Solana Surpasses 2023 Total Value Locked Record, Demonstrating Robust Growth
Solana’s total value locked (TVL) surged to $338.82 million on Monday. Marking its highest point in 2023, according to DefiLlama data. In the past 24 hours alone. SOL’s TVL rose by approximately 4.15%. Propelled by popular projects like Drift, marginfi, and Solend within the Solana ecosystem.
The native SOL token experienced a remarkable week, witnessing a 29% increase and surging by 39.08% from its September low. However, these numbers are a far cry from the peak during the previous bull market when Solana’s TVL surpassed $10 billion in November 2021 before sharply declining to $210 million in January 2023. Concerns loom over SOL’s price impact as the FTX estate. Holding around $1.2 billion in SOL has received approval to sell its crypto holdings.
Approximately 22 million SOL tokens (valued at about $400 million) are unlocked for sale. Representing nearly 4% of SOL’s total supply. Additionally, 40 to 44 million staked token and additional $17 million worth of SOL tokens will be unlocked monthly for the next four years. Solana’s journey was marred by the FTX collapse, with intertwined connections between the blockchain and Bankman-Fried’s companies, as detailed by the Solana Foundation.
Clever Robot News Desk 3rd October 2023
