Solana Projects Raised Over $170 Million in Q3 2024
Veronika Rinecker is based in Germany, studied international journalism and media management. She specializes in politics and regulation, energy, blockchain, and fintech. Since 2017, she has been...
Solana (SOL) continued its growth trajectory in Q3 2024, with a surge in investment activity despite a dip in on-chain usage.
According to the ‘State of Solana: Breakpoint Edition’ report, 29 projects built on the Solana blockchain secured $173 million in private funding during Q3 2024, the highest level since Q2 2022. Each month in Q3 2024 saw sequential growth, with September’s $103 million marking the strongest month since June ’22.
Solana’s tokenized treasury market has also seen massive growth, doubling the total value to $123 million in just 30 days. The surge was primarily fueled by a $50 million influx of USDC from Ethereum (ETH) on September 23.
Although Solana currently ranks third in tokenized treasuries behind Ethereum ($1.6 billion) and Stellar ($422 million), recent developments suggest growth potential.
In late July, Hamilton Lane, an alternative investment management firm, launched the first private credit fund on the Solana blockchain.
Franklin Templeton, a leading global asset manager with $1.7 trillion in assets, plans to launch a money market fund on Solana. Once live, Franklin Templeton will become the first asset manager to issue securities on Solana through a public registration statement with the SEC.
At the Breakpoint conference in late September, Securitize, a digital asset securities firm, announced that it would add native support for Solana, allowing its tokenized assets to be deployed on the network.
Securitize is the leading tokenization platform, helping bring over $950 million in value onchain.
Read more on cryptonews.com
