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DeFi Activity on Solana (SOL) Hits New All-time high

DeFi activity on Solana (SOL) touches an all-time high. Notably, From $1.5 billion TVL in August, Solana [defi] protocols spikes to $13 billion within two months.

Furthermore, Solana DeFi protocols recently hit a new high. Notably, this is the total value locked of all assets at $12.7 billion according to data from [DeFi] Llama.

Additionally, Defi Llama reveals this new peak earlier on October 21. However, this is before it retraces to around $12.34 billion.

Also, before the rise in interest in [DeFi] uses Solana. The TVL of assets on the network only touched $1.5 billion.

Meanwhile, a major part of the TVL is from Marinade Finance, a popular liquid staking protocol.
More so, The project sees its own TVL rise by almost 69 percent, taking it to the top projects with the highest liquidity. Information reveals it is trailing only Sunny, Radium, and Saber.

However, despite the rise on Solana [defi] protocol in the last two months, it is still behind that of the Ethereum Defi protocol. Which of course, stands at over $200 billion.

Currently, Solana’s growth gets the attention of many Defi projects and NFTs alike.

Of course, it leads to many traders calling it “Ethereum Killer” due to its cheap transaction fees.

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