Whereas Solana’s price soared this week, liquidity stored on its DeFi protocols has risen beyond what it was in September.
The fast-rising public blockchain platform – Solana reached an all-time high in TVL on its Defi protocols. This comes amidst a booming cryptocurrency market wherein altcoins are starting to reclaim market share.
According to Defi Llama, the TVL in DeFi on Solana reached a new record of $12.7 billion earlier on October 21st. It has since receded to about $12.34 billion at the time of writing.
It is a larger quantity than the $12.2 billion TVL record seen on September 12th. The earlier peak followed an exponential rise in using DeFi on Solana over the late summer. Prior to August, it’s DeFi protocols rarely exceeded $1.5 billion in TVL.
The rapidly rising interest in Marinade Finance (MNDE; a liquid staking protocol on Solana) is essentially responsible for the surging volume. The protocol has seen a 69% TVL increase over the past week and is now among the prime 4 projects with the highest liquidity.
It trails only to Sunny (SUNNY), Radium (RAY), and Saber (SBR) – the last two have a TVL of $1.77 billion each.
SOL’s price has soared this week as well, based on CoinGecko. The token is now trading at $185 – up 24% since last week. Earlier today, it even came near $200, but the market-wide correction has driven it south as of now.
SOL’s rise has been coupled with a surge in the whole crypto market in current days, which just topped $2.6 trillion. After Bitcoin reached its all-time excessive yesterday, its value climb slowed down as altcoins like SOL started regaining floor against it.