Solana’s total value locked surpasses $6.1B in October
Solana (CRYPO:SOL) has achieved a significant milestone as its total value locked (TVL) exceeded $6.1 billion in October, marking the highest level since January 2022.
TVL represents the total assets deposited into decentralized finance (DeFi) projects on the blockchain, indicating growing user engagement and trust in the network.
According to DefiLlama, over 40 million SOL tokens are locked in various DeFi protocols, showing a significant increase from 14 million SOL at the beginning of 2024.
This rise in locked tokens reflects increasing demand and activity on the Solana network, even beyond the token’s market price gains.
Raydium, a decentralized exchange (DEX) on Solana, has been a key driver of this growth.
Since the beginning of October, Solana’s TVL has increased by $1 billion, with Raydium alone accounting for $600 million of this surge.
Raydium’s popularity has been fueled by a rise in trading volumes, particularly in the ongoing meme coin craze that has captured significant market attention.
The broader ecosystem of meme coins on Solana has reached a market capitalization of over $11.2 billion, with daily trading volume approaching $4 billion.
This has contributed to a heightened interest in decentralized trading on Solana, driving activity across multiple platforms.
Additionally, data from IntoTheBlock reveals that Solana’s daily active addresses (DAA) hit a new record, surpassing 4 million active addresses in October.
At the time of writing, the Solana price was $154.87.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitcoin Faces Major Risk Below $90,000, Warns Analyst

Bitcoin Struggles to Outperform Gold Despite Institutional Growth

The Daily: Quest to find bitcoin fortune in garbage dump continues, Dave Portnoy's memecoin antics and more
James Howells, a resident of Newport, South Wales, plans to buy the landfill where he believes his lost £620 million ($768 million) bitcoin fortune is still buried, despite a UK judge dismissing his case last month.Eric Council Jr. pleaded guilty to conspiracy to commit aggravated identity theft and access device fraud related to the hack of the Security and Exchange Commission’s social media account in January 2024.

Giza mananges over $500,000 in stables within a week on Base
Trending news
MoreCrypto prices
More








