$SOL

Solana faces a slowdown in adoption amid a decline in total value locked (TVL) and a decrease in user interaction.

The pace of adoption of the Solana blockchain has slowed, with total value locked (TVL) dropping from $15 billion in September to less than $5 billion. Revenue from decentralized applications (DApp) has decreased, and the popularity of meme coins has faded. On-chain data shows weak demand for long positions in the native currency, SOL, which has dropped by 46% over three months. The validator client Firedancer and decentralized finance (DeFi) projects like Kamino aim to enhance performance, but market confidence remains unclear.