Solana surpasses BNB Chain as fourth-largest digital asset by market cap Solana surpasses BNB Chain as fourth-largest digital asset by market cap
Solana's DeFi TVL is nearing the significant $2 billion milestone.
2 min read
Updated: Feb. 14, 2024 at 10:33 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Solana’s SOL has surged past Binance-backed BNB in the last 24 hours, securing its position as the fourth-largest digital asset by market capitalization.
Data from CryptoSlate showed that SOL’s market cap is wavering around $50 billion, marking its first foray past this threshold since December.
In contrast, BNB’s market cap peaked at $49.2 billion during the same period.
This significant uptick in SOL’s market capitalization is primarily attributed to its impressive price performance. Over the past week, SOL has outshone significant cryptocurrencies like Bitcoin and Ethereum, boasting a remarkable 20% increase to $115.
SOL’s rapid growth in market cap comes as no surprise, given Solana’s resilience in overcoming recent challenges, including temporary outages and its past association with the now-defunct crypto exchange FTX.
Moreover, asset management firm VanEck predicted that SOL will become one of the top three blockchain networks by market cap, total value locked (TVL), and active users by the end of this year.
Solana DeFi TVL eyes $2 billion
The value of assets locked on the Solana blockchain is edging closer to the significant $2 billion mark, marking a sustained uptrend in DeFi activity on the blockchain network.
According to DeFillama data, Solana’s network TVL stands at a 20-month peak of $1.958 billion. This marks a notable resurgence since the distressing collapse of the FTX exchange back in November 2022.
Meanwhile, decentralized exchange (DEX) activity on Solana remains robust. DeFillama’s DEX dashboard reveals that DEX protocols on Solana have facilitated trades worth over $9 billion this month alone, nearly half the total $22.65 billion recorded last month.
These figures reflect the substantial growth in DeFi activities within the Solana ecosystem. CryptoSlate has highlighted instances where Solana-based DEXs facilitated more trading activities than their Ethereum-based counterparts over the past three months.
Furthermore, Solana’s DeFi expansion has notably benefitted Phantom, a prominent crypto wallet extensively utilized within the Solana ecosystem. Reports indicate that Phantom has witnessed its active user base surge by more than triple over the past year.
Solana Market Data
At the time of press 10:33 am UTC on Feb. 14, 2024, Solana is ranked #4 by market cap and the price is up 1.04% over the past 24 hours. Solana has a market capitalization of $50.47 billion with a 24-hour trading volume of $2.6 billion. Learn more about Solana ›
Crypto Market Summary
At the time of press 10:33 am UTC on Feb. 14, 2024, the total crypto market is valued at at $1.92 trillion with a 24-hour volume of $84.73 billion. Bitcoin dominance is currently at 52.56%. Learn more about the crypto market ›
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Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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