Total value locked (TVL) on Solana has reached its highest level since January 2022, according to data from DeFi Llama. As of August 23, 2023, Solana’s TVL stands at $6.448 billion, a significant increase from the $5.6 billion recorded at the beginning of the month. This surge in TVL is largely attributed to the growth of decentralized finance (DeFi) on Solana. Several popular DeFi protocols, such as Solend, Orca, and Saber, have seen significant inflows of funds in recent weeks. The increase in TVL is also due to the launch of new projects and the growing popularity of non-fungible tokens (NFTs) on Solana. Solana’s TVL is now second only to Ethereum, which has a TVL of over $30 billion. This growth highlights Solana’s position as a major player in the DeFi space and its potential to challenge Ethereum’s dominance in the future.