DeFi activity on Solana (SOL) just touched an all-time high
Today, we talk about the most dominating topic in crypto these days: DeFi. In case you weren’t following along with this hyped acronym-named trend, it’s short for decentralized finance and is a way of investing without using traditional exchanges like Coinbase or Binance. The idea behind DeFi was initially to create more trustless systems that don’t require centralized third parties but just Ethereum smart contracts on top of blockchain technology. You can read more about what all the hype is here: https://medium.com/@solana_io/delegated-fungibility-on-ethereum-d3e0c5aef851 Solana offers one such solution as an enterprise level distributed ledger platform built on Nakamoto consensus model which powers public chains such as EOS and TRON.,
The “solana potential reddit” is a cryptocurrency that has just touched an all-time high. The price of the token has increased by more than 20% in just 3 days, and it seems like this trend will continue.
According to statistics from DeFi Llama, the total value locked in all assets on the Solana-based decentralized finance (DeFi) protocols has already hit a record high of $12.7 billion.
This new high was set on October 21 before reversing to roughly $12.34 billion, according to Defi Llama. The new high also surpassed the previous high of $12.2 billion recorded in September, when the blockchain platform observed an increase in Defi use on its network.
Surprisingly, before the spike in interest in DeFi applications on Solana, the network’s TVL had never topped $1.5 billion.
Marinade Finance, a popular liquid staking technique, now accounts for the majority of the TVL. The project’s own TVL has increased by about 69 percent, putting it among the top projects with the greatest liquidity. Only Sunny, Radium, and Saber are ahead of it, according to available data.
It’s worth noting that, despite the recent expansion of the Solana-based defi protocol, it’s still lagging behind the Ethereum-based Defi protocol, which has a TVL of over $200 billion.
Greens are setting the tone.
Solana, like the rest of the cryptocurrency market, is now on a green streak. Solana’s value has increased by more than 8% in the previous 24 hours, and it is currently trading for $203. Its price has risen by more than 35% in the previous seven days.
“Many signs for the digital currency are positive,” according to a Forbes analysis on its bullish run in the previous 24 hours.
The crypto currency sprang to prominence earlier this year when its value soared to an all-time high of more than $200 and the expansion of its blockchain attracted a slew of Defi and NFT ventures.
Because of its low transaction costs and the amount of attention it has received since then, several experts and crypto fans have dubbed it the “Ethereum Killer.”
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