- Solana’s DeFi total value locked remains above $10 billion, showing resilience even after a drop in SOL price.
- BNB reclaimed its fifth-place ranking after Solana’s brief lead, driven by Binance’s continued market presence and fee-based token burns.
- Solana outpaces BNB in DeFi activity and revenue generation but trails in market share tied to centralized exchange influence.
Solana briefly overtook BNB in market capitalization on June 23, fueled by a surge in its native token SOL and strong DeFi performance. The shift in rankings pushed Solana to the fifth position among all cryptocurrencies. However, the lead was short-lived, as BNB quickly regained its spot by the end of the same day.
SOL reached $200 per coin on June 23, lifting Solana’s market cap to $107 billion. This milestone temporarily allowed it to surpass BNB. By the following day, SOL had fallen below $190, which brought Solana’s market cap below that of BNB once again. Despite the decline, Solana’s DeFi metrics showed notable strength.
Solana’s DeFi Ecosystem Holds Above $10 Billion
Total value locked in DeFi Solana in the amount of more than 10 billion dollars was maintained on June 24, despite the decline in the price of SOL. This is an indication that investors still have confidence in the ecosystem of the network even though there are short-term price variations. The robust DeFi infrastructure has helped Solana in terms of market positioning in general.
BNB continues to benefit from Binance’s market dominance. Its current market capitalization stands at $6.832 billion, supported by revenue from exchange fees. Binance allocates part of these fees for BNB token burns, helping maintain scarcity. This backing allows BNB to remain competitive even as its DeFi numbers trail behind Solana.
Revenue and DeFi Activity Favor Solana
Data shows that Solana generates $1.55 million in network fees compared to BNB’s $459 million. In addition, Solana’s DeFi footprint is larger and more active. Despite this, Binance’s stable centralized exchange market share makes BNB a difficult competitor to overtake. Solana would require broader adoption to maintain consistent leads.
Although Solana has dropped back to sixth in market cap, its DeFi foundation remains solid. The consistent strength in network activity and developer engagement keeps Solana in contention. Any shifts in centralized exchange dynamics could significantly influence the balance between Solana and BNB going forward.
