- Solana’s TVL is at its highest level since October 2022.
- The chain’s DEX trading volume recently hit its highest point of the year to date.
Solanas [SOL] The decentralized finance (DeFi) ecosystem has experienced a surge in activity over the past two months, with total value (TVL) reaching its highest point since the start of the year, according to data from DeFiLlama.
Source: DefiLlama
At the time of writing, Solana’s TVL was $1.30 billion. The last time the network’s TVL was this high was in October 2022.
For context, as of January 1, the network’s TVL was just $210 million, showing that Solana’s TVL has witnessed year-to-date (YTD) growth of 519%.
In the past month alone, Solana’s DeFi vertical has witnessed an impressive 130% growth. This parallels the network-wide growth that the Layer 1 (L1) blockchain network has experienced during that period.
Leading DeFi protocols on Solana such as Marinade Finance, Jito and Marginfi have witnessed respective TVL growth of 87%, 55% and 165% in the last 30 days.
Solana wants to end the year with a bang
Over the past month so far, there has been a notable increase in demand for the network. A review of the chain’s network activity found that the daily number of active addresses rose to a YTD high of 1.26 million on December 17.
While there has been a slight improvement, Solana’s number of daily active addresses has increased by 157% since the beginning of the month.
Source: Artemis
When the number of users of a network increases, it sees a corresponding increase in transactions. On Solana, the total number of daily transactions recorded on the chain has increased by 23% since December 1.
As for the decentralized exchanges (DEXs) on Solana, trading volume executed through these exchanges reached a record high of 2.61 billion in the past year on December 22, according to data from Artemis.
This meant a whopping 17,000% of DEX trading volume on Solana so far this year.
Source: Artemis
Due to increased activity on Solana over the past 30 days, monthly fees generated by users are currently the highest they have been since the beginning of the year.
How much are 1,10,100 SOLs worth today?
According to data from Token terminalSo far this month, Solana’s transaction fees have been $3.7 million.
Source: Token terminal
Resulting monthly revenues are also at their highest level since January. With one week to go until the end of the 2023 trading year, the network has achieved monthly revenue of $1.9 million.