Blockchain

Solana’s TVL Raises $600 Million Despite Recent Hack

Solana's TVL Raises $600 Million Despite Recent Hack

TVL on Solana (SOL) tended to increase in July due to new investor interest in the DeFi sector as well as other areas of the crypto-finance industry.

Solana's TVL Raises $600 Million Despite Recent Hack 6

Solana (SOL) is one of the best-performing smart contract blockchains of the past two months. Blockchain grew 38% from $1.55 billion on July 1 to $2.15 billion on July 31, according to data from Defi Llama.

Solana TVL. Source: DeFi Llama

Solana TVL surged in July due to a spike in value locked in decentralized applications (dApps) in its ecosystem. Specifically:

Liquidity staking platform Marinade Finance (which holds the most TVL on Solana), grew 39% in July from $245.21 million on the first day to $340.99 million on the last day of the month.

Marinade Finance TVL. Source: DeFi Llama

The TVL of the Solend (SLND) decentralized lending protocol also increased by 41% from $220.08 million on July 1 to $310.74 million on July 31.

Solend TVL. Source: DeFi Llama

Other dApps that have made significant contributions to TVL include Serum, Raydium, Atrix, Lido, Tulip protocol, and several others.

After the significant increase in TVL Solana is now behind other blockchains Polygon, Avalanche, Binance Smart Chain, Tron, and Ethereum. However, it is still ahead of other chains like Cronos, Optimism, Arbitrum, and Fantom.

SOL opened on July 1 with a trading price of $33.65, reached a monthly high of $47.1, tested the low at $31.93, and closed the month’s candle at $42.4. Overall, SOL prices rose 26% in July. At the time of writing, SOL is trading at $36.49.

SOL daily chart. Source: CoinCu

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.