Solana – the fast-rising public blockchain platform – has reached an all-time high in TVL on its Defi protocols. This comes amidst a booming cryptocurrency market in which altcoins are beginning 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.
This is a greater volume than the $12.2 billion TVL record seen on September 12th. The previous peak followed an exponential rise in the use of DeFi on Solana over the late summer. Prior to August, Solana’s DeFi protocols rarely exceeded $1.5 billion in TVL.
The rapidly growing interest in Marinade Finance (MNDE; a liquid staking protocol on Solana) is largely responsible for the surging volume. The protocol has seen a 69% TVL increase over the past week and is now among the top four 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.
Solana’s price has soared this week as well, according to CoinGecko. The token is now trading at $185 – up 24% since last week. Earlier today, it even came close to $200, but the market-wide correction has driven it south as of now.
Solana’s rise has been coupled with a surge in the entire crypto market in recent days, which just topped $2.6 trillion. After Bitcoin reached its all-time high yesterday, its price climb slowed down as altcoins like Solana started regaining ground against it.