The total value locked in Solana saw a 30% decline, but there is still a potential for the blockchain to reach new heights soon.
DefiLlama reports that in April, the value of decentralized applications decreased by $10 billion. Furthermore, as of this writing, the Solana blockchain’s total value locked (TVL) is just $3.8 billion, down from a peak of $4.64 billion in March.
The decrease in interest in meme coins on this blockchain and the subsequent collapse in the value of Bitcoin (BTC) following its sharp increase in March coincided with the downturn in Solana’s performance.
Despite the current dip in activity, Solana is expected to reach and possibly even surpass its all-time high, according to Tristan Frizza, the founder of the decentralized exchange Zeta Markets. Zeta Markets founder, Tristan Frizza said:
“Solana, as an ecosystem, is here to stay. It continues to be a leader in terms of active addresses, transactions, and volumes. The recent challenges with network congestion have served as a catalyst for improvements in the network, the user interface, and the speed of decentralized applications.”
Solana to Advance Stripe’s Cryptocurrency Relaunch
Furthermore, he claimed that recent developments like Stripe’s launch and the Solana payment demonstration support the network’s ability to draw in retail users and produce large-scale revenue.
Solana, therefore, has a good chance of finishing this cycle among the top three ecosystems. Zeta Markets founder Tristan Frizza stated:
“Solana’s ascent to a top three blockchain by market cap seems inevitable.”
The global payment platform Stripe announced its return to the cryptocurrency industry in April. The organization will start facilitating cryptocurrency transfers for the first time since 2018.
Customers of Stripe will be able to accept payments on the Solana, Ethereum, and Polygon blockchains in USDC stablecoin. The startup intends to include future support for additional blockchains and digital assets.
