Key takeaways:
Solana’s $10.9 billion TVL surpassed the entire Ethereum layer-2 ecosystem.
Solana’s 30-day fee revenue ($43.4 million) rose 109% compared to the previous month.
SOL’s 8% funding rate shows healthy leverage demand from bulls.
Solana’s native token SOL (SOL) surged 24.8% between May 6 and May 10, following the broader altcoin market rally after Bitcoin broke above $100,000. Since then, SOL has struggled to stay above $180, but derivatives and onchain data still suggest further gains are in store.
SOL/USD (blue) vs. altcoin market cap. Source: TradingView / Cointelegraph
While Solana ranks the fifth largest cryptocurrency by market capitalization, Solana Network is the vice-leader in key onchain metrics including the total value locked (TVL).
Blockchain ranked by TVL, USD. Source: DefiLlama
Solana’s $10.9 billion total value locked (TVL) surpasses the entire Ethereum layer-2 ecosystem, which includes Base, Arbitrum, and Avalanche. Even BNB Chain, which integrates seamlessly with