- Solana’s TVL remained above the $1 billion level for multiple weeks.
- SOL was down by 2% in the last 24 hours, and market indicators were bearish.
Solana’s [SOL] Total Value Locked (TVL) has been rising since the beginning of this year. In fact, the metric continued to hold at its highest value since January 2023. This was encouraging, as it indicated that the number of assets that were being staked on Solana was high.
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Apart from TVL, its revenue also gained an upward momentum, which was positive for the blockchain’s growth. A closer look at Solana’s overall ecosystem provided a better understanding of its growth.
Bird’s-eye view of Solana
As per DeFiLlama’s data, Solana’s TVL remained comfortably above the $1 billion level for multiple weeks. This also translated into a hike in blockchain revenue.
The chart pointed out that after a decline, SOL’s revenue gained upward momentum in the middle of June 2023. Apart from that, a hike in the blockchain’s daily active addresses was also noted.
However, not everything was in SOL’s favor, as its popularity in the decentralized space declined. This was evident from the drop in its DEX volume. On top of that, SOL’s daily transactions also fell over the last few weeks.
Author: Dipayan Mitra
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