- Solana (SOL) LSD protocols have witnessed a surge of 91% in TVL.
- Marinade Finance holds a dominant 64% share of the TVL with $120 million locked.
Solana (SOL), blockchain the so-called Ethereum killer making significant strides in the cryptocurrency market. Recent data from DeFiLlama reveals that Solana’s Liquid Staking Derivatives (LSDs) protocol has experienced an impressive surge in Total Value Locked (TVL) this year, signifying its growing prominence among top cryptocurrencies.
Solana (SOL) TVL Surges
Since the beginning of the year, the TVL on Solana’s LSD protocols has skyrocketed by more than 91%, jumping from $98 million to $187 million. This surge indicates the increasing confidence and adoption of Solana’s blockchain ecosystem. Currently, the combined total value locked in the Solana network is approximately $285 million, with these protocols representing around 70% of that total.
Further, the leading pack among the LSD protocols on Solana is Marinade Finance, which currently holds an impressive 64% share of the TVL. Marinade Finance’s position as the dominant player in the Solana ecosystem with $120 million in total value locked.
Other notable protocols that contribute significantly to the TVL include Lido Finance, Jito, JPool, and Socean, collectively enhancing the diversity and growth potential of Solana’s ecosystem.
In addition to the flourishing TVL, Solana’s native cryptocurrency, SOL, has also experienced a notable price rally. At the time of writing, Solana (SOL) traded at $19.12 with a 24 hours trading volume of over $374 million. Also, Solana price climbed around 18% in a week and 15% in the last 14 days.
As Solana continues to expand its ecosystem and capture the attention of the cryptocurrency community. Its remarkable performance in terms of TVL and price appreciation signifies the network’s growing influence and potential for further advancements.
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