{"id":98644,"date":"2024-10-31T07:50:28","date_gmt":"2024-10-31T11:50:28","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=98644"},"modified":"2024-10-31T07:52:33","modified_gmt":"2024-10-31T11:52:33","slug":"ethereum-reclaims-42-solana-outflows","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ethereum-reclaims-42-solana-outflows\/","title":{"rendered":"DeFi Report: Ethereum reclaims 42% Solana outflows"},"content":{"rendered":"\n

DeFi Report founder Michael Nadeau outlined that most Ethereum value <\/a>moved to layer 2s, which would drive value to the layer-1 blockchain.<\/p>\n\n\n\n

\"DeFi<\/figure>\n\n\n\n

While Solana has received inflows from other blockchains, a significant portion of that value has flowed back to Ethereum, according to Michael Nadeau, founder of The DeFi Report<\/em>. <\/p>\n\n\n\n

In an X post\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, Nadeau stated that Solana must attract total value locked (TVL) from Ethereum and layer-2 networks, explaining:<\/p>\n\n\n\n

\n

\u201c[\u2026] But the only thing that really matters for Solana is pulling TVL from Ethereum (and the L2s). Why? That\u2019s where all the value sits today. Is it happening? Not really.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Drawing on data from crypto platform Artemis, Nadeau noted that year-to-date (YTD), Solana has lost around $55 million in TVL to Base, Optimism, and Arbitrum.<\/p>\n\n\n\n

\"DeFi
Top 15 net flows Source: Artemis<\/em><\/figcaption><\/figure>\n\n\n\n

Over $1 Billion Returned to Ethereum<\/h2>\n\n\n\n

Nadeau reported that Solana saw $2.36 billion in inflows from Ethereum on its YTD chart; however, over $1 billion flowed back to Ethereum, amounting to 42% of the total. <\/p>\n\n\n\n

He further commented that the inflows to Solana from Ethereum YTD were \u201cmodest,\u201d contributing just 2.7% to Solana\u2019s TVL.<\/p>\n\n\n\n

According to DefiLlama, Ethereum currently holds over $50 billion in TVL. <\/p>\n\n\n\n

Nadeau added that, although Ethereum has seen $6 billion in net outflows YTD, 83% of these assets went to layer-2 chains within its ecosystem, which continue to support Ethereum\u2019s layer 1 by retaining value within the ecosystem.<\/p>\n\n\n\n

Solana Outpaces Ethereum in Daily Fees<\/h2>\n\n\n\n

On Oct. 28, Solana surpassed Ethereum in daily fees,<\/a> generating more than $2.54 million within 24 hours, compared to Ethereum\u2019s $2.07 million. <\/p>\n\n\n\n

This achievement made Solana the fifth-largest fee-generating protocol that day. <\/p>\n\n\n\n

The increase in Solana\u2019s fees was attributed to rising activity on Raydium, a decentralized exchange (DEX) and automated market maker on the Solana network.<\/p>\n","protected":false},"excerpt":{"rendered":"

DeFi Report founder Michael Nadeau outlined that most Ethereum value moved to layer 2s, which would drive value to the layer-1 blockchain. While Solana has received inflows from other blockchains, a significant portion of that value has flowed back to Ethereum, according to Michael Nadeau, founder of The DeFi Report. In an X post , […]<\/p>\n","protected":false},"author":56,"featured_media":98647,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[387,128,275],"class_list":["post-98644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-data","tag-ethereum","tag-solana"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/10\/DeFi-Report-Ethereum-reclaims-42-Solana-outflows.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/98644","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=98644"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/98644\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/98647"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=98644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=98644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=98644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}