Solana has continued to see significant gains in recent months. Created in 2021, the network has reached an inflow volume of US$10 billion. Since its founding, Solana has seen a growing number of people interested in its protocols. The amount of liquidity that has entered Solana has doubled in just one year, after taking a little over two years to approach the US$5 billion mark.
About $10 billion has flowed into Solana in just over 3 years. Source: Flipside
Attracting liquidity
Bridges are infrastructures that help with interoperability between blockchains. Through them, users and projects move assets and data between different networks. On Solana, three protocols stand out: Wormhole, Mayan Finance and Debridge, responsible for the largest total volume of cross-chain transactions in the entire blockchain.
These protocols provide cross-chain exchange services for Solana users. By doing so, they facilitate cross-chain liquidity and attract developers looking to build multichain applications, such as NFT marketplaces and lending platforms.
In the last three months alone, these protocols have been responsible for attracting a good portion of the 355,473 unique users who have joined Solana. As a result, the volume of inflows in the last three months has reached the mark of US$ 2.14 billion. This data reflects the number of active users, which was just over 4 million in February 2024, and surpassed the 100 million mark in January.
Digital dollar floods Solana
Among the tokens that stood out the most on the network during November and January, Circle's USDC leads the ranking with US$3.94 billion. The stablecoin, which is pegged to the dollar, functions as a digital dollar and is widely used to guarantee the liquidity of network processes. Behind it, Ethereum, with US$2.20 billion, and SOL (US$1.55 billion), used to pay fees.
Solana processes cross-chain transactions at an average fee of $0.00025, a significantly lower cost compared to Ethereum ($15) and Cardano ($0.17). This makes the network attractive for projects that demand scalability, especially for many of the promising cryptocurrencies of 2025.
Despite recent impressive numbers, Solana still has a long way to go. For comparison purposes, the largest blockchain in the sector, Ethereum, recorded inflows of US$38 billion in the same period of one year. It is important to note that Ethereum has been around for much longer than Solana. This year, the network developed by Russian Vitalik Buterin will complete a decade in operation.