30s Summary

In Q3 2024, Solana’s blockchain apps attracted record funding of $173 million, a 54% QoQ increase, despite a 37% decrease in the number of funding rounds. In October, its daily fees surpassed Ethereum’s, supported by transaction processing innovation, low fees, and rising popularity. Solana’s Q3 daily fee payers increased by 109% QoQ. However, daily non-voting transactions decreased by 12%. Solana also grew to be the third largest blockchain by tokenized treasuries. Global companies such as Franklin Templeton and Societe Generale plan to launch products using Solana’s network, suggesting sustained growth.

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In 2024, Solana-native blockchain apps have really caught the eye of some big investors. In just the third quarter, these apps have smashed previous funding records – they’ve raked in $173 million, a whopping 54% step up from the prior quarter.

Although this has set a new record for Solana, it’s worth noting that the number of funding rounds actually went down by 37%. But hey, who’s counting when you’re seeing numbers like these!

Get this, Solana’s been giving Ethereum a real run for its money. On October 28, Solana’s daily fees eclipsed Ethereum’s $2.07 million, chalking up an impressive $2.54 million.

Soloana’s is being hailed for its innovative approach to transaction processing, aiming to boost its performance while keeping fees low. Needless to say, it’s become a favorite among layer-1 blockchains, and some are even calling it an “Ethereum killer”.

In the third quarter, Solana’s fee generation made some serious strides, with average daily payers shooting up to 1.9 million – that’s an increase of 109% quarter-over-quarter. Meanwhile, the 430% growth to 1.3 million in new fee payers isn’t too shabby either.

But it wasn’t all roses – the average daily non-voting transactions did see a 12% drop-off. Meanwhile, Solana’s average transaction fees ticked up by 6%. On the plus side, the overall transaction fee saw a nice 19% reduction.

By the end of Q3, Solana became the third-largest blockchain by tokenized treasuries, with a total of $123 million – just behind Stellar’s $422 million and Ethereum’s $1.6 billion. It’s clear that investors see potential in the platform, and it looks like this trend won’t be reversing anytime soon.

A key player, Franklin Templeton, has plans to launch a money market fund on the network. Not to be left behind, the global banking giant, Societe Generale, is preparing to release a euro-denominated stablecoin, giving additional impetus to Solana’s growth.