Solana witnessed a 30% drop in total value locked but the blockchain has a chance to make new highs soon.
According to DefiLlama, the value of decentralized applications fell by $10 billion in April. In addition, the total value locked (TVL) of the Solana blockchain has fallen from a March peak of $4.64 billion to $3.8 billion at the time of writing.
The decline in Solana’s performance occurred against the backdrop of a decline in the excitement around meme coins in this blockchain, and the fall of Bitcoin (BTC) after its rapid growth in March.
However, Tristan Frizza, founder of decentralized exchange Zeta Markets, believes that Solana is on track to reach and potentially surpass its all-time high, despite the recent decline in activity.
“Solana, as an ecosystem, is here to stay. It continues to be a leader in terms of active addresses, transactions, and volumes. The recent challenges with network congestion have served as a catalyst for improvements in the network, the user interface, and the speed of decentralized applications.”
Tristan Frizza, Founder of Zeta Markets
Solana aims make headway behind Stripe’s crypto re-entry
Moreover, he said, recent events such as the announcement of Stripe and the demonstration of payments using Solana further validate the network’s potential to attract retail users and generate sales at scale. Thus, Solana has every chance to remain in the top three ecosystems in this cycle.
“Solana’s ascent to a top three blockchain by market cap seems inevitable.”
Tristan Frizza, Founder of Zeta Markets
In April, the international payment system Stripe announced its return to the crypto market. For the first time since 2018, the company will begin to support transfers in cryptocurrencies. Stripe customers will be able to accept payments in USDC stablecoin on Solana, Ethereum, and Polygon blockchains. In the future, the company plans to add support for other digital assets and blockchains.