The crypto platform Solana has shown unfailing dynamism in recent weeks. The latest trends show that it is positioned as one of the most successful blockchains in the evolving decentralized finance (DeFI) ecosystem.
Crypto platform Solana confirms its status as “killer” Ethereum
The latest news is that crypto platform Solana has climbed into the upper echelon of the decentralized finance (DeFi) landscape. As of December 12, 2023, Solana has a market capitalization of $30 billion.
Another sign of the growing dominance of this blockchain is its total value blocked (TVL). The latter is valued at approximately one billion dollars. Enough to place Solana at 5e rank of the most relevant blockchains on the market.
This success follows the impressive increase in its TVL of 43.91% in one week. This reached an amount of $945.87 million thanks to the activities of 244,919 crypto wallets and 117 protocols based on Solana.
Certainly, Solana is still behind Ethereum. But several analysts agree that Solana will kill Ethereum in 2023. Essentially, thanks to its ability to provide faster and more profitable transactions than Ethereum. An advantage that allows it to beat other competitors like Tron, Binance Smart Chain and Arbitrum.
The DeFi protocols that carried Solana
Several DeFi protocols have boosted Solana’s performance. Marinade Finance (MNDE) appears at the top with a TVL of $759.26 million. MNDE is followed in this dynamic by Jito (JTO) which achieved $447.57 million in TVL.
MarginFi (MFI), Solend (SLND) and Orca (ORCA) occupy the same positions. Their TVLs are $235.16 million, $145.6 million, and $120.08 million, respectively.
In this lot, we should point out the remarkable weekly and monthly increases in MarginFi and Orca. Notably, MarginFi recorded an increase of 66% and 135%. Meanwhile, Orca rose 48% and 87% over the past week and month.
There is still a small downside with the upward momentum of Solana. A portion of its measured TVL comes from staking and liquidity lending. This creates a leveraged ecosystem introducing higher risks. Solana stakers using IOU tokens for investments previously deemed illiquid.
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