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Solana’s DeFi TVL value reaches a record $12.7 billion

  • The TVL on DeFi protocols on the Solana ecosystem has reached a record $12 billion
  • Decentralized exchange Raydium is the most dominant DeFi project on Solana
  • SOL is up by more than 6% and is trading above $180 per coin

The decentralized finance (DeFi) has experienced massive growth and Solana is one of the biggest winners.

Solana’s DeFi value tops $12 billion

Recent data obtained from data aggregator DeFiLlama revealed that the total value locked (TVL) of all DeFi projects built on the network had hit a record value of $12.7 billion at press time. This comes as the Solana coin experienced a surge in its price.

TVL is the metric that tracks how much money is locked inside a specific protocol in the form of liquidity pools, collateral held, or simple deposits. The data showed that Raydium, a popular decentralized exchange (DEX) for the Solana ecosystem, is the most dominant DeFi project. Raydium accounts for more than 14% of that value, or $1.8 billion. Furthermore, six DeFi protocols built on the network now enjoy a TVL greater than $1 billion.

Solana Surges Past $180

The surge in the total value locked on DeFi protocols on the Solana blockchain comes as its native coin (SOL) rallied past the $180 mark. SOL has been up by more than 6% over the past 24 hours and is currently trading at $182 per coin.

It is more than 10% down from its all-time high above $180. However, SOL could rally further in the coming days if it maintains the current momentum.

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