general

Solana Reaches Record Level of TVL on DeFi Protocols

Solana Reaches Record Level of TVL on DeFi Protocols

The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles

Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles

Answer Solana Reaches Record Level of TVL on DeFi Protocols

The Solana project has reached an all-time high in terms of the value of TVL locked money on its Defi protocols.

This comes in the midst of a booming cryptocurrency market as altcoins are starting to regain their market share.

According to Defi Llama, TVL in the Solana project reached a new record of $12.7 billion earlier, exactly on October 21.

It has since fallen to about $12.37 billion at the time of writing.

This is more than the record closed value of TVL, which reached 12.2 billion dollars on 12 September.

The previous peak came after an exponential rise in the use of DeFi protocols on Solana during the late summer.

Read:Ex-Ethereum advisor arrested for extortion

Prior to August, Solana’s DeFi protocol rarely exceeded $1.5 billion in closed value.

The rapidly growing interest in the “Marinade Finance” project (its digital currency, MNDE, a provisioning protocol and liquidity provider based on the Solana blockchain) is largely responsible for the increased volume of value locked onto Solana.

The protocol has seen a 69% increase in its closed value TVL over the past week and is now among the top four projects with the highest liquidity.

The project is followed by Sunny, Radium and Saber.

Solana price has risen this week as well, as the coin is now trading at $203, up 54% from last week.

Earlier in the day, the Solana currency rose above the $200 level and is still maintaining this price until now.

The rise of the digital currency SOL came with a bullish wave led by Bitcoin which saw the total value of the crypto market in general rise above 2.58 trillion dollars.

Read:The number of individual investors in cryptocurrency decreased significantly in the first quarter of 2022 and institutions are taking the lead

Read also:

Cryptocurrency exchange FTX achieves a valuation of $25 billion in the latest funding round

Find out how much Tesla achieved from the recent bitcoin price hike!


And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time

Previous post
Binance announces the introduction of a transaction fee burning mechanism on its BSC blockchain network.
Next post
Cryptocurrency exchange FTX achieves a valuation of $25 billion in the latest funding round