as the third-largest blockchain for tokenized treasuries, with $123 million in tokenized assets. It trails behind Stellar, which has tokenized $422 million, and Ethereum, leading the pack with $1.6 billion. This positioning underscores Solana's growing significance in the broader blockchain ecosystem.
The outlook for Solana's continued growth is further bolstered by significant developments in the pipeline. Franklin Templeton is planning to launch a money market fund on the Solana blockchain, which could attract more institutional interest. Additionally, Societe Generale is set to introduce a euro-denominated stablecoin, expanding its crypto offerings and potentially driving more users to Solana.
Overall, Solana's recent performance, marked by increased funding for dApps and rising user engagement, positions it as a formidable player in the blockchain space. As it continues to innovate and expand its offerings, the ecosystem appears poised for further growth, with institutional developments signaling a promising future for Solana and its users.
November 2024, Cryptoniteuae