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Solana's On-chain Traction
Aurelie Barthere
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Key Takeaways
2 min read
  • Solana is leading fee and TVL growth, outpacing Base, and thanks to DEXs and Liquid Staking Platforms
  • Liquid SOL staking delivers a yield 2.5x to 3x superior to ETH staking for similar market risk profiles
  • Marinade seems to offer the most distributed liquidity across staking addresses and entities

As BTC/USD is testing the 70k technical resistance (rejected twice last June and once last August), and crypto and risk assets are taking a breather in the last mile towards the US presidential election, it is worth marking a pause and considering more “organic metrics”.

On-chain, most of our indicators converge towards ranking Solana as outperforming other chains.

The 7-day rolling fee growth per chain chart shows Solana’s growth rate crossing to positive on October 16th, and topping other chains on October 18th (see below) to increase further and reach 57% as we write.

Fee growth, as well as TVL growth tend to lead price returns. We move on to TVL and zoom in on specific cross-chain protocols.

On a...