How Will Solana Perform in 2024?
As we peer into the crystal ball, Solana’s trajectory for the year ahead appears optimistic with plenty of opportunities for significant advancements. The past year has laid a solid foundation for Solana, setting the stage for what could be an unprecedented period of growth and innovation.
One of the most compelling narratives around Solana’s rise is its increasing dominance in the decentralised finance (DeFi) and non-fungible token (NFT) sectors.
“Volumes in decentralised exchanges (DEX), NFT trading, and stablecoins on Solana have started to rival or have overtaken those on Ethereum,” says Tan.
Solana’s ability to match or even surpass Ethereum in these critical aspects of the blockchain economy indicates a robust and scalable infrastructure capable of handling significant transaction volumes, a crucial factor for its continued adoption and growth.
Over the past few months, active Solana users have been rewarded with significant airdrops from multiple projects. Most notably, users of Jito and, more recently, Jupiter Exchange, received airdrops worth upwards of $10,000. These efforts have been pivotal in drawing an influx of capital, further energising the ecosystem. Tan adds: “A rise in bridged funds from other Layer-1 chains, particularly over December 2023, is a great example of this.”
Solana has become the go-to platform for meme coin launches and trading activity over the past six months, with hundreds of new coins launching every day with the help of fair launch platforms like pump.fun.
This replication of Ethereum’s success formula—lowering barriers to entry and fostering a thriving community—suggests a bullish outlook for Solana as it continues to carve out its niche in the competitive blockchain space.
