Solana is Down 6%, But Its TVL Reaches a New ATH: Details

The Solana ecosystem is blooming, seeing a significant resurgence as its total value locked (TVL) in its network has surpassed the $2 billion mark. This is a notable recovery from December’s starting point of $688 million, marking a 200% increase in just two months.

According to data from DefiLlama, the current TVL on Solana stands at $2.028 billion, a figure last witnessed in June 2022. Liquid staking and yield-generating protocols Jito, Marinade, and Marginfi are behind the recent uptick.

The explosive growth in Solana’s TVL underscores the rising popularity of one of the fastest Layer-1 blockchains, which is now witnessing renewed interest from institutional investors.

Solana is currently the top five cryptocurrency by market capitalization, trading at $103 at press time.

Despite this short-term fluctuation, the seemingly upward trajectory of Solana’s DeFi ecosystem has reinforced confidence and participation among community members, and market observers believe there’s still a lot of room for growth.

If you’re interested in reading about some of the more exciting Solana price predictions, have a look at our recent video:

Solana Outpacing Competitors

While a large set of Layer-1s are growing organically each month and seeing double-digit inflows into their ecosystems, Solana has drastically outperformed most of its rivals in terms of TVL. However, there’s one metric in which Cardano has outshone Solana.

As CryptoPotato reported, Cardano has excelled in several key metrics compared to its rivals. NFT sales on the Cardano network have surged to over $1.6 million in the last week, marking a significant 100% increase. In contrast, Solana’s NFT sales have experienced a 7% decline, totaling approximately $48 million for the same timeframe.

Cardano’s native cryptocurrency, ADA, has also demonstrated strong price performance in recent weeks. According to CoinGecko’s data, ADA has experienced a notable 25% price increase over a two-week period.