Solana has been making headlines in the cryptocurrency world with its strong price action and real-world use cases. In the past week, the inflows into Solana surpassed $400 million, driven by a combination of Solana-based products and bridged assets.
Despite a 6% decline in the past 24 hours, Solana has seen an overall uptrend in the weekly timeframe. The daily volume for Solana is currently at $5.84 billion, marking a 58% increase at the time of writing.
One of the main drivers of the inflows into Solana has been institutions and products like ETFs and ETPs. According to data from Farside Investors, the total inflow of REX-Osprey (SSK) reached $166.7 million, with a weekly inflow of over $176 million. This brings the month-to-date total to $199 million and the year-to-date total to over $1 billion.
The total assets under management on the Solana blockchain have reached $2.84 billion, with a significant portion of capital coming from bridging. Approximately 62% of the bridged assets came from the Ethereum network, totaling $126 million out of $230 million over a similar period. Other chains like Arbitrum One, Base chain, Polygon, Avalanche, and Sui Network also contributed smaller amounts.
Additionally, capital from whales trading memecoins and the minting of stablecoins on the Solana network have further fueled the inflows. Circle minted over $1.25 billion USDC, bringing the total stablecoin supply on the network to $24 billion.
The surge in inflows and activity on the Solana network has resulted in higher revenue generation. Platforms like Jupiter, Raydium, LetsBONKfun, and Pump.fun have been the main revenue drivers. Pump.fun reclaimed its lead for the second week with $10 million generated, contributing to a total of $35 million generated by all dApps on Solana.
Despite its success, Solana has faced criticism for its wide acquisition by venture capital firms. However, the current inflows suggest a bullish outlook for Solana, with the potential for another price surge on the horizon. It’s important to approach these transactions with caution, as they may be aimed at luring inexperienced traders. Overall, Solana’s strong performance and increasing inflows indicate a promising future for the cryptocurrency. In recent years, there has been a growing trend towards minimalism in various aspects of life, from fashion and home decor to lifestyle choices and even personal relationships. The concept of minimalism is all about living with less, simplifying your life, and focusing on what truly matters. This trend has gained popularity for a variety of reasons, including its emphasis on sustainability, mindfulness, and overall well-being.
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