A Cryptocurrency Project Overtakes Solana in Fee Revenues, Data Shows
DefiLlama data has found that a crypto project’s revenues are outpacing Solana’s on a daily basis.
Over the past 24 hours, Solv Protocol has generated $1.48 million in protocol fees, placing it in 6th place on DefiLlama’s ranking of best-performing decentralized finance platforms.
This surge in activity allowed Solv Protocol to overtake Solana, which generated $1.24 million in fees, and Uniswap, which generated $1.15 million.
Solv Protocol, a Bitcoin staking platform, has also reached $1.4 billion in total value locked (TVL), making it the protocol with the highest TVL within the BTCFi ecosystem. The platform claims to aim to unlock the potential of over $1 trillion in Bitcoin assets through its SolvBTC staking product.
Solv Protocol's native token (SOLV) is expected to be launched in the second half of 2024.
According to DefiLlama data, Tether, unsurprisingly, ranked first among the cryptocurrency projects that generated the most fees in the last 24 hours with $13 million. Another stablecoin company, Circle, came in second with $4 million.
In third place is Lido, an Ethereum retaking platform, with $2 million.
*This is not investment advice.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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