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

21 Oct 2021 : 18:16
2 min read
  • 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.

About Author

Karim Abuzeineh

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Co-Founder of Cryptonary Karim has entered the crypto industry in 2017, went through the ups and downs of the market and dedicated himself to increase his skillset and knowledge in both Fundamental & Technical analysis through the bear cycle. He is bullish.

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