Messari releases Solana Q2 report: eco DeFi TVL drops to $4.5 billion

Messari releases Solana Q2 report showing: 1. Eco DeFi TVL declined 9% YoY to $4.5 billion, ranking fourth among networks. However, SOL-denominated DeFi TVL was up 26% YoY, suggesting that the decline in USD-denominated terms may have been caused more by token price depreciation than capital outflows. Solana DEX ecology saw a slight decrease in DEX trading volume compared to peak activity in March, but remained high. average daily spot DEX trading volume increased by 32% YoY to $1.6 billion. dex activity continued to be driven by memecoin trading, with WIF, MEW, POPCAT, and GME among the top 10 tokens in terms of token pair volume in Q2, and JME among the top 10 tokens in terms of token pair volume in Q2. WIF, MEW, POPCAT and GME ranked among the top 10 tokens in terms of token pair volume in the second quarter, and Jupiter continued to be the primary source of trading for Solana, accounting for 51 percent of spot DEX volume in the second quarter, with its perpetual contracts averaging $370 million in daily volume, up 13 percent from the prior year. Solana's stablecoin market capitalization grew 8% YoY to $3.1 billion, ranking sixth in the network. 4. NFT transaction volume declined. Average daily NFT volume fell 56% YoY to $3.4 million.