According to information from DefiLlama, Solana, a rising star in the world of digital currencies, saw its total value locked (TVL) hit a new high for 2023 at $338.82 million on Monday.
TVL is a statistic for measuring the volume of money moving across various DeFi apps on a network. Solana’s TVL saw a growth of roughly 4.15% over the preceding day, going from $324.64 million on Sunday to $338.82 million on Monday. This substantial increase has been credited to the accomplishments of well-known Solana-based projects like Drift, marginfi, Solend, and others.
SOL, the native token of the network, is also performing well, having its best week since mid-July. According to CoinGecko, the coin saw a 29% spike over the previous week and has risen 39.08% over its September low. SOL is currently trading at $24.42, up 65% from when it was at its lowest point in 2023.
These numbers, though, are still well below their bull market peak. Solana’s TVL reached a peak of over $10 billion in November 2021 before seeing a sharp decline. At $210 million, it was at its lowest point in January 2023. Despite these prior variations, Solana is currently growing steadily and significantly.