Solana’s Total Value Locked (TVL) crosses the $2 billion mark, registering a 6% decrease in the past 24 hours.
Decentralized finance has experienced a resurgence on the Solana blockchain, with the total value locked surpassing $2 billion. Data from DefiLlama reveals that the current value locked in defi applications on Solana stands at $2.028 billion, a figure last seen in June 2022.
This marks a significant recovery from the starting point in December, which was below $1 billion. However, Solana’s defi sector still has a long way to go compared to its peak during the 2021 bull run, when the total value locked exceeded $10 billion.
The leading defi projects on the platform are Marinade and Jito, both of which focus on staking assets and reward mechanisms. Solana, known for its high transaction speed and low costs, is gaining traction against its competitor Ethereum by attracting numerous defi applications and projects.
Solana, which supports the fifth-largest cryptocurrency by market capitalization, SOL, has garnered increased interest from investors and has been adopted by major brands such as Visa and Shopify.
Despite concerns that Solana’s association with the now-defunct crypto exchange FTX and its controversial founder, Sam Bankman-Fried, would lead to a decline, the ecosystem has thrived, and the price of SOL has rallied towards the end of 2023.
However, SOL’s price has recently experienced a 6% decrease in the past 24 hours and is now at $106.79.
