Solana Ecosystem Call November 2024: Record-Breaking Growth and Exciting Developments

The November 2024 Solana Ecosystem Call, hosted by the charismatic Kevin from Superteam, brought together the global Solana community to celebrate recent wins, showcase new projects, and share exciting developments across the ecosystem. This monthly gathering has become a cornerstone event for builders, investors, and enthusiasts alike, offering an unparalleled glimpse into the rapid progress and innovation happening on the Solana blockchain.

All-Time High Season for Solana

The call kicked off with a celebration of Solana's recent achievements, highlighting the network's incredible growth and performance. Kevin emphasized that October 2024 was one of the best months Solana has ever experienced, with multiple metrics reaching all-time highs.

Chain GDP Soars to New Heights

One of the most impressive statistics shared during the call was Solana's Chain GDP, a metric introduced by akshabd and Peter Horton. In October, projects on Solana earned a staggering $300 million, showcasing the network's ability to support real, revenue-generating businesses. Kevin stressed the importance of this metric:

"If you want to build a real business that is not just a Ponzi or not just about speculation value, come to Solana. That is the place to do it."

This achievement underscores Solana's vision of becoming a blockchain ecosystem with a vibrant, sustainable economy built on top of it.

Validator Earnings Skyrocket

Another area of significant growth was validator earnings. In October, Solana validators earned nearly $450 million, a clear indication of the network's health and increasing decentralization. This substantial income is expected to attract more validators to the ecosystem, further enhancing network reliability and performance.

Kevin explained the importance of this milestone:

"This is going to draw more validators into the ecosystem, which means more decentralization. It's going to ensure that the validators that are here are becoming more professional, which is going to help ensure that the reliability of the system is better."

Record-Breaking Funding for Solana Projects

The third quarter of 2024 saw Solana projects raise over $173 million in funding, the highest amount ever raised in a single quarter. This influx of capital demonstrates the growing confidence of investors in the Solana ecosystem and its potential for innovation.

Developer Interest at All-Time Highs

One of the most exciting trends highlighted during the call was the surge in developer interest in Solana. According to the A16Z crypto report, developer activity on Solana has more than doubled since the previous year. Kevin attributed this growth to several factors:

1. Availability of funding for startups
2. Opportunity to build real, revenue-generating businesses
3. Fast and efficient technology with great user experience
4. Global accessibility

The Radar hackathon, produced by Colosseum, was cited as a prime example of Solana's developer momentum. It broke records as the largest crypto hackathon in history, with an unprecedented number of submissions.

Solana's Magnetic Effect: Projects Migrating from Other Chains

The ecosystem call highlighted a growing trend of projects migrating to Solana from other blockchain networks. This "magnetic effect" is drawing in established projects seeking to leverage Solana's speed, efficiency, and growing user base. Some notable migrations mentioned during the call include:

• Time.fun (from Base)
• Layer3
• Secret Computing
• Nansen
• Arkham
• Range Security
• Medicore (from Immutable)
• Paravox

Kevin emphasized the significance of this trend:

"Everyone and their mothers is coming to Solana for good reason."

Solana: The Chain of Choice for Stablecoins

The call highlighted Solana's growing dominance in the stablecoin space. Kevin declared:

"Solana is now the chain of choice for stablecoins."

He emphasized that stablecoins and speculation are the two areas in crypto with demonstrable product-market fit, and Solana is excelling in both. Notable developments in the Solana stablecoin ecosystem include:

• USDC and USDT reaching new highs on Solana
• LayerZero releasing their first RWA synthetic stablecoins
• Crypto Market in Argentina allowing USDT on Solana to be used in over 200 stores

Kevin predicted:

"On a long enough time horizon, stablecoins will be the way people pay each other in the future, and Solana is the network where that is going to happen."

Pro Trading Tools Flourish on Solana

The call also showcased the growth of professional trading tools on Solana, catering to the increasing demand from experienced traders. Some of the highlighted projects include:

• Pump.fun's advanced meme coin trading terminal
• Jupiter's Ape by Jupiter pro trading platform
• Bonk Bot's non-custodial Telegram trading bot
• Orca's Go Fund Me for launching viral memes

These tools demonstrate the maturation of Solana's trading ecosystem and its ability to support sophisticated trading strategies.

Institutional Adoption: Lybra's On-Chain Treasury Fund

A significant development highlighted during the call was the launch of Lybra's on-chain treasury fund on Solana. This move reinforces the growing trend of institutional adoption on the network. Kevin emphasized:

"It's not that the institutions are coming to Solana; it's that they are already here."

The Lybra fund aims to democratize access to blue-chip investments, allowing anyone with internet access to participate. This initiative involves partnerships with major players such as Standard Chartered, SC Ventures, Wellington Management, and the Solana Foundation.

Mobile-First Approach Gains Momentum

Recognizing the importance of mobile access for mass adoption, the call highlighted several Solana projects focusing on mobile-first experiences:

• Jupiter's Jup mobile app
• Dapper House (coming soon)
• Squads' smart wallet with social recovery features
• Hype's meme coin-focused mobile app

These developments underscore Solana's commitment to meeting users where they are – on their smartphones.

The Solana Network State Emerges

One of the most intriguing concepts discussed during the call was the emergence of the "Solana Network State." This idea, inspired by Balaji Srinivasan's book "The Network State," refers to communities that transcend national borders, united by common values and interests.

Kevin highlighted the growing number of physical spaces dedicated to Solana around the world:

• The Shipyard in Bangalore, India
• Super Team Vietnam's shipyard
• W3 Hub in Germany
• The Square in the UK (coming soon)
• The Port in Miami
• The Shipyard in San Francisco
• SolX AR in Argentina

These spaces serve as focal points for the Solana community, fostering collaboration, innovation, and network growth. Kevin expressed his vision:

"My vision is to have a hundred of these around the world. I want every conference to have a place where people can go and work. I want every major city to have a single common meeting point for people who are interested in crypto and want to push the decentralized meta forward."

Solana Foundations: Driving Community Governance and Innovation

The call highlighted the proliferation of foundations within the Solana ecosystem, emphasizing their role in fostering community governance and driving innovation. Some of the notable foundations mentioned include:

• Tensor Foundation
• Jito Foundation
• deBridge Foundation
• Drift Foundation
• Magic Eden Foundation
• Switchboard Foundation

These foundations are creating grant pools, seeking community delegates, and exploring novel governance mechanisms like Futarchy. Kevin stressed the importance of these initiatives:

"Why are foundations exciting? I have seen firsthand the work that Solana Foundation itself has done, how critical they've been to the Super Team journey, for example. There would be no Super Team if we did not have the support of Lilly and Raj and the rest of the folks at the Solana Foundation."

Clarifying Solana Metrics and Misconceptions

To address some common misconceptions about Solana, Kevin took time to clarify several key metrics:

Transactions Per Second (TPS)

While Solana is often cited as processing 4,000 TPS, Kevin explained that this number includes failed transactions and voting transactions. The "true TPS" for non-voting transactions is around 900 per second, which is still significantly higher than other ecosystems.

Monthly Active Users vs. Wallets

Kevin cautioned against conflating monthly active wallets with actual users, explaining that the often-quoted figure of 100 million monthly active users is inaccurate. He emphasized the importance of being skeptical of wallet numbers across all crypto ecosystems.

Transaction Fees

Addressing concerns about rising transaction fees, Kevin explained that while average fees have increased due to priority fees for urgent transactions, the median fee for everyday users has actually decreased by 20% quarter-over-quarter.

Rent Fees

Kevin clarified the concept of rent fees on Solana, explaining that these small amounts of SOL used to initialize accounts can be reclaimed. He encouraged users to use tools like Soul Incinerator or Step Finance to reclaim their rent fees.

Exciting New Projects: Moonwalk and Pulse Wearables

The call introduced two innovative projects in the Solana ecosystem:

Moonwalk: Gamifying Fitness

Moonwalk is a fitness tracking app that rewards users for reaching their step goals. The project launched an exclusive competition for ecosystem call viewers, offering a $5,000 prize pool for participants who hit 7,000 steps a day.

Pulse Wearables: Decentralized Health Data

Pulse is developing a fitness tracking band that allows users to maintain control of their health data, unlike traditional wearables that often sell user data to third parties. The project is part of the emerging "DePin" (Decentralized Physical Infrastructure Networks) category and offers AI-powered insights for sleep, longevity, and nutrition.

Work to Earn: Opportunities in the Solana Ecosystem

The call concluded by highlighting several opportunities for developers and content creators to earn in the Solana ecosystem:

1. $8,000 bounty for developing a site where users can launch their own stablecoins
2. $5,000 bounty for creating high-quality content about Solar SUSD, a synthetic stablecoin backed by real-world assets
3. $2,000 project for a community manager position with Double, a decentralized infrastructure project in India

Kevin emphasized the growing importance of Super Team Earn as a platform for connecting talent with opportunities in the Solana ecosystem:

"Every week, roughly $100,000 of new earning opportunities are getting added to Super Team Earn, and roughly $95,000 are being earned on Super Team Earn. Those two numbers are starting to go parabolic, folks."

Conclusion: Solana's Unstoppable Momentum

The November 2024 Solana Ecosystem Call painted a picture of a thriving, innovative blockchain ecosystem experiencing unprecedented growth. From record-breaking financial metrics to the emergence of a global network state, Solana is pushing the boundaries of what's possible in the world of decentralized technology.

As the ecosystem continues to attract developers, projects, and institutional players, it's clear that Solana is positioning itself as a major force in the future of finance, technology, and community building. With its focus on performance, user experience, and real-world utility, Solana is not just riding the wave of crypto adoption – it's helping to shape the very future of the decentralized web.

Facts + Figures

• Solana's Chain GDP reached a new all-time high of over $300 million earned by projects in October 2024
• Solana validators earned nearly $450 million in October 2024
• Solana projects raised more than $173 million in Q3 2024, the highest amount ever in a single quarter
• Developer interest in Solana has more than doubled since the previous year
• The Radar hackathon on Solana broke records as the largest crypto hackathon in history
• Multiple projects migrated to Solana from other chains, including Time.fun, Layer3, Secret Computing, Nansen, Arkham, and Range Security
• USDC and USDT reached new highs on Solana
• Crypto Market in Argentina now allows USDT on Solana to be used in over 200 stores
• Lybra launched an on-chain treasury fund on Solana, partnering with major institutions
• Solana's "true TPS" for non-voting transactions is around 900 per second
• The median transaction fee on Solana has decreased by 20% quarter-over-quarter
• Super Team events have attracted over 100,000 attendees in the last 12 months
• Super Team Earn is facilitating roughly $100,000 in new earning opportunities and $95,000 in earnings weekly
• Moonwalk fitness app launched a $5,000 prize pool competition for ecosystem call viewers
• Pulse Wearables is developing a decentralized fitness tracking band as part of the DePin category

Questions Answered

What is Solana's Chain GDP and why is it significant?

Solana's Chain GDP is a metric that measures the amount of money earned by projects on the Solana blockchain. In October 2024, it reached a new all-time high of over $300 million. This is significant because it demonstrates Solana's ability to support real, revenue-generating businesses rather than just speculative projects. It shows that Solana is becoming a viable platform for building sustainable, profitable ventures in the blockchain space.

How has developer interest in Solana changed recently?

Developer interest in Solana has more than doubled since the previous year, according to the A16Z crypto report. This surge in interest is attributed to several factors, including the availability of funding for startups, the opportunity to build real businesses, Solana's fast and efficient technology, and its global accessibility. The record-breaking Radar hackathon, which had the largest number of submissions in crypto hackathon history, further demonstrates the growing developer enthusiasm for Solana.

What is the "Solana Network State" and how is it developing?

The Solana Network State refers to the growing global community of Solana enthusiasts, developers, and projects that transcend national borders. It's developing through the establishment of physical spaces dedicated to Solana around the world, such as The Shipyard in Bangalore, Super Team Vietnam's shipyard, and The Port in Miami. These spaces serve as focal points for collaboration, innovation, and community building. The goal is to have hundreds of these spaces worldwide, creating a interconnected network of Solana hubs in major cities and at conferences.

How is Solana becoming the chain of choice for stablecoins?

Solana is increasingly becoming the preferred blockchain for stablecoins due to its high speed and low transaction costs. USDC and USDT have reached new highs on Solana, and new stablecoin experiments like LayerZero's RWA synthetic stablecoins are launching on the network. Additionally, real-world adoption is growing, with Crypto Market in Argentina now allowing USDT on Solana to be used in over 200 stores. This trend suggests that Solana could become the dominant network for stablecoin transactions in the future.

What opportunities are available for earning on Solana through Super Team Earn?

Super Team Earn is a platform that connects talented individuals with earning opportunities in the Solana ecosystem. It offers various bounties and projects, such as an $8,000 bounty for developing a stablecoin launch site, a $5,000 bounty for creating content about Solar SUSD, and a $2,000 project for a community manager position. The platform is facilitating roughly $100,000 in new earning opportunities and $95,000 in earnings weekly, providing a significant avenue for people to earn crypto while contributing to the Solana ecosystem.