TVL Solana reached annual maximum


On October 2, the total locked value (TVL) on the Solana blockchain exceeded $339 million, the highest since November 2022.

TVL Solana reached annual maximum
TVL Solana. Data: DeFi Llama.

Over the past 24 hours, the network’s TVL increased by 4.15%. The largest growth was demonstrated by the landing service Mango Markets (28%), DEX FluxBeam (20%) and the Oxygen lending protocol (15%).

However, current figures are still far from the historical highs of November 2021, when the TVL of the ecosystem reached almost $10 billion.

Over the past week, the SOL token has increased by 24%, according to CoinGecko. At the time of writing, the coin is trading at $24.13, up 10.7% in 24 hours.

TVL Solana reached annual maximum
Binance exchange 15-minute SOL/USDT chart. Data: TradingView.

The asset’s market capitalization is about $9.95 billion with a daily trading volume of $920 million. The SOL price is also far from its high of $259 during the previous bull cycle.

Analysts also have concerns about the dynamics of the asset price after the sale of assets to the collapsed FTX for $3.4 billion. At the same time, the exchange was the largest holder of SOL tokens worth $1.16 billion.

Recall that at the end of August, the number of daily Solana users dropped to 204,000. This is the lowest figure since analysts began tracking the protocol’s on-chain data at the end of 2020.

Previously, the Elusiv team added a confidential token exchange function to the application of the same name on the Solana network. The solution allows you to swap assets without disclosing information about the public wallet address on the blockchain.

In July, Solana co-founder Anatoly Yakovenko allowed the use of Ethereum as a second-layer solution.

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