• Solana’s ecosystem saw impressive growth over the last few months.
• Despite this, the protocol faced problems in the NFT sector and in terms of price.

Solana [SOL] did not see any positive movement in terms of price over the last few days. However, metrics suggest that SOL may still have more to offer.

Solana continues to grow

SOL emerged as a prominent leader in the Q4 market rally, concluding the year with a remarkable market cap of $43.8 billion, reflecting a staggering 423% quarter-over-quarter (QoQ) surge and an impressive 1,106% year-over-year (YoY) increase.

During Q4, SOL outpaced ADA, USDC, and XRP in market cap.

the @MessariCrypto Q4 state of smart contract platforms report looks at 10 top networks across 13 metrics.@solana led QoQ growth in 6 of the metrics, including… pic.twitter.com/1TUZiT7W3v

— Peter Horton (@ph0rt0n) January 18, 2024

Solana’s DeFi Total Value Locked (TVL) exhibited growth, soaring by 303% and reaching $1.5 billion. This surge was propelled by strategic points programs and airdrops.

Protocols such as MarginFi and Jito contributed massively to this unprecedented surge in TVL.

MarginFi, experienced an extraordinary 1,404% QoQ TVL growth, surging from the sixth-largest to the top Solana DeFi protocol.

Notably, its TVL started at a modest $3.2 million when it introduced the points program on the 3rd of July.

Additionally, Jito’s airdrop also contributed to Solana’s growth. The protocol distributed 90 million JTO to fewe

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Author: Himalay Patel

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