Solana TVL surges $600 million despite hacking incidents

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Total Value Locked (TVL) on Solana has been on an uptrend in July due to renewed interest in decentralized finance (DeFi) and other sectors of the crypto finance industry.

Solana has been one of the top performing smart contract chains over the past two months. Blockchain rose 38% from $1.55 billion on July 1 to $2.15 billion on July 31, according to Be[In]Crypto research based on data from DeFiLlama.

Why the rise in TVL?

Solana TVL rose in July on an increase in value locked in decentralized applications (dApps) in its ecosystem.

Liquid staking platform Marinade Finance (which holds the most TVL on Solana) is up 39% in July, from $245.21 million on the first day to $340.99 million on the last day of the month.

Decentralized lending protocol Solend is also up 41% from $220.08 million on July 1 to $310.74 million on July 31.

Other dApps that have made significant contributions to TVL include Serum, Raydium, Atrix, Lido, and Tulip Protocol.

After improving TVL, Solana is behind Polygon, Avalanche, Binance Smart Chain, TRON and Ethereum. However, it holds the lion’s share of value against Cronos, Optimism, Arbitrum, and Fantom.

SOL opened on July 1 with a trading price of $33.65, hit a monthly high of $47.10, tested a monthly low of $31.93 and closed the month at $42.40.

Overall, this represents a 26% increase between SOL’s July open and close.

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