DeFi
Solana’s $61 Billion Staking System Is at the Forefront of DeFi
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 AMBCrypto’s July 2024 Cryptocurrency Market Report.
It offers an in-depth look at Solana’s impressive staking system, which has attracted $61 billion in capital, surpassing Ethereum. The report also sheds light on Solana’s remarkable growth and its implications for the DeFi ecosystem. Key highlights include:
- Important step in staking: 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) increased by 26% in native SOL tokens, indicating strong ecosystem support despite a 9% decline in USD terms.
- Growth of stablecoins: Solana’s stablecoin market grew 8% to $3.1 billion, boosted by PayPal’s launch of PYUSD on its network.
- Market leadership: JitoSOL holds 48% of staked liquid SOL, leading the Solana 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 competitor in the blockchain space, with significant growth potential. Additionally, for a detailed overview of the cryptocurrency market, including the DeFi, Politifi, and DePIN sectors, you can read the AMBCrypto Report here. Please contact AMBCrypto experts if you have any questions.
About AMBCrypto
Launched in 2018, AMBCrypto is a leading crypto news platform powered by a passionate team of journalists and blockchain enthusiasts. Trusted by major tech companies like Amazon, Facebook, X, Microsoft, and Tesla. We strive to demystify the world of crypto by providing in-depth analysis, breaking news, and simplified explanations.
Media Contact:
Manisha Mishra
AMBCrypto
news@ambcrypro.com
https://ambcrypto.com/