As Ethereum loses power, that cryptocurrency continues to gain strength.

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The Solana ecosystem experienced a significant revival in the third quarter of 2024, with a 54% increase in institutional investments. DApps raised a total of $173 million in investments, while Solana's daily fee revenues surpassed Ethereum's. This surge in investments is attributed to the platform's innovative solutions and increased institutional interest.

Ethereum Rival Solana Rises to Lead in Transaction Revenues

Solana, one of the standout platforms in the decentralized finance (DeFi) world, achieved a significant milestone in the third quarter of 2024. The interest of institutional investors in Solana-based decentralized applications reached an impressive $173 million, marking a 54% increase compared to the previous quarter.

According to the latest report prepared by Messari Protocol Services, despite a 37% decrease in the number of funding rounds, this increase in investment volume indicates a peak not seen in the last two years. The organization's research analyst, Matthew Nay, noted that as the market enters a recovery phase, investors have begun to show renewed interest in Solana projects.

Notably, Drift's $25 million investment and Multicoin's $12 million investment in Fuse, which operates in the energy-efficient platforms sector, stand out as significant indicators of the ecosystem's vibrancy.

Adopting a different technological approach than Ethereum, Solana has managed to increase transaction efficiency without the need for Layer-2 solutions. On the day the report was published, the platform generated $2.54 million in transaction fee revenue, surpassing Ethereum's $2.07 million revenue.

In the third quarter, the platform's user base also showed significant expansion. The number of fee-paying users rose by 109% to 1.9 million, while the number of daily new fee-paying users reached 1.3 million, marking a 430% increase. However, there was a 12% decrease in non-voting daily transactions.

Solana is also in a remarkable position in the field of tokenization. By the end of the third quarter, it ranked third with a tokenized asset value of $123 million, following Stellar and Ethereum. Franklin Templeton's money market funds and Societe Generale's euro-based stablecoin project demonstrate the confidence of the corporate world in the Solana ecosystem.