Solana (SOL) TVL Reaches 2022 Low; Crashes More Than $6 Billion

Solana overall worth locked (TVL) continued to plunge in the 3rd week of May due to bearish patterns in the market that have actually seen decreasing interest in decentralized financing ( DeFi).

Solana has actually been among the best-performing crypto tasks in the last 18 months. According to Be[In] Crypto Research, Solana has actually lost 60% in overall worth locked considering that the very first day of2022

On Jan 1, Solana had a TVL of around $1122 billion, being up to around $4.38 billion on May 15.

Source: SOL TVL Chart by DeFiLlama

Solana is a decentralized blockchain that allows the structure of easy to use applications that are extremely scalable. As the fastest growing community in the crypto financing area, Solana has countless tasks under Web3, non-fungible tokens (NFTs), and DeFi

Why the decrease in TVL?

Solana TVL sunk to brand-new high lows today due to decentralized applications (dApps) in its community plunging to brand-new lows.

Decentralized financing and loaning platform Solend, for instance, has actually fallen by more than 8% in the last month, while yield aggregation platform Tulip has likewise shed more than 11% of its TVL within the very same timeframe.

Staking platform Marinade Finance and decentralized exchange (DEX) procedure Serum, have actually lost more than 48% and 42%, respectively, of their overall worths locked.

Other dApps that have actually added to the decrease in overall worth locked consist of, however are not restricted to Raydium, Atrix, Orca, Quarry, Francium, Saber, and Mango Markets.

Source: SOL TVL Chart by DeFiLlama

Despite plunging by more than $6 billion, Solana has actually kept its position as the 4th blockchain with the most worth locked.

Source: All Chains by DeFiLlama

Solana still holds the lion’s share in worth locked over TRON, Polygon, Fantom, Cronos, Waves, Near, DefiChain, Osmosis, Harmony, and Cardano

Solana has actually been called by Meta Platforms as one of the blockchains whose non-fungible tokens (NFTs) will be incorporated with the social networks platform, Instagram Other platforms called for this combination are Polygon and Ethereum

SOL rate response

SOL opened the year with a trading rate of $17031, reached an annual high of $17943 on Jan. 2, and closed on May 15 at $5538 In general, this corresponds to a 67% decline in the rate of SOL given that the start of the year.

Source: SOL/USD Chart by TradingView


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