• Solana’s protocols employed points programs and collaborations to boost DeFi engagement.
• Despite TVL growth, DEX volumes dipped; Visa partnership sparked optimism.

Solana [SOL] recently encountered difficulties in gaining a strong foothold in the fiercely competitive DeFi sector. To address this, the network implemented various strategies to attract a more extensive user base, particularly within the DeFi realm.

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New incentives for users

One significant strategy involved the adoption of points programs by several Solana DeFi protocols, such as MarginFi, Cypher, Solend, and the latest entrant, Jito.

These programs were aimed at quantifying and rewarding user contributions to the protocols, incentivizing users to actively engage with Solana’s DeFi offerings.

More improvements needed

Another indicator of a potential positive future for Solana would be the improving TVL on the Solana network. According to Artemis’ data, Solana’s TVL surged from 296 million to 313.75 million over the last few weeks.

However, despite a recent surge in Total Value Locked (TVL) within the Solana ecosystem, there has been a noticeable decline in Decentralized Exchange (DEX) volumes.

These volumes play a pivotal role in the vitality of a DeFi network, and the decrease in DEX activity raised concerns about Solana’s DeFi landscape’s health and future prospects.

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Author: Himalay Patel

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