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As Tuesday came to a close, the wider cryptocurrency market witnessed a downturn, resulting in substantial digital assets like Solana to forfeit their recently regained bullish drive. In spite of the continuing shifts in SOL’s price, the interest from institutions in the leading altcoin keeps strengthening via the SOL-based treasury.
A Substantial Percentage Of Solana Held In Treasury Reserve
In the quest for a digital asset-centered strategic treasury reserve, Solana persists in showcasing its potential and durability as a robust crypto asset for this expanding initiative. Since the introduction of a SOL treasury reserve, the strategy has consistently grown to remarkable levels.
With protocol income, validator rewards, and ecosystem contributions pouring in, Solana’s treasury has steadily accumulated resources, positioning the project for enduring sustainability and innovation. The rise of SOL’s treasury to prominence reaffirms investor trust in the network’s ability to fund forthcoming projects, grants, and technological advancements, despite overall market volatility.
Following its gradual expansion, Ted Pillows, an on-chain and market analyst, has posted a message on X indicating that the SOL strategic reserve has reached a new peak. This substantial growth in its treasury strategy highlights the increase in the network’s financial strength and the development of its ecosystem.
Information disclosed by Ted Pillows indicates that SOL treasury entities currently possess a total of 20.13 million SOL, valued at an impressive $4.6 billion. The SOL amassed by these treasury firms constitutes 3.53% of the altcoin’s overall supply.
It is noteworthy that this considerable supply of SOL resides with 20 corporate entities. This trend emphasizes the swift adoption of SOL by high-net-worth investors, bolstering its price potential. While the SOL treasury has become robust, Pillows speculates that the anticipated SOL staking Exchange-Traded Fund (ETF) is likely to draw more investments into the initiative.
SOL Is Leading All Chains In DApp Revenue And DEX Volume
The Solana treasury is gaining momentum due to the blockchain’s vigorous on-chain activity and developer participation. The network has taken the lead in Decentralized Application (DApp) revenue as well as Decentralized Exchange (DEX) trading volume.
As per a report from SolanaFloor, SOL has outperformed all Layer 1 and Layer 2 chains within the crypto sector in both aspects. Its supremacy in these domains solidifies SOL’s status as one of the most lively ecosystems in the crypto environment.
In terms of DApp revenue, the network amassed a total of $4.67 million in just one day, surpassing Ethereum and Hyperliquid. Meanwhile, the leading blockchain accumulated over $4.87 million in terms of DEX volume within the same timeframe, with ETH and BSC (Binance Smart Chain) following in second and third place, respectively.
At the moment of writing, the price of SOL was trading at $195, after experiencing a decline exceeding 2% over the past 24 hours. In spite of the retreat in SOL, bullish sentiment is slowly improving among investors, as reflected by the over 21% rise in its daily trading volume.
Featured image from Pixel Plex, chart from Tradingview.com
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