Solana

DeFi

Phantom

Solana’s native token SOL has overtaken Binance’s BNB, securing its position as the fourth-largest digital asset by market capitalization. 
Recent data from <a href="https://www.tradingview.com/chart/?symbol=COINBASE%3ASOLUSD" rel="nofollow noopener" target="_blank">TradingView</a> indicates that SOL’s market cap has reached approximately $50 billion, marking its first surpassing of this threshold since December, and edging past BNB’s market cap, which peaked at $49.2 billion during the same timeframe. 
<img loading="lazy" decoding="async" class="size-full wp-image-30991 alignnone" src="https://crypto.ro/en/wp-content/uploads/2024/02/SOLUSD_2024-02-14_13-43-03.png" alt="SOLUSD 2024 02 14 13 43 03" width="1835" height="857" title="Solana surpasses Binance's BNB to become fourth-largest crypto asset 11" srcset="https://crypto.ro/en/wp-content/uploads/2024/02/SOLUSD_2024-02-14_13-43-03.png 1200w, https://crypto.ro/en/wp-content/uploads/2024/02/SOLUSD_2024-02-14_13-43-03-300x140.png 300w, https://crypto.ro/en/wp-content/uploads/2024/02/SOLUSD_2024-02-14_13-43-03-1024x478.png 1024w, https://crypto.ro/en/wp-content/uploads/2024/02/SOLUSD_2024-02-14_13-43-03-768x359.png 768w, https://crypto.ro/en/wp-content/uploads/2024/02/SOLUSD_2024-02-14_13-43-03-750x350.png 750w, https://crypto.ro/en/wp-content/uploads/2024/02/SOLUSD_2024-02-14_13-43-03-1140x532.png 1140w" sizes="(max-width: 1835px) 100vw, 1835px"> 
This significant leap in market capitalization for SOL is largely attributed to its exceptional price performance over the last week, with a notable 20% increase to $115. 
This surge places SOL ahead of major cryptocurrencies like Bitcoin and Ethereum in terms of weekly price gains. Solana’s recent achievements come despite past challenges, such as temporary<a href="https://crypto.ro/en/news/solana-briefly-experiences-outage-due-to-performance-degradation/"> network outages</a> and its association with the now-defunct crypto exchange FTX. 
Adding to the optimism surrounding Solana, asset management firm VanEck has forecasted that SOL could ascend to become one of the top three blockchain networks by market cap, total value locked (TVL), and active users by the year’s end. 
The DeFi sector on Solana is also experiencing significant growth, with the value of assets locked on the blockchain nearing the $2 billion mark. 
Current figures from <a href="https://defillama.com/chain/Solana" rel="nofollow noopener" target="_blank">DeFillama</a> show Solana’s TVL at a 20-month high of $1.958 billion, signifying a strong recovery and sustained interest in DeFi activities on the network since the FTX collapse in November 2022. 
<img loading="lazy" decoding="async" class="size-full wp-image-30988 alignnone" src="https://crypto.ro/en/wp-content/uploads/2024/02/photo_2024-02-14_13-32-36.jpg" alt="photo 2024 02 14 13 32 36" width="1224" height="380" title="Solana surpasses Binance's BNB to become fourth-largest crypto asset 12" srcset="https://crypto.ro/en/wp-content/uploads/2024/02/photo_2024-02-14_13-32-36.jpg 1200w, https://crypto.ro/en/wp-content/uploads/2024/02/photo_2024-02-14_13-32-36-300x93.jpg 300w, https://crypto.ro/en/wp-content/uploads/2024/02/photo_2024-02-14_13-32-36-1024x318.jpg 1024w, https://crypto.ro/en/wp-content/uploads/2024/02/photo_2024-02-14_13-32-36-768x238.jpg 768w, https://crypto.ro/en/wp-content/uploads/2024/02/photo_2024-02-14_13-32-36-750x233.jpg 750w, https://crypto.ro/en/wp-content/uploads/2024/02/photo_2024-02-14_13-32-36-1140x354.jpg 1140w" sizes="(max-width: 1224px) 100vw, 1224px"> 
Decentralized exchange (DEX) activity on Solana has been particularly vigorous. According to DeFillama, Solana-based DEX protocols have facilitated over $9 billion in trades this month alone, accounting for nearly half of the $22.65 billion total recorded last month. 
This robust trading volume underscores the growing preference for Solana-based DEXs over their Ethereum counterparts in recent months. 
<img loading="lazy" decoding="async" class="size-full wp-image-30989 alignnone" src="https://crypto.ro/en/wp-content/uploads/2024/02/photo_2024-02-14_13-33-27.jpg" alt="photo 2024 02 14 13 33 27" width="1280" height="377" title="Solana surpasses Binance's BNB to become fourth-largest crypto asset 13" srcset="https://crypto.ro/en/wp-content/uploads/2024/02/photo_2024-02-14_13-33-27.jpg 1200w, https://crypto.ro/en/wp-content/uploads/2024/02/photo_2024-02-14_13-33-27-300x88.jpg 300w, https://crypto.ro/en/wp-content/uploads/2024/02/photo_2024-02-14_13-33-27-1024x302.jpg 1024w, https://crypto.ro/en/wp-content/uploads/2024/02/photo_2024-02-14_13-33-27-768x226.jpg 768w, https://crypto.ro/en/wp-content/uploads/2024/02/photo_2024-02-14_13-33-27-750x221.jpg 750w, https://crypto.ro/en/wp-content/uploads/2024/02/photo_2024-02-14_13-33-27-1140x336.jpg 1140w" sizes="(max-width: 1280px) 100vw, 1280px"> 
Additionally, the Solana ecosystem has positively impacted Phantom, a leading crypto wallet heavily utilized within the network. Reports reveal that Phantom has seen its active user base more than triple over the past year, further evidencing the expanding reach and adoption of Solana’s DeFi and DEX offerings. 
This confluence of factors—impressive market cap growth, thriving DeFi and DEX activities, and bullish forecasts from financial analysts—positions Solana as a formidable force in the cryptocurrency landscape, hinting at an even brighter future for the blockchain network and its stakeholders.

Solana surpasses Binance’s BNB to become fourth-largest crypto asset

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