According to the ‘State of Solana: Breakpoint Edition’ report, 29 projects on the Solana blockchain raised $173 million this quarter, the highest amount since 2022, with $103 million raised in September alone, marking the strongest month since June 2022.
Solana’s Crypto Treasury Market Expands
The value of Solana’s crypto treasury market doubled to $123 million within 30 days, driven by a $50 million USDC inflow from Ethereum on September 23.
Although Solana trails behind Ethereum ($1.6 billion) and Stellar ($422 million), recent developments indicate significant potential.
Major firms such as Franklin Templeton (managing $1.7 trillion in assets) and BlackRock have launched investment funds on Solana.
Franklin Templeton plans to launch a money market fund on Solana, while BlackRock has partnered with Securitize to launch the BUILD crypto fund, which currently manages over $522 million.
Solana’s On-Chain Activity Declines
Despite increasing interest from institutional investors, Solana’s on-chain activity has decreased over the past six months.
Monthly transaction fees dropped by 66% from their peak in March, although they remain 1,900% higher than the previous year.
Over the past six months, Solana generated $260 million in fees, ranking third after Ethereum and TRON.
As of October 7, Solana’s total value locked (TVL) reached $5.6 billion. SOL, Solana’s native token, is currently priced at $148, up over 15% in the last 30 days.
Will Solana’s ecosystem continue to grow, and what will happen to the SOL token in the future? Stay tuned with Bnb Faucets for more updates!
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