July 16, 2024
Solana's Total Value Locked (TVL) Surges to $338.82 Million: A Year of Growth
Altcoins News

Solana’s Total Value Locked (TVL) Surges to $338.82 Million: A Year of Growth

According to DefiLlama statistics, Solana’s total value locked (TVL) hit $338.82 million on Monday, the highest level since the year’s beginning.

TVL is a metric—perhaps a rudimentary one—for calculating how much cash is being distributed throughout a network’s many DeFi applications.

SOL’s TVL increased by around 4.15% in the past day, going from $324.64 million on Sunday to $338.82 million on Monday. Popular Solana-based initiatives like Drift, Marginfi, Solend, and others are driving that increase.

The native SOL token of the network also claimed to have had its best week since the middle of July. According to CoinGecko, the cryptocurrency increased by 29% during the previous week and has increased by 39.08% from its September low.

SOL is now changing hands for $24.42 as of press time, a 65% increase from its 2023 low.

These figures are still far below their high points throughout the bull market.

In November 2021, Solana’s TVL soared to a little over $10 billion before collapsing. At its lowest point in January 2023, it was $210 million.

Though not yet verified, the most recent recovery

Once the FTX estate has been permitted to sell its cryptocurrency assets, concerns are raised regarding the potential impact on SOL’s price.

According to reports, the estate has a SOL worth roughly $1.2 billion. The Tie, a market analyst, estimates that 22 million SOL tokens, or around $400 million, are unlocked and available for sale out of this total.

This amounts to around 4% of SOL’s whole supply.

An additional 40 million to 44 million tokens, or around $860 million, are now staked, and over the following four years, another $17 million in SOL tokens are anticipated to be released each month.

One of the projects most seriously impacted by the FTX bankruptcy was Solana.

Bankman-Fried’s businesses and the Layer 1 blockchain were closely related, as the Solana Foundation described in a blog post in November 2022.

The Foundation disclosed that, up to November 6, 2022, it held about $1 million in cash or equivalent assets with FTX before the platform stopped allowing customer withdrawals.

Just under one per cent of its total funds are represented by this.

About 3.24 million shares of FTX Trading LTD, 3.43 million FTT tokens, and 134.54 million SRM tokens from Project Serum, a decentralized exchange on Solana that Bankman-Fried launched in 2020, were held by the Solana Foundation.

Image: Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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