Solana’s $61 Billion staking system is leading the DeFi charge, leaving Ethereum behind
TALLINN, Estonia, July 30, 2024 (GLOBE NEWSWIRE) — 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 fueled by a passionate team of journalists and blockchain 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.
Media Contact:
Manisha Mishra
AMBCrypto
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