Avalanche “devastated” Terra and tried to find Solana’s position

Solana is a formidable competitor in the DeFi space, but Avalanche is looking to take that position soon. Previously it only had Terra as an opponent and was far from Solana. Avalanche has dethroned Terra, however, and will most likely beat Solana if it maintains its momentum on the charts.

avalanche prevail in decentralized finance

Initially, Terra was the platform that took third place, but had to give way to Solana. Avalanche didn’t stop, pushed Terra further down and took fourth place. Even so, Ethereum continues to dominate the DeFi space.

Top 10 DeFi Chains | Source: DeFi Lama

At the time of writing, Avalanche is just $ 1.1 billion away from Solana to take third place.

During the month, Avalanche’s Total Value Locked (TVL) rose 62% from $ 8 billion to $ 13.9 billion.

Avalanche TVL | Source: DeFi Lama

Avalanche’s incredible growth is mainly due to a number of important protocols on the network such as Cook Finance, Blizz Finance, Wonderland, etc., which have seen explosive developments. In addition, many investors participate in the network, which helps the process to happen naturally.

In general, the network is also doing quite well and is getting better every day. However, there is no clear answer regarding the threat / competition from Solana. Especially since Solana and Avalanche are equally impressive.

The explosive number of Avalanche attendees brought sales in excess of $ 1 million and peaked at $ 1.9 million. In contrast, Solana sales only reach $ 280,000 per day.

Total sales with Avalanche and Solana | Source: TokenTerminal

However, in terms of total trading volume, Solana has a higher metric than Avalanche.

Total Avalanche and Solana trading volume | Source: TokenTerminal

Notably, the social volume also seems to suggest that Solana is slightly more popular and popular than Avalanche.

Dimensions Society for Avalanches and Solana | Source: Santiment

However, Avalanche is still relatively attractive due to its increasing adoption and integration, such as OlympusDAO.

Additionally, it offers significantly higher risk-adjusted returns when compared to Solana. This plays an important role in motivating investors to join the network.

Plus, with 17% growth in the last 4 days at the time of writing, AVAX is only 9% away from ATH. Hence, it is likely that more investors will enter the avalanche market in the future if this happens.

Source: Tradingview

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