Key Highlights:
- Solana hits 5 million daily users!
- Magic Eden splits from its marketplace partners.
- Phantom wallet faces backlash over swap fees.
Market Overview
Solana’s native token, $SOL, is trading at $135.87, up 4.47% over the past week. With a market cap of $63.5 billion, Solana continues to maintain a strong Total Value Locked (TVL) of $4.8 billion.
In the past 24 hours, Solana has raked in $302,843 in fees, while daily active addresses have surpassed 4 million. Its 24-hour trading volume stands at $1.69 billion, putting it ahead of competitors like Ethereum, TRON, and Arbitrum in terms of 7-day performance.
🚀 Week in Solana: Solana's Explosive 5M User Surge!
Solana smashes 5M daily users!
Magic Eden's controversial split!
Phantom's fee fiasco!Let's unpack this week in Solana 🧵
1/6 pic.twitter.com/VY0AetA8mB
— CoinMarketCap (@CoinMarketCap) September 18, 2024
Solana’s Unprecedented Growth
Solana is shattering records, with 5 million daily active addresses—the most any blockchain has ever seen! Despite ongoing market challenges, Solana’s TVL remains robust, raising the question: is Solana pulling ahead of its rivals when it comes to user adoption and ecosystem expansion?
DeFi and Meme Coins Surge
Jupiter, a major DeFi protocol, has seen its TVL shoot up by 46% over the past month. Meanwhile, Jito and Marinade are spearheading DeFi growth. Meme coins like Popcat and BOOK OF MEME are also making waves, delivering double-digit gains.
Ecosystem in Focus
Phantom wallet’s recent decision to implement a 0.85% swap fee has stirred debate within the community. While it has generated $30 million in swap revenue, some question whether this is a justified cost or simply exploiting users. On the NFT front, Solana is continuing to lead the way, outpacing Ethereum and Polygon in user engagement.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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