Solana’s Breakpoint 2024: Network Progress and Innovations

  • October 15, 2024

Solana has showcased significant developments across its ecosystem at the annual Breakpoint 2024 conference, despite recent declines in on-chain activity. Monthly transaction fees dropped 66% from their March peak but remain an impressive 1,900% higher than a year ago. While its transaction fees have decreased, Solana has climbed in market share, reaching 25% by July—a remarkable milestone compared to the 1.5% share it held until late 2023.

In the past six months, Solana collected $260 million in transaction fees, ranking third among blockchain networks, after Ethereum ($752 million) and TRON ($268 million). This growth was driven by high transaction volumes, despite having one of the lowest average transaction fees of just $0.02—significantly cheaper than Ethereum ($3.58) and other major blockchains.

Although Q3 on-chain activity fell, development on Solana expanded notably. Private fundraising activity flourished, and hackathons drew record-breaking participation. In Q3 2024, 29 Solana-based projects raised $173 million, the network’s highest quarterly fundraising total since early 2022. September alone contributed $103 million—its best month since June 2022. Moreover, participation in Solana hackathons surged by 63%, with Radar, the second event of the year, drawing over 13,600 participants and 1,071 project submissions.

During Breakpoint 2024, over 70 teams presented product innovations across key growth areas like mobile, institutional adoption, decentralized physical infrastructure (DePIN), and payment systems.

Reaching Users Through Mobile

Mobile dApps have become an increasingly critical focus for Solana as developers aim to meet users where they already are: their smartphones. Breakpoint saw several mobile-centric announcements:

  • Jupiter Mobile: Leading aggregator Jupiter previewed its new mobile app, prioritizing user-friendly crypto swaps with one-tap functionality, zero platform fees, and fiat on-ramp support via Apple Pay, Google Pay, and credit cards.
  • DRiP Mobile: Solana’s prominent NFT dApp, DRiP, introduced a sleek mobile experience with gasless, one-click transactions.
  • Photo Finish LIVE: Third Time Entertainment unveiled its virtual horse racing app on the App Store, framing it as the first real-money horse racing game available to iOS users. Expansion plans include Google Play and in-app integrations with betting and racing platforms.
  • Other Releases: Trading terminal Birdeye announced upcoming launches of its mobile app and interface redesign. Fitness app Moonwalk Fitness revealed a gamified mobile solution tailored for both crypto and non-crypto users.

Building native hardware also emerged as a priority with mobile developments. Solana Mobile unveiled its Seeker phone, aimed at providing a crypto-optimized mobile experience while disrupting the app store duopoly. Equipped with upgrades like better cameras, battery life, and a built-in Seed Vault Wallet, the Seeker is slated for mid-2025 shipping at an introductory price of $500. Similarly, JamboPhone 2 entered pre-orders as an affordable $99 alternative designed to expand Solana adoption in underserved markets.

Institutional Adoption as a Core Driver

Breakthroughs in institutional adoption further solidify Solana’s position as a competitive blockchain in financial markets. Over the past month, the total value of tokenized treasury products on Solana doubled to $123 million, boosted by $50 million in tokenized bonds migrating from Ethereum. Solana’s advancements now position it as the third-largest network for tokenized treasuries, surpassing Stellar.

Key developments include:

  • Franklin Templeton Expansion: Breakpoint marked Franklin Templeton’s announcement to bring a money market fund to Solana, its first project to fall under regulatory oversight with the SEC.
  • SociĂ©tĂ© GĂ©nĂ©rale: The international banking giant launched its EUR CoinVertible (EURCV) stablecoin on Solana, the first MiCA-compliant stablecoin issued by a bank.
  • Securitize Partnership: Tokenization platform Securitize declared native support for Solana, enabling smooth integration of its tokenized products such as BlackRock’s BUIDL or Hamilton Lane’s on-chain funds.

With its fast transactions and low fees, Solana is increasingly used by institutional stakeholders to explore tokenized securities, structured products, and even stablecoin-powered payment instruments.

Expanding the Payments Ecosystem

Payment systems built on Solana leverage the blockchain’s low costs and efficiency. Adoption has accelerated with partnerships involving traditional companies like Visa, PayPal, and Shopify, in addition to many crypto-native solutions:

  • PayPal’s PYUSD Growth: PayPal’s USD-backed stablecoin, released on Solana, quickly grew to a $332 million market cap. Other ecosystem announcements revealed PayPal expanding crypto payment capabilities across its platforms, including PayPal Checkout, Venmo, and its business services.
  • Debit Card Integrations: Multiple Solana-based debit cards were unveiled, including Bridge’s Fuse Pay, KAST’s Solana Card, Sanctum’s Cloud Card, and Reap Card, broadening real-world utility for stablecoins.
  • Zar Protocol: Aims to improve stablecoin entry in emerging markets through decentralized exchanges for real-world currency swaps across agent networks.
  • Sling Money: Officially launched support for instant global payments with fiat and stablecoins spanning 76 countries, powered by Solana infrastructure.

Solana’s stablecoin market cap rose 151% year-over-year to $3.8 billion, now ranking fifth among all blockchain networks. PayPal’s PYUSD and traditional stablecoins like Circle’s USDC remain dominant. However, there’s growing adoption of non-USD stablecoins, with SociĂ©tĂ© GĂ©nĂ©rale’s EURCV and Coins’ PHPC leading the charge.

DePIN: Real-World Impact Through Decentralized Infrastructure

Solana continues to lead blockchain adoption in decentralized physical infrastructure. Trends revealed at Breakpoint suggest growing demand for DePIN solutions from industries like telecommunications, mapping, and energy:

  • Helium and XNET Success: US mobile carriers now pay both Helium and XNET for data offloading, marking a shift from supply-only incentives to actual demand-driven adoption.
  • Hivemapper’s Expansion: With 10 million unique miles mapped, Hivemapper is now selling valuable map data to leading mapping corporations like HERE Technologies.
  • Decentralized Energy Projects: Several Solana initiatives are tackling grid challenges using decentralized energy networks:
    • Fuse’s Project Zero incentivizes energy savings during peak usage, making users mini energy traders.
    • Starpower deploys hardware solutions like EV chargers and battery storage connected to its growing energy network.
    • Srcful leverages Helium IoT infrastructure for dual mining rewards.

DePIN’s emergence highlights Solana’s role in creating infrastructure that fosters both tokenized incentives and real-world utility across critical sectors.

Closing Breakpoint: Continued Innovation on Solana

Breakpoint 2024 demonstrated Solana’s relentless drive to innovate, whether through mobile optimization, institutional adoption, payment solutions, or DePIN growth. The blockchain has proven that its ecosystem is not only adapting to challenges but thriving as one of the most versatile, scalable networks in the crypto space.

With prominent global partnerships, new technologies, and thriving developer ecosystems, Solana is poised for substantial growth in 2025 and beyond, fueled by its accessibility, low costs, and commitment to groundbreaking solutions.