Key Takeaways
- Solana commands $9.34 billion in TVL, Ethereum TVL stands at $57.92 billion.
- Over 30% of Solana transactions fail on average.
- Pump.fun Solana DEX transactions accounted for approximately half of all monthly transactions between July and Dec. 2024.
Today on Feb. 6, 2025, the Solana (SOL) network can officially celebrate one whole year without any network-stalling consensus problems.
This coincides with reports that Solana is officially the second-largest chain by total value locked (TVL) in its decentralized finance (DeFi) ecosystem.
Having grown at breakneck speeds in 2024, the network’s history of downtime and congestion problems has done little to deter developers and investors.
Solana Uptime
Solana, which has processed 369.36 billion transactions so far and has a market cap of $97.34 billion, has gained a reputation for its network outages and downtime, with most occurring almost monthly in 2022.
Today marks the first time in its history without network outages, though not to much fanfare as some disgruntled users are still unhappy with its congestion woes.
Solana transactions are notoriously plagued by high failure rates, which can be as high as 40%.
Solana has worked hard to right its consensus through various developments, with Firedancer nodes being a standout upgrade of the year. Firedancer’s inclusion appears to have helped prevent further network outages.
DeFi Dominance
According to the “State of Solana 2024” report published by Messari on Feb. 5, 2025, the Solana network is now the number one chain by DeFi TVL.
As the report notes, Solana held $8.78 billion in DeFi TVL, representing an increase of 486% year-year (YoY) from Q4 2023’s $1.5 billion. As of today, that figure has risen further to $9.34 billion.
The memecoin frenzy spurred by Pump.fun saw Solana’s decentralized exchanges (DEX) processing hundreds of billions throughout 2024.
Volumes were rampant, far exceeding that of Ethereum’s (ETH), so much so that Pump.fun transactions accounted for more than half of all transactions during the final months of 2024.
Though Solana’s 24-hour trading volumes are nearly double that of ETH’s, it still has some way to go before it can compete with ETH’s enormous $57.92 billion TVL.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
