According to a new report from DappRadar, the collapse of the cryptocurrency market last month caused the total value locked (TVL) on the smart contract platform Solana (SOL) to plummet.
The TVL of a blockchain is the total capital held in its smart contracts. It is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
The company that collects and analyzes data says that Solana’s TVL fell by 71% from October to November, going from $540 million to $366 million.
At the time of writing, SOL is being sold for $13.70. Since November 1, when it was trading at $32.24, the 18th-ranked crypto asset by market cap has lost more than 57% of its value.
According to the report, Binance Coin (BNB) had the least effect on TVL, with only a 3% drop from one month to the next. BNB’s TVL was worth $4.83 billion.
At the time of this writing, the native asset of the world’s largest crypto exchange platform by volume is trading at $289.96. Since November 1, when it was trading at $324.69, it has dropped more than 10.6%.
Ethereum (ETH), the most popular smart contract platform, saw its TVL drop by 24%. However, with $32.1 billion in total value locked, it is still by far the leader in the decentralized finance (DeFi) space. In October, 61.97% of the market was controlled by Ethereum. In November, that number dropped to 49%.
The total value of the crypto sector fell by 22% to about $65.01 billion.
DappRadar says that the nonfungible token (NFT) market also went down, dropping 7.47% from October to $546 million. The number of NFT sales fell by 22.24% from one month to the next.