Institutional investments in Solana blockchain DApps increased 54% in Q3.

Update Nov 1, 2:29 pm UTC: This article has been updated to include a quote from Masari Protocol Services.

Institutional investments in Solana-native blockchain applications are set to grow again in the third quarter of 2024.

During the third quarter, 29 Solana-based decentralized applications (DApps) raised a total of $173 million, an increase of more than 54 percent compared to the previous quarter.

This amount of funding represents the highest level of investment in Solana since the second quarter of 2022, despite a 37% decrease in funding rounds, according to a report shared by the Mesari Protocol Service with Cointelegraph.

The growing total funding indicates a resurgence of institutional interest in crypto projects, Matthew Nye, a research analyst at Messari Protocol Services, told Cointelegraph.

“Yes, we are seeing projects that survived the bear market increase in the later stages, especially the Drift Series B at $25 million. There has also been a lot of interest in Energy DePIN, as evidenced by Fuse's $12 million investment in multicoin.

According to the report, Solana surpassed Ethereum in daily payments, generating more than $2.54 million in payments on October 28, compared to Ethereum's $2.07 million, Cointelegraph reported.

Solana is one of the leading layer-1 blockchains, often considered the “Ethereum killer” for its monolithic scale approach, which aims to improve transaction flow and reduce fees without relying on layer-2 blockchains.

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Solana's paying users have grown to 1.9 million.

Solana's payment generation showed a significant increase in the third quarter, which increases the profitability of the network.

During the third quarter, average daily payers rose to 1.9 million, a 109 percent quarter-over-quarter increase, and new payers grew an average of 430 percent to 1.3 million.

But average daily transactions not related to voice fell 12 percent to 62 million.

Solana's average transaction fees increased by 6% to 0.00015 Solana (SOL) tokens or $0.023, while media transaction fees decreased by more than 19%.

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Institutions are increasing the development of tokenization on Solana

At the end of the third quarter, Solana was the third largest blockchain by tokenized treasuries thanks to continued institutional growth.

A total of $123 million worth of reserves have been recorded on Solana, compared to $422 million for Stellar and $1.6 billion for Ethereum.

Solana-based treasuries are poised for further growth as asset management giant Franklin Templeton plans to launch a money market fund on the network.

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Global Banking Société Générale will contribute to the development of blockchain, according to the report.

As it prepares to fully implement the markets in Crypto-Assets (MiCA), Societe Generale launches the Euro-denominated stablecoin. The new stablecoin was worth more than $37 million on Ethereum as Societe Generale's crypto unit plans to add support for Solana.

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