Solana’s Strong Recovery in 2023

Solana had a strong association with FTX, and the latter’s collapse last year had significant repercussions for the SOL token. However, the seventh-largest crypto-asset has pursued a strong recovery this year.

Solana’s DeFi TVL increased 32% QoQ to $368 million, as a recent Messari report while the growth is fueled by DeFi and liquid staking protocols rolling out points programs, led by MarginFi, Jito, Cypher, and BlazeStake, among others.

Moreover, the total revenue, including all fees accumulated by the protocol, jumped by 19% in USD and reached a whopping $4 million. This marked a 10% growth in SOL terms, amounting to 185,400 SOL.