Solana Projects Secure $170 Million in Funding During Q3 2024

Solana Projects Attract Over $170 Million in Q3 2024 Solana (SOL) has witnessed significant Growth in Q3 2024, despite a decline in on-Chain activity, as reported in the 'State of Solana: Breakpoint Edition' report. The Solana blockchain has secured $173 million in private funding from 29 projects, marking the highest level since Q2 2022. investment surge in Solana Projects Throughout Q3 2024, there was a continuous increase in investment activity, with September alone accounting for $103 million, the strongest month since June 2022. The total private funding raised by projects built on the Solana blockchain in Q3 2024 amounted to $173 million, showcasing the increasing interest and confidence in Solana's ecosystem. Tokenized Treasury Market Flourishing Solana's tokenized treasury Market has exhibited significant Growth, doubling in total value to $123 million within just 30 days. This surge was primarily fueled by a $50 million influx of USDC from Ethereum on September 23. While Solana currently ranks third in tokenized treasuries behind Ethereum and Stellar, recent developments indicate Growth potential and expansion in the near future. Institutional Interest and Developments In late July, Hamilton Lane launched the first private Credit fund on the Solana blockchain, paving the way for more institutional involvement in the ecosystem. Franklin Templeton, a global asset manager with $1.7 trillion in assets, is planning to launch a money Market fund on Solana, becoming the first asset manager to issue securities on Solana through a public registration statement with the SEC. Securitize, a Digital asset securities firm, announced at the Breakpoint conference in September that it would add native support for Solana, enabling tokenized assets to be deployed on the network. This move indicates the increasing Adoption of Solana and its growing prominence in the Digital asset space. Solana's On-Chain Activity Despite the rise in institutional interest, Solana's on-Chain activity has seen a decline over the last six months. Monthly transaction fees have decreased by 66% from their peak in March 2024, although they remain significantly higher than a year ago. Solana's total locked value as of October 7 stands at $5.6 billion, showcasing steady Growth since the beginning of the year. Conclusion Solana continues to attract significant investment and institutional interest, positioning itself as a key player in the Digital asset space. With a flourishing tokenized treasury Market, strategic partnerships, and a robust ecosystem, Solana is poised for further Growth and Adoption in the coming months. Stay tuned for more updates on Solana and its ongoing developments in the blockchain industry.