• 28 May, 2024
News

Solana’s Total Value Locked Reaches 10-Month High, SOL Gains 14%

Popular proof-of-stake (PoS) blockchain platform Solana recently witnessed a significant hike in the total value locked by decentralized finance protocols. Over the past week, Solana’s TVL went from $311 million to nearly $340 million, registering a weekly growth of more than 8%. 

Solana influencer Sol Bulletin recently took to X (formerly Twitter) to share Solana’s TVL metrics:

According to data from on-chain analytics platform DeFiLlama, Solana’s total value locked reached $339.4 million earlier today, marking a 10 month high. As per Sol Bulletin, these metrics were previously witnessed prior to the crash of FTX in November last year. Solana’s TVL appeared to be recovering and inching towards its pre-FTX position when it boasted a TVL of over a billion dollars. 

Amun, Mango Markets, and Jito were among the top performers for Solana, registering a one month TVL growth of 330%, 88%, and 87% respectively. Solana’s top protocols like Marinade Finance ($135 million) and Lido ($64 million), witnessed a growth of 32% and 18% respectively over the past week. 

At the time of writing, Solana’s stablecoin market capitalization was $1.5 billion. Over the past 24 hours, the blockchain platform recorded a revenue of $21,436 and fees of $42,873. With more than 88,000 active users, Solana registered a 24 hour volume of $50.8 million. Raydium was the top contributor for Solana in terms of fees and revenue. 

Data from CoinMarketCap showed that Solana’s native token SOL gained more than 14% over the past 24 hours. The latest rally took SOL’s price to a six-week high of $24.6. Over the past week, SOL added more than $2 billion to its market capitalization, taking it to a whopping $10.1 billion. SOL’s latest daily trading volume came in at over $802 million. 

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