DeFi Defiance: Why does Solana refuse to die? | Posted by Max Yampolsky | Coins | December 2023

My Solana thesis and ecosystem overview for 2024

Solana has been a conversation starter in DeFi circles for nearly five years. Since its inception by Anatoly Yakovenko in 2017, Solana’s journey has been marked by notable highs and challenging lows. 2022 has proven to be a crucible. Plagued by network outages and facing headwinds from a turbulent market, the platform has faced skepticism and scrutiny.

Netizens also called it that slowana. It wasn’t very good.

source: Twitter

As 2023 comes to a close, the narrative surrounding Solana has shifted toward recovery and potential. The burning question on the minds of seasoned DeFi participants is whether Solana has not only weathered her storm, but she has emerged stronger, ready to redefine her own role in the DeFi ecosystem. According to information from DeFiLlama, Solana is still the best Non-EVM blockchain in TVL.

Source: DeFiLlama

In this article, we will look at the technological improvements Solana has implemented beyond 2022, scrutinize current market dynamics, and evaluate the evolving landscape of the DeFi and yield farming ecosystem to answer the question: Where is Solana headed in 2024? no see.

In the aftermath of a difficult 2022, Solana showed signs of a strong recovery and resurgence in 2023. This section takes a closer look at key aspects of Solana’s rebound, focusing on technical network improvements, market performance, total value locked in DeFi, and developer engagement.

Solana has undergone several significant improvements since October 2022, including the smooth mainnet launch of v1.14. This was part of proposed software upgrade process improvements following a February 25, 2023 outage that occurred during a previous software upgrade. Notably, according to Solana’s most recent performance report, the network has experienced 100% uptime since this launch.