Solana’s decentralized finance (DeFi) ecosystem has hit an important milestone, showing its growing role in the blockchain space.
The blockchain’s total value locked (TVL) surpassed $10 billion for the first time in three years.
Solana’s Surging TVL and DEX Activity
Data from DeFiLlama shows that Solana’s TVL rose by $1.5 billion since January 14, reaching an all-time high of $10.172 billion. This surge highlights the platform’s growing adoption in DeFi applications and its ability to attract substantial liquidity.
Solana has also outperformed competitors in decentralized exchange (DEX) trading activity. Over the last 24 hours, figures reveal that Solana’s daily DEX volume soared to $10.47 billion, almost three times that of Ethereum’s $3.28 billion.
Over the past week, Solana sustained its dominance, achieving $33.7 billion in trading volume compared to Ethereum’s $15.39 billion.
A significant contributor to this growth is the launch of a memecoin named “TRUMP” on the Solana blockchain. The token, linked to US President-elect Donald Trump, experienced a meteoric rise, surging nearly 500% in price and reaching a market capitalization exceeding $15 billion.
“TRUMP pairs account for 18.5% ($1.92B) of Solana’s total Trading Volume today,” crypto analyst Tom Wan said.
Similarly, blockchain analyst Sharples pointed out that the
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Author: Oluwapelumi Adejumo
