Solana Achieves Record Highs: $5.65B TVL, 42% DEX Volume, and Flips Ethereum in 24-Hour Fees

Solana has reached several significant milestones, marking a remarkable period of growth and dominance in the cryptocurrency space. The total value locked (TVL) in Solana has climbed to $5.65 billion, the highest level in 931 days, and reached a new all-time high of $5.5 billion USD in 2024.

Additionally, Solana's decentralized exchange (DEX) volume dominance has surpassed that of Ethereum, Base, and Binance chains, reaching a new all-time high of 42% in combined 24-hour DEX volume. Solana has also flipped Ethereum in 24-hour fees and revenue collected.

In terms of market dominance, Solana's dominance chart has broken out to new all-time highs at 3.69%, with a first target set at 6.9%.

Furthermore, the Solana ecosystem has seen a rebound in funding, with 47 projects raising $113 million in Q2 2024, a two-year high despite a 19% quarter-over-quarter decrease. From Q4 2023 to Q2 2024, Solana projects secured a total of $309 million, up from $39 million in the previous three quarters.

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