The total value locked (TVL) in Solana decentralized apps (dapps) is on track to hit the $5 billion mark, potentially by the end of the day. DefiLlama data shows that the metric is at $4.99 billion, the highest level since February 2022. Solana TVL has gained 4% today and 19% over the last week. The blockchain has attracted $1 billion worth of crypto since July 5.
Earlier this month, Solana surpassed Binance’s BNB Smart Chain (BSC) by TVL, becoming the third-largest blockchain in DeFi after Ethereum and Tron.
Since the start of the year, Solana made two more attempts to reach $5 billion. At the end of March, it rose to $4.89 billion, and at the end of May, it hit $4.97 billion.
As of this writing, the metric is only $60 million away from this psychological level, and it seems likely that Solana will achieve it this time, with more dapps gaining momentum.
Raydium TVL Hits $1 Billion
Raydium, the largest decentralized exchange (DEX) on Solana, saw its TVL breaking above the $1 billion mark on July 16, thus reaching the highest level since January 2022.
Recently, we reported that Raydium’s dominance among Solana DEXs was at a record high.
Jupiter Perpetual Exchange Crosses $500 Million
Another major dapp gaining traction on Solana is Jupiter. While the Jupiter DEX aggregator doesn’t have any TVL, its perpetual trading platform saw its TVL breaking above the $500 million mark on July 16, according to DefiLlama.
It solidified its position as the sixth-largest decentralized finance (DeFi) app on Solana. As of this writing, over $519 million worth of crypto is locked with Jupiter, a new record.
SOL accounts for 46% of the TVL on the exchange, followed by USDC with 25%, and ETH with 10%.
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The post Solana TVL Inches Away from $5B, Hits Highest Since Feb 2022 appeared first on NFTgators .
