The Solana ecosystem has a lot to be thankful for this year
Artwork by Crystal Le
Here’s a look back at all of the innovations, milestones, and wins that made Solana’s 2024 unforgettable. Grab a glass of your favorite holiday cheer, and let’s raise a toast to another year of SOLid progress.
Resilient market performance
Talk about the comeback! SOL didn’t just bounce back in 2024 — it took flight from the ashes, soaring from around $40 a year ago to an all-time high of over $260 in recent days. Critics who doubted the network’s reliability? Silenced. Solana proved its chops, clocking near-perfect uptime and showing the world it can scale without breaking a sweat. And boy did the market notice. DEX trading volume on Solana has shot past $100 billion monthly, while futures open interest hit an all-time high of $4.54 billion. Numbers like these don’t lie—this isn’t just a recovery; it’s a victory lap.
Developer-driven growth
Behind every great blockchain is a legion of builders, and Solana’s community of developers has been crushing it. The Colosseum Radar Hackathon, held from Sept. 2 to Oct. 8, 2024, attracted over 13,600 participants — a 63% increase from its predecessor, Renaissance. On top of that, 2024 saw some serious upgrades to developer tools. Governance tooling from Realms? Check. Rollup-like technology to make the network even more scalable? Double check. With these resources in play, Solana’s developers are building faster and smarter than ever.
Ecosystem expansion and adoption
The network processed an impressive 62 million daily non-vote transactions in Q3 2024, supported by 1.9 million unique fee payers every single day. Not too bad, right? NFTs have been thriving, too. Platforms like Magic Eden and Tensor led the charge, with Solana’s total NFT sales volume surpassing $5 billion early this year. And let’s not forget stablecoins. A 151% year-over-year market cap increase brought Solana’s stablecoin total to $3.8 billion. With Circle doubling down on USDC support, Solana is staking its claim as DeFi’s main stage.
Community spirit and decentralization
But you know what really sets Solana apart? The people — and this year, the network has demonstrated how a vibrant community can be a cornerstone for long-term success. Solana Breakpoint heralded a slew of new initiatives on the network. IRL hubs like The Shipyard in Bangalore and The Port in Miami became go-to spots for innovation, collaboration, and maybe the occasional Solana-branded latte. Initiatives aimed at supporting validators have helped maintain a healthy and distributed network. Meanwhile, grassroots campaigns and community-led marketing efforts have amplified Solana’s cultural presence, from engaging memes to viral initiatives that reflect the humor and creativity of the community. If 2024 taught us anything, it’s that a blockchain is only as good as its believers — and Solana’s community is second to none.
Sustainability and energy efficiency
As of September 2024, the network cut its carbon footprint by a whopping 69%, going from nearly 8,800 tons of CO₂ in 2023 to just 2,671 tons this year, according to data from the Solana Foundation. To put that in perspective, that’s like taking 167 average Americans’ yearly emissions off the map. Solana’s efficiency per transaction? Just 0.00412 watt-hours. Solana is setting a benchmark for the industry, demonstrating how technology can be leveraged to support environmental goals.
Innovative use cases and cross-chain growth
Interoperability? Solana’s got it in spades. Bridges like Wormhole have made moving assets across blockchains as easy as pie, while tools like Dialect have taken private, wallet-based messaging to the next level. Then there’s Mantis, a shiny new layer-2 solution unveiled at Breakpoint 2024, promising seamless cross-chain transactions and user-centric trading. And Blinks? They’ve changed the game for crypto on social media, integrating functionalities like tipping content creators and minting custom NFTs directly into platforms like X (formerly Twitter). Innovations like these have significantly lowered the barrier to entry for newcomers while providing seamless access for experienced users. Not too shabby.
Looking forward
2024 is winding down, but Solana’s momentum shows no signs of slowing. Institutional interest continues to grow, with multiple spot ETFs filed this year, signaling a maturing market and increased confidence in the ecosystem. The focus on decentralized identity, with tools like Solana Mobile Stack (SMS) and advancements in governance systems, lays the groundwork for a more interconnected and user-focused blockchain future. Whether you’re staking SOL, minting NFTs, or just here for the memes, it seems clear that Solana’s brightest days are ahead. From its rock-solid tech to its vibrant community, Solana has given us all plenty to celebrate.
