According to a report from Messari, as BlackRock and Apollo expand their fund sizes, the Real World Assets (RWA) on Solana have significantly increased. The Solana (SOL) ecosystem continues to expand, though some indicators remain mixed. On Monday, August 18, Messari Protocol Services released a quarterly report on the status of the Solana network. The report shows that despite a decline in application revenue, DeFi Total Value Locked (TVL) and real-world assets have significantly increased. One of the fastest-growing areas on Solana is real-world assets. The value of RWA on Solana has risen 124% year-to-date, reaching $390 million. The leader in this sector remains USDY from Ondo Finance, backed by U.S. Treasury bonds, with a market cap of $175.3 million. On one hand, Solana's DeFi total locked value has increased by 124% year-on-year to $8.6 billion. This makes the Solana ecosystem the second-largest ecosystem after Ethereum (ETH). The leading protocol remains the liquid staking platform Jito Labs, with a TVL of $2.87 billion. Sanctum is a newly launched liquid staking platform that garnered $2.18 billion in revenue within days of its launch. Accompanying this growth is a significant increase in staked SOL, which has reached $60 billion, a 25% increase month-on-month. More importantly, the penetration rate of liquid staking has risen to 12%, with jitoSOL maintaining its leading position. Despite the strong growth in DeFi TVL and staking activities, not all indicators are positive. Notably, compared to the previous quarter, application revenue decreased by 44%, falling to $576 million. The revenue-generating leader remains Pump.fun, with Axiom in second place. Despite the decline in application revenue, the share of revenue captured by applications increased from 126.5% to 211.6%. The decline in validator fees was even smaller, partly due to the new Alpenglow consensus protocol reducing validator costs.

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