A new quarterly report from Messari highlights major growth in real-world assets (RWAs) on Solana, as big players like BlackRock and Apollo continue expanding their funds.
Key Highlights from the Messari Report
- RWAs on Solana jumped 124% year-to-date, reaching $390 million.
- Solana’s DeFi Total Value Locked (TVL) grew 30% quarter-over-quarter (QoQ), hitting $8.6 billion.
- Staking and liquid staking gained traction, with liquid staking penetration climbing to 12%.
On August 18, Messari Protocol Services published its quarterly analysis of the Solana network. The findings show strong momentum in DeFi and real-world assets, even though app revenues declined during the same period.
Real-World Assets Fuel Growth
One of the fastest-growing areas for Solana has been real-world assets (RWAs). The total value rose 124% YTD to $390M, led by Ondo Finance’s USDY—backed by U.S. Treasuries—with a market cap of $175.3M.
DeFi and Staking on the Rise
Solana’s DeFi ecosystem has seen massive growth. Its TVL hit $8.6B, making Solana the second-largest ecosystem after Ethereum.
- Jito Labs remains the leading protocol, holding $2.87B in TVL.
- Sanctum, a newly launched liquid staking platform, generated $2.18B in revenue within days of launch.
- Total staked SOL reached $60B, up 25% QoQ.
- Liquid staking now covers 12%, with jitoSOL leading the market.
Revenue Declines Despite Growth
While TVL and staking grew, app revenues fell 44% QoQ to $576M.
- Pump.fun stayed ahead as the top revenue generator, followed by Axiom.
- Interestingly, the share of revenue captured by applications rose from 126.5% to 211.6%.
- Validator fees declined, partly due to the new Alpenglow consensus protocol, which helps reduce validator costs.
The Messari report shows that Solana’s RWAs and DeFi ecosystem are expanding rapidly, solidifying its position as a major player after Ethereum. While app revenue faced setbacks, the surge in staking and RWAs highlights growing confidence in Solana’s long-term potential.
Bottom Line
