Solana Hits Record High TVL on DeFi Protocols as SOL Price Surges

Solana Hits Record High TVL on DeFi Protocols as SOL Price Surges

Solana – the fast-growing public blockchain platform – has reached an all-time high in TVL with its Defi protocols. This comes amid a booming cryptocurrency market where altcoins are starting to regain market share.

According to Defi Llama, the TVL in DeFi is up Solanareached a new record of $12.7 billion on October 21st. It has since declined to around $12.34 billion at the time of writing.

Total value locked on Solana. Defi Lama

This is a larger volume than the TVL record of $12.2 billion set on September 12th. The previous peak followed an exponential increase in DeFi usage on Solana in late summer. Before August, Solana's DeFi protocols rarely exceeded $1.5 billion in TVL.
The rapidly growing interest in Marinade Finance (MNDE; a liquid staking protocol on Solana) is largely responsible for the increasing volume. The protocol has seen a 69% increase in TVL over the past week and is now among the top four projects with the highest liquidity.
It is followed only by Sunny (SUNNY), ​​Radium (RAY) and Saber (SBR) – the last two have a TVL of $1.77 billion each.
According to data from Solana, the price has also increased this week Coin Gecko. The token is now trading at $185 – up 24% since last week. It even hit almost $200 earlier today, but the market-wide correction has pushed it south so far.
Solana's rise came with a increasein the entire crypto market in the last few days, which just exceeded $2.6 trillion. After hitting its all-time high yesterday, Bitcoin's price appreciation slowed as altcoins like Solana began to gain ground against it.

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