The instability of the crypto market does not prevent Solana from remaining dynamic. This was already the case in the first quarter in a generally successful crypto context. A performance that has become constant for Solana for around three months.
Solana’s crypto TVL increases to $338.82 million in 24 hours!
The news is pretty good for Solana. Indeed, the network is experiencing a remarkable resurgence, leading to substantial growth in its DeFi ecosystem. This is particularly what the latest figures from the data provider DefiLlama.
These indicate an increase in the total value locked (TVL) of Solana. In fact, the latter went from $324.64 million on Sunday to $338.82 million on Monday. That’s right there, a remarkable increase of about 4.15%. This, in just 24 hours.
According to DefiLlama, Solana’s TVL reached its highest level since the beginning of the year. An exceptional performance attributed to the growing popularity of some of the crypto projects based on the Solana blockchain.
This is the case for notable initiatives such as Drift, marginfi and Solend, among others. Projects that have all contributed to strengthening the price of Solana’s native crypto (SOL). Currently, 7e the most dynamic crypto on the market, the asset trades around $24.
This, after increasing by 3.98% in the last 24 hours. An increase which, over the past week, represents 23.42%. The asset owes this sustained dynamism mainly to certain operational choices.
A dynamism linked to the constant improvement of the Solana network
For observers, the remarkable performance of crypto SOL has to do with the operational choices of stakeholders. Mainly that of constantly improving the technical efficiency of the Solana blockchain.
Thus, the latter’s overall stability was achieved through strategic improvements such as Quick and localized fee markets. Solana’s recent partnership with Visa is the culmination of this commitment to scalability.
Indeed, this deal promotes the transparent settlement of USDC transactions on the Solana blockchain. It could also enable merchants to make instant payments, while reducing credit card processing fees.
However, there should be no mistake. Although Solana’s crypto TVL is on the rise, it remains pale. We can see this by comparing it to the crypto TVL data from the November 2021 bullish cycle.
That year, Solana’s crypto TVL reached a dizzying peak of 10 billion. This, before experiencing a spectacular drop to $210 million in January 2023, its lowest in several months.
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