Solana Reaches Record High in TVL on DeFi Protocols While SOL Price Soars

Solana, the rapidly-rising public blockchain platform, has hit an all-time high TVL for its Defi protocols. This is in a market where altcoins have begun to regain market share.

According to Defi Lama, the TVL on Solana in DeFi reached a new record of $12.7 Billion on October 21st. Since then, it has fallen to $12.34 trillion at the time this article was written.

Total Value of Solana. Source: Defi LlamaThis volume is higher than the $12.2 million TVL record set on September 12. This peak was due to an exponential increase in Solana’s use of DeFi over the summer. The surge in volume is due to the rapidly increasing interest in Marinade Finance (MNDE), a liquid staking protocol for Solana. This protocol has seen a 69% TVL rise over the last week, and is now one of the top four projects with highest liquidity. According to CoinGecko, it trails only Radium (RAY), Sunny (SUNNY) and Saber (SBR). These last two have a TVL worth $1.77 billion. Solana’s price also soared this week. Today, the token trades at $185, up 24% from last week. It was even close to $200 earlier today but it has fallen since then due to the market correction. The rise of Solana has been accompanied by a huge increase in the total crypto market, which has just surpassed $2.6 trillion. The price of Bitcoin fell after it reached its highest point yesterday. However, altcoins such as Solana began to gain ground against it.
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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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