Solana has re-emerged as one of the fastest-growing blockchain ecosystems in 2024, driven by its high throughput, low fees, and a resurgence in developer activity. However, to sustain and accelerate this growth, Solana must strategically allocate resources to the sectors generating the most real economic value.

By analyzing on-chain data—including transaction volume, active users, fee generation, and retention rates—we can identify which protocols and sectors are truly driving adoption. This report explores Solana’s key value-generating verticals and provides actionable insights for ecosystem growth.

Top Protocols: Raydium, Orca, Jupiter, MarginFi
Key Metrics:

• ~60% of fee-generating transactions come from DeFi.

• DEX volume has surged past $1B daily, with Jupiter leading in swaps.

• Lending protocols (MarginFi, Kamino) are seeing increased borrowing demand.

Why This Matters:
DeFi remains Solana’s strongest use case, but liquidity fragmentation remains an issue. Incentivizing deeper liquidity pools and improving cross-protocol composability should be a priority.

Top Protocols: Tensor, Mad Lads, DRiP, Saga Mobile
Key Metrics:

• NFT trading volume has stabilized at ~$20M daily (Tensor leading).

• Mad Lads and DRiP have high retention rates (40%+ active users after 90 days).

• Gaming projects (Aurory, Star Atlas) show steady on-chain activity.

Why This Matters:
While NFTs generate less fee revenue than DeFi, they bring in new users. Solana should invest in:

• NFT compression (scaling for mass adoption).

• Gaming SDKs & partnerships (e.g., Unity/Unreal integrations).

Top Assets: USDC, USDT
Key Metrics:

• Stablecoin transfer volume up 30% QoQ.

• USDC is now the dominant stablecoin on Solana (Visa’s USDC pilot used Solana).

Why This Matters:
Stablecoins are the gateway for real-world adoption. Solana should:

• Push for more merchant integrations (e.g., Shopify, Stripe).

• Expand fiat on-ramps in emerging markets.

• Launch targeted liquidity mining programs for top DEXs (Raydium, Orca).

• Improve cross-margining between lending protocols (MarginFi + Kamino).

• Expand NFT compression for cheaper, large-scale collections.

• Fund gaming studios building on Solana (e.g., grants for indie devs).

• Partner with payment processors (Visa, PayPal).

• Support local stablecoin use cases (LatAm, SE Asia remittances).

Solana’s resurgence is undeniable, but sustaining growth requires focusing on the sectors that generate real economic activity. The data shows that DeFi, NFTs, and stablecoins are the pillars of Solana’s ecosystem today—and the foundation for tomorrow.

By incentivizing liquidity, improving NFT/gaming infrastructure, and pushing stablecoin adoption, Solana can solidify its position as a top-tier blockchain.

Solana has re-emerged as one of the fastest-growing blockchain ecosystems in 2024, driven by its high throughput, low fees, and a resurgence in developer activity. However, to sustain and accelerate this growth, Solana must strategically allocate resources to the sectors generating the most real economic value.

By analyzing on-chain data—including transaction volume, active users, fee generation, and retention rates—we can identify which protocols and sectors are truly driving adoption. This report explores Solana’s key value-generating verticals and provides actionable insights for ecosystem growth.

Top Protocols: Raydium, Orca, Jupiter, MarginFi
Key Metrics:

• ~60% of fee-generating transactions come from DeFi.

• DEX volume has surged past $1B daily, with Jupiter leading in swaps.

• Lending protocols (MarginFi, Kamino) are seeing increased borrowing demand.

Why This Matters:
DeFi remains Solana’s strongest use case, but liquidity fragmentation remains an issue. Incentivizing deeper liquidity pools and improving cross-protocol composability should be a priority.

Top Protocols: Tensor, Mad Lads, DRiP, Saga Mobile
Key Metrics:

• NFT trading volume has stabilized at ~$20M daily (Tensor leading).

• Mad Lads and DRiP have high retention rates (40%+ active users after 90 days).

• Gaming projects (Aurory, Star Atlas) show steady on-chain activity.

Why This Matters:
While NFTs generate less fee revenue than DeFi, they bring in new users. Solana should invest in:

• NFT compression (scaling for mass adoption).

• Gaming SDKs & partnerships (e.g., Unity/Unreal integrations).

Top Assets: USDC, USDT
Key Metrics:

• Stablecoin transfer volume up 30% QoQ.

• USDC is now the dominant stablecoin on Solana (Visa’s USDC pilot used Solana).

Why This Matters:
Stablecoins are the gateway for real-world adoption. Solana should:

• Push for more merchant integrations (e.g., Shopify, Stripe).

• Expand fiat on-ramps in emerging markets.

• Launch targeted liquidity mining programs for top DEXs (Raydium, Orca).

• Improve cross-margining between lending protocols (MarginFi + Kamino).

• Expand NFT compression for cheaper, large-scale collections.

• Fund gaming studios building on Solana (e.g., grants for indie devs).

• Partner with payment processors (Visa, PayPal).

• Support local stablecoin use cases (LatAm, SE Asia remittances).

Solana’s resurgence is undeniable, but sustaining growth requires focusing on the sectors that generate real economic activity. The data shows that DeFi, NFTs, and stablecoins are the pillars of Solana’s ecosystem today—and the foundation for tomorrow.

By incentivizing liquidity, improving NFT/gaming infrastructure, and pushing stablecoin adoption, Solana can solidify its position as a top-tier blockchain.