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.