Ramazan Eles 
Solana (SOL) continues its impressive run, surging past Binance Coin (BNB) to become the fourth largest digital asset by market capitalization.
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Solana’s Ascent
The past week has been stellar for SOL, soaring 20% and eclipsing the market cap of its close competitor, BNB. This impressive jump reflects growing investor confidence in Solana, despite navigating network outages and its previous connection to the defunct FTX exchange.
Solana’s DeFi sector is thriving, with the total value locked (TVL) approaching the coveted $2 billion mark. This 20-month high highlights the significant DeFi activity on the blockchain, demonstrating resilience after the FTX collapse.
DEX Dominance
Decentralized exchanges (DEXs) on Solana are seeing tremendous growth, with over $9 billion in trades this month alone. This surpasses nearly half of the volume recorded last month, showcasing the platform’s growing popularity for decentralized trading.
Phantom, a leading crypto wallet for the Solana ecosystem, has witnessed a remarkable increase in active users, tripling its base over the past year. This surge aligns with the broader DeFi and DEX activity flourishing on Solana.
Solana’s recent milestones demonstrate its potential to be a major player in the blockchain space. With its thriving DeFi ecosystem and growing adoption, it will be interesting to see if VanEck’s prediction of SOL becoming a top-three blockchain network comes true by the end of the year.
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