According Decrypt: Solana, the rising star in the digital currency arena, saw its total value locked (TVL) reach a new high for 2023 at $338.82 million on Monday, according to data from DefiLlama.
TVL serves as a metric for gauging the amount of funds flowing through a network's diverse DeFi applications. Over the past 24 hours, Solana's TVL witnessed an increase of about 4.15%, leaping from $324.64 million on Sunday to $338.82 million by Monday. This significant surge has been attributed to the success of popular Solana-based projects, such as Drift, marginfi, Solend, and others.
The network’s native token, SOL, is also experiencing strong performance, enjoying its best week since mid-July. The token observed a 29% increase over the past week and has soared 39.08% above its September low, according to CoinGecko. At the time of this report, SOL is trading at $24.42, marking a 65% boost from its lowest price in 2023.
However, these figures are still considerably less than their peak during the bull market. In November 2021, Solana's TVL soared to over $10 billion before taking a drastic tumble. It reached its lowest point in January 2023 at $210 million. Despite these past fluctuations, the current trend demonstrates steady and significant growth for Solana.
