Investment in Solana-based decentralized applications (DApps) climbed to $173 million in the third quarter of 2024, marking a significant boost, according to a report by Messari.
During Q3, institutional interest in Solana DApps surged, with 29 projects securing a total of $173 million—a 54% increase from the previous quarter. This level of funding is the highest for Solana since Q2 2022, despite a 37% drop in the number of funding rounds.
This report comes on the heels of Solana surpassing Ethereum in daily transaction fees on Oct. 28, with Solana recording $2.54 million in fees compared to Ethereum’s $2.07 million. Solana is a prominent layer-1 blockchain often referred to as an “Ethereum killer” due to its approach to scaling, which aims to boost transaction speed and lower fees without relying on layer–2 solutions.
Summary Review: Institutional investment in Solana’s DApps rose sharply in Q3 2024, reaching $173 million and representing the highest investment level since mid-2022. Solana also outpaced Ethereum in transaction fees in late October, reaffirming its position as a major player among layer–1 blockchains with its focus on scalability and low fees.
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