With the recent surge in the cryptocurrency market, investors’ interest in blockchain ecosystems has been growing. Accordingly, the total value locked (TVL) in the Solana network has reached its highest level in the past year, following the impressive price performance of SOL last week. According to data from blockchain data analysis platform DeFiLlama, Solana’s TVL reached $350 million on October 22.
Solana TVL Breaks Records
According to DeFiLlama data, Solana’s DeFi sector experienced a growth of approximately $20 million, representing a 12.2% increase in the last 24 hours. With this development, Solana became the ecosystem with the highest TVL increase among the top 10 ecosystems, surpassing its competitors such as BSC, Ethereum, and Polygon.
This TVL increase demonstrates that Solana has experienced a growth of over 40% since its recorded value of $210 million on January 1. The increasing TVL value is a result of the investor and interest flow created by Solana in the DeFi ecosystem.
Several partnerships conducted by the team have attracted investors’ attention to Solana. The team has joined forces with major names such as Visa and Shopify this year. Additionally, they recently became an ecosystem partner of the Dubai Multi Commodities Centre, an economic free zone in the United Arab Emirates.
Why is SOL Price Increasing?
Solana continues to delight its investors. Significant gains were made last week in line with general trends in the cryptocurrency market. The possibility of approval for a spot BTC exchange-traded fund (ETF) on Bitcoin led to its price surpassing $30,000.
Solana, on the other hand, experienced a remarkable rise of 33.9% in the past seven days, reaching the $30 mark. However, at the time of writing, Solana was trading at $28.5 due to a recent decline.
With all these developments, the bankruptcies of FTX and Alameda Research, which have a value of over one billion dollars, can pose a serious problem for Solana. These companies, along with the asset sale permits issued by the court, can cause a significant decrease in the price of Solana.
