Mike Smith
December 25, 2024
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Solana (SOL) has made significant progress this year, surpassing Ethereum (ETH) in developer activity for the first time since 2016. According to an analyst report, 7,625 new professionals joined the platform in 2024. Experts attribute this to improved infrastructure and the launch of innovative products, including Bitwise's staking ETP, which is available in the European market.
Despite the progress in the ecosystem, the SOL token price has dropped to $215.9, which is 18% lower than its recent record. Solana's total market cap is $103.44 billion. At the same time, the ecosystem's metrics demonstrate resilience: the total value locked (TVL) increased to $9.178 billion, and the number of active wallets grew by 20%, reaching 6.5 million.
One of the key events was VanEck's $2.5 million funding for the DAWN project, which is focused on the development of decentralized infrastructure (DePIN). This direction attracts the attention of large investors, gradually forming a new core of the Solana ecosystem.
However, not all indicators remain at their peak. Trading activity on decentralized exchanges (DEX) on the network decreased by 12%, amounting to $28.2 billion. Against this background, the Raydium platform was able to maintain stability, demonstrating resilience in the face of a general decline.
At the same time, the PENGU token attracted attention, its value increased by 642% after listing. A large-scale airdrop worth $1.5 billion caused a stir among traders. However, not all participants were able to benefit: one of them lost $10,000 due to a failed token swap deal.
Experts believe that Solana's success lies in several key areas: active developer recruitment, launch of products for institutional investors, and expansion of the DePIN sector. These factors can become the basis for further growth of the ecosystem, opening up new opportunities in 2025.
