{"id":346589,"date":"2023-09-27T08:00:32","date_gmt":"2023-09-27T02:30:32","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=346589"},"modified":"2023-09-26T17:21:34","modified_gmt":"2023-09-26T11:51:34","slug":"solana-looks-to-reignite-interest-in-its-defi-sector","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/solana-looks-to-reignite-interest-in-its-defi-sector\/","title":{"rendered":"Solana looks to reignite interest in its DeFi sector"},"content":{"rendered":"<ul>\n<li><em>Solana&#8217;s protocols employed points programs and collaborations to boost DeFi engagement.<\/em><\/li>\n<li><em>Despite TVL growth, DEX volumes dipped; Visa partnership sparked optimism.<\/em><\/li>\n<\/ul>\n<p>Solana [SOL] recently encountered difficulties in gaining a strong foothold in the fiercely competitive DeFi sector. To address this, the network implemented various strategies to attract a more extensive user base, particularly within the DeFi realm.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the <a href=\"http:\/\/ambcrypto.com\/calculator\/solana-profit-calculator\" target=\"_blank\" rel=\"noopener\">SOL Profit Calculator<\/a><\/p>\n<hr \/>\n<h4>New incentives for users<\/h4>\n<p>One significant strategy involved the adoption of points programs by several Solana DeFi protocols, such as MarginFi, Cypher, Solend, and the latest entrant, Jito.<\/p>\n<p>These programs were aimed at quantifying and rewarding user contributions to the protocols, incentivizing users to actively engage with Solana&#8217;s DeFi offerings.<\/p>\n<figure id=\"attachment_346618\" aria-describedby=\"caption-attachment-346618\" style=\"width: 1310px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-26-at-4.36.46-PM.png\"><img decoding=\"async\" class=\"size-full wp-image-346618\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-26-at-4.36.46-PM.png\" alt=\"\" width=\"1310\" height=\"636\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-26-at-4.36.46-PM.png 1310w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-26-at-4.36.46-PM-300x146.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-26-at-4.36.46-PM-1024x497.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-26-at-4.36.46-PM-768x373.png 768w\" sizes=\"(max-width: 1310px) 100vw, 1310px\" \/><\/a><figcaption id=\"caption-attachment-346618\" class=\"wp-caption-text\">Source: Delphi Digital<\/figcaption><\/figure>\n<h4>More improvements needed<\/h4>\n<p>Another indicator of a potential positive future for Solana would be the improving TVL on the Solana network. According to Artemis&#8217; data, Solana&#8217;s TVL surged from 296 million to 313.75 million over the last few weeks.<\/p>\n<p>However, despite a recent surge in Total Value Locked (TVL) within the Solana ecosystem, there has been a noticeable decline in Decentralized Exchange (DEX) volumes.<\/p>\n<p>These volumes play a pivotal role in the vitality of a DeFi network, and the decrease in DEX activity raised concerns about Solana&#8217;s DeFi landscape&#8217;s health and future prospects.<\/p>\n<figure id=\"attachment_346620\" aria-describedby=\"caption-attachment-346620\" style=\"width: 2236px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-26-at-4.37.37-PM.png\"><img decoding=\"async\" class=\"size-full wp-image-346620\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-26-at-4.37.37-PM.png\" alt=\"\" width=\"2236\" height=\"940\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-26-at-4.37.37-PM.png 2236w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-26-at-4.37.37-PM-300x126.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-26-at-4.37.37-PM-1024x430.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-26-at-4.37.37-PM-768x323.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-26-at-4.37.37-PM-1536x646.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-26-at-4.37.37-PM-2048x861.png 2048w\" sizes=\"(max-width: 2236px) 100vw, 2236px\" \/><\/a><figcaption id=\"caption-attachment-346620\" class=\"wp-caption-text\">Source: Artemis<\/figcaption><\/figure>\n<p>Data from Token Terminal further underlined these challenges, revealing a 14.5% reduction in fees and revenue generated by the Solana protocol. This decline underscored the need for additional development and strategies to enhance user engagement and adoption in Solana&#8217;s DeFi space.<\/p>\n<h4>Stablecoin volumes rise<\/h4>\n<p>Solana&#8217;s collaboration with Visa, however, injected a fresh wave of optimism into the ecosystem. This strategic partnership resulted in a considerable boost in USDC activity on Solana, leading to a substantial upswing in daily transfer volumes.<\/p>\n<p>Furthermore, it spurred increased engagement from large investors, often referred to as whales. This collaboration positioned Solana to strengthen its position in the DeFi sector, offering efficient payment solutions and attracting a broader user base.<\/p>\n<p>https:\/\/twitter.com\/h4wk10\/status\/1706341031795740799?ref_src=twsrc%5Etfw<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Realistic or not, here&#8217;s <a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\">SOL&#8217;s market cap in BTC&#8217;s terms<\/a><\/p>\n<hr \/>\n<p>Despite these commendable efforts and collaborations, Solana&#8217;s native token, SOL, faced a decline in price over the past month. SOL was trading at $19.337 at the time of writing.<\/p>\n<p>Nevertheless, the increased trading volume of SOL indicated sustained interest and activity within the network.<\/p>\n<figure id=\"attachment_346621\" aria-describedby=\"caption-attachment-346621\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Solana-SOL-16.38.17-26-Sep-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-346621\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Solana-SOL-16.38.17-26-Sep-2023.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Solana-SOL-16.38.17-26-Sep-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Solana-SOL-16.38.17-26-Sep-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Solana-SOL-16.38.17-26-Sep-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Solana-SOL-16.38.17-26-Sep-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Solana-SOL-16.38.17-26-Sep-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Solana-SOL-16.38.17-26-Sep-2023-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-346621\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Cognizant of their DeFi struggles, Solana protocols adopt innovative tactics and partnerships to overcome hurdles and broaden its user community.<\/p>\n","protected":false},"author":73,"featured_media":346623,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-346589","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - 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