Solana: $3.79 Million in DApp Revenue, but ETF Inflows Stagnate

Solana: $3.79 Million in DApp Revenue, but ETF Inflows Stagnate – Exploring the Situation

Solana has achieved strong metrics, boasting a daily DApp revenue of $3.79 million and a total trading volume of $2.96 billion within its decentralized exchange (DEX). Despite this growth, there were no inflows into Solana's spot exchange-traded funds (ETFs) on November 3rd, leading to speculation about institutional investors' hesitance. However, strong retail demand and developer activity remain promising.

Key Takeaways

Solana reported high daily DApp revenue of $3.79 million and DEX trading volume of $2.96 billion, surpassing Ethereum and BNB Chain.
On November 3rd, ETF inflows were non-existent, but an Open Interest close to $4 billion suggests renewed confidence among traders.
Despite the pause in ETF inflows, retail interest in Solana remains robust, indicating a healthy ecosystem.

Solana's Dominance in DApp and DEX Performance

As per DefiLlama's data, Solana has generated a remarkable $3.79 million in daily DApp revenues and $138.42 million over a month, far exceeding Ethereum's $75.56 million. The DEX trading activity showcases Solana's performance with a daily volume of $2.96 billion and a monthly figure reaching $142.6 billion, leading all competitors, including Ethereum and BNB Chain.

This surge in activity is attributed to increased interest in memecoins, renewed engagement with non-fungible tokens (NFTs), and rising participation in decentralized finance (DeFi). Solana's low transaction fees and high processing capacity have made it an attractive choice for retail investors, thus sustaining high liquidity and transaction volumes, even during quieter market periods.

Solana's strong metrics position it as one of the most active blockchains entering the fourth quarter, reflecting consistent user and developer engagement.

Solana DEX Volume and DApp Revenue

Stagnation in ETF Inflows Amid Retail Demand

While retail and DeFi users continue to flock to Solana, the sentiment among institutional investors appears more cautious. On November 3rd, Solana's spot ETFs, which have recently gained approval for trading in Hong Kong, recorded no net inflows. This came despite having attracted over 1.03 million SOL in total inflows since October 28th. This pause suggests that institutional players might be waiting for clearer macroeconomic or regulatory indicators before committing further investments.

Nonetheless, the robust momentum driven by retail participation demonstrates that the temporary hesitation in ETF inflows has not adversely impacted Solana’s ecosystem health.

Solana Spot ETF

Open Interest Indicates Cautious Optimism

Additionally, data from derivatives trading implies that long-term investors are maintaining a sense of confidence. According to Coinalyze, Solana's aggregated Open Interest climbed to $4.05 billion, showing a slight increase following a period of low activity. Despite the price closing at $169.46—down 9.74%—the rise in Open Interest suggests that traders are anticipating a return of market volatility once ETF inflows resume.

This scenario leaves traders poised to observe the potential collaboration between on-chain growth and institutional interest throughout November.

Solana Open Interests