Title: Solana’s Ascent: From Retail Darling to Institutional Powerhouse.
- Once viewed as a risky investment following the collapse of FTX, Solana (SOL) has made a remarkable comeback, emerging as one of the strongest performers in the latest crypto bull run. With its lightning-fast transaction speeds, minimal gas fees, and a rapidly expanding ecosystem, SOL has not only regained investor confidence but is now being hailed as a serious contender to Ethereum’s throne.
What’s driving this resurgence? Today, we delve into the surging on-chain activity within the Solana network. The network’s rapid growth underscores its game-changing potential. Join us as we explore the forces propelling Solana into the spotlight and assess its future prospects.

- DEX Volume and Raydium Protocol: Although decentralized exchange (DEX) volume slightly decreased compared to its peak in March, it remained at elevated levels. In July, the Raydium Protocol, a DEX on Solana, became the second-largest DEX by volume, trailing only Ethereum-based Uniswap. Raydium also emerged as the leading fee generator for Solana, with fees almost doubling from $33 million in June to $65 million in July 2024. This growth was fueled by the launch of tens of thousands of tokens on Solana each week through platforms like PumpFun, many of which were memecoins.

Macro Strategist at BlockBase Venture: https://blockbase.co/

More information: https://insights.blockbase.co/author/phuc-duong/