Total Value Locked (TVL) in Solana (SOL) DeFi Reaches Over $1.68 Billion
Total Value Locked (TVL) in Solana (SOL) DeFi has reached a new all-time high of over $1.68 billion.
A crypto expert and analyst, Alex Clay, first noticed the change and posted it on his Telegram account.
In the early days of 2021, the DeFi sector saw a new surge. However, the growth in interest also brought a greater need for scalability and speed — something that Ethereum provides with the EIP-1559. But still, DeFi participants are turning to alternatives, with Solana (SOL) becoming one of the most popular ones.
The DeFi sector is progressing nicely. And the recent ATH of over $1.68 billion in total value locked (TVL) proves that.
Founded by Anatoly Yakovenko, Solana (SOL) is a project that consists of a team of former engineers from various well-known companies. This includes Qualcomm, Dropbox, and Intel.
Solana claims to be a censorship-resistant blockchain, providing an open infrastructure and helping global adoption. Looking at this, people started seeing Solana as a competitor to Ethereum.
Solana’s SOL token saw a huge jump in volume and price, as many investors rushed towards the project. According to CoinMarketCap, Solana (SOL) is trading at $46.89, at the time of writing. This means the crypto surged by over 8% in the last 24h, approaching its last all-time high in May.