Solana Sees Resurgence in Institutional Investment and User Growth in Q3 2024

In Q3 2024, institutional investment in Solana-based applications witnessed a significant surge.

A total of 29 decentralized applications (dApps) raised $173 million—over 54% more than the previous quarter and the highest since mid-2022, despite a 37% drop in funding rounds, according to Messari .

This increase aligns with Solana outpacing Ethereum in daily fees, generating over $2.54 million compared to Ethereum’s $2.07 million.

The number of fee-paying users on Solana rose to 1.9 million, a 109% increase quarter-over-quarter, while new fee payers jumped 430% to 1.3 million. However, daily non-voting transactions fell by 12% to 62 million. Solana’s average transaction fees increased by 6% to about $0.023.

By the end of Q3, Solana was the third-largest blockchain for tokenized treasuries, with $123 million tokenized, behind Stellar’s $422 million and Ethereum’s $1.6 billion.

The outlook for further growth is bolstered by Franklin Templeton planning a money market fund on Solana and Societe Generale set to launch a euro-denominated stablecoin, which will expand its crypto offerings.