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Protocols like Jito and Jupiter have also experienced a significant jump in their total value locked (TVL) despite the retreat that the value of the SOL token has experienced lately.
By the end of 2023, Jito had a TVL of around $700 million. A year later, its TVL expanded to $2.8 billion, resulting in a 300% 12-month jump.
Meanwhile, back when Jupiter was launched in February 2024 its TVL stood at $210 million. That same figure is now standing at $2.53 billion, for an even more staggering 1,100% spike.
Similarly, Raydium, the largest decentralized exchange of the Solana ecosystem, saw its monthly fees rise from $20 million in January 2024 to $295 million in January this year, as the launch of $TRUMP in the Solana network kicked off a spike in the exchange’s trading volumes.
Excluding that isolated event, the exchange also saw its trading volumes skyrocket in December last year to $61 billion. This implies a 517% jump compared to the previous year.
These numbers indicate that the Solana ecosystem is growing at an unprecedented pace, and it provides evidence that this latest weakness in the market value of SOL could be a handsome opportunity to buy the token at a bargain price.
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