Solana has seen significant growth in RWAs, accompanied by strong quarter for its DeFi ecosystem.Solana has seen significant growth in RWAs, accompanied by strong quarter for its DeFi ecosystem.

Solana RWAs grow reach $390M, up 124% YTD: Messari report

2 min read

A quarterly report by Messari shows a significant rise in RWAs on Solana, as BlackRock, Apollo expand funds.

Summary
  • RWAs on Solana rise 124% YTD, to $390 million
  • Solana’s DeFi TVL rose to $8.6 billion, rising 30% QoQ
  • Staking and liquid staking are on the rise, with 12% liquid staking penetration

Solana’s (SOL) ecosystem continues to expand, while some metrics remain mixed. On Monday, August 18, Messari Protocol Services released a quarterly report on the state of the Solana network. The report shows a significant increase in DeFi TVL and real-world assets, despite a drop in app revenue.

One of the fastest-growing segments for Solana was real-world assets. RWA value on Solana rose 124% year to date, and has reached $390 million. Leaders in this category remained Ondo Finance’s USDY, backed by U.S. Treasuries, and with a market cap of $175.3 million.

For one, Solana’s DeFi total value locked rose 124% over a yearly period, reaching $8.6 billion. This makes the Solana ecosystem the second-biggest after Ethereum (ETH). The leading protocol remains Jito Labs liquid staking platform, with $2,87 billion in TVL.

Solana RWAs grow reach $390M, up 124% YTD: Messari report - 1

Sanctum, a newly launched liquid staking platform, managed to capture $2.18 billion in revenue just days after launch. Accompanying this rise was a significant increase in staked SOL, at $60 billion, a 25% QoQ increase. What is more, liquid staking penetration rose to 12%, with jitoSOL remaining in the lead.

On-chain revenue drops 44% QoQ

Despite strong growth in DeFi TVL and staking, not all metrics were positive. Notably, apps registered 44% less revenue compared to the last quarter, falling to $576 million. The leader in revenue generation remains Pump.fun, with Axiom in the second place.

Application revenue on Solana, broken down by platform

Despite a fall in app revenue, the share of revenue captured by applications grew from 126.5% to 211.6%. Validator fees fell even less, partially due to the new Alpenglow consensus protocol, which cuts validator costs.

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