Solana DeFi achieves 204% YTD growth amid 10% SOL price rally Solana DeFi achieves 204% YTD growth amid 10% SOL price rally
Solana reclaimed the $60 level during the last 24 hours.
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Updated: Nov. 29, 2023 at 11:10 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Decentralized finance (DeFi) activities on the Solana blockchain touched a significant milestone as the total value of assets locked (TVL) reached a new yearly peak, coinciding with a reversal in the asset’s price trend.
Data from CryptoSlate shows that SOL price rallied by more than 10% during the last 24 hours to reclaim the $60 level. The digital asset was trading for $61.07 as of press time.
TVL growth
The price increase pushed Solana’s TVL to more than $640 million, signifying a growth of around $40 million or a 5.27% increase in the past 24 hours, according to DeFillama data. This ascent has propelled Solana to the 8th spot among the top 10 performing DeFi chains, accompanied by an 8% growth over the past week.
The growth reflects a year-long positive trajectory for Solana’s DeFi ecosystem, whose TVL had grown by 204% on the year-to-date metrics, from the $210.47 million recorded on Jan. 1 to its current position.
However, despite this growth, the TVL remains substantially lower than its all-time high of over $10 billion recorded in 2021.
High network activity
DeFillama data shows that decentralized exchange (DEX) trading volume activity on Solana has been at its highest level for the first time since November last year, when the network began to suffer from exposure to the collapsed FTX exchange.
Data from Artemis further shows that the increasing DEX volume also coincides with Solana hitting a three-month high in daily transactions. On Nov. 24, the blockchain network’s daily transactions volume surged to 51.36 million.
These rising metrics corroborate a recent CryptoSlate Research report, which pointed out that the network saw a solid influx of new users and high network activity.
Additionally, the increased network activity denotes a rising influx of investors and a heightened interest in the Solana DeFi ecosystem. During the past year, the blockchain scored notable partnerships with traditional finance entities such as Visa, Shopify, and others, further bolstering its use and adoption.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Visa
Visa is an American multinational financial services corporation headquartered in Foster City, California, United States.