Altcoins
These dApps Have Made the Most Money in the Past 3 Months
The cryptocurrency industry has become a major part of the economy. According to CoinMarketCap, cryptocurrencies have had a total market cap of over $1 trillion. There are also over 20,000 cryptocurrencies in the world. Each of these coins and tokens are created to generate some cash. In this article, let us look at some of the top dApps that made money in the past 3 months.
OpenSea
OpenSea is a leading player in the NFT industry. It is the biggest NFT ecosystem in the world. It simply makes it possible for people to buy and sell Non-Fungible Tokens (NFT). In the past few years, OpenSea has helped to process NFTs worth billions of dollars.
OpenSea also makes a lot of money. In the past 3 months, it has been the most cash-positive platform in the industry. It had a revenue of over $27 million. In the past 365 days, it has made over $405 million, making it the best-performing dApp in the industry.
dYdX
dYdX is another dApp that makes a lot of money. For starters, dYdX is a leading player in decentralized finance (DeFi). It makes it possible for users to buy cryptocurrencies and trade derivatives like perpetual futures. The network is known for providing some of the lowest fees in the industry.
According to CoinMarketCap, dYdX handled over $1.7 billion in cryptocurrencies in the past 24 hours. This makes it the biggest DEX in the world followed by Uniswap, which handled $1.4 billion. According to TokenTerminal, its revenue was over $19.8 million. Its revenue in the past 365 days was over $115 million.
GMX
GMX is another DEX that provides similar services to dYdX. It is a DEX based on Avalanche and Arbitrum. In the past few months, the network has seen the amount of volume increase. GMX was one of the top beneficiaries of the collapse of FTX since it offers similar services. GMX made over $11.3 million in the past 90 days and over $34 million in the past 365 days.
PancakeSwap
PancakeSwap is a leading DEX built on the BNB Chain ecosystem. It has recently expanded to other blockchains like Aptos and Ethereum. PancakeSwap has a total value locked (TVL) of more than $3.69 billion. In addition to crypto trading, the network makes it possible for users to trade non-fungible tokens (NFTs) and even make predictions. PancakeSwap generated over $9.7 million in the past 3 months and over $87 million in the past 365 days.
Other dApps that have made a lot of money in the past 12 months are Convex Finance, Ethereum Name Service (ENS), MakerDAO, and Synthetix.
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
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