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Solana TVL Soars by $600 Million Despite Hacking Incidents

1 min
Updated by Kyle Baird
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In Brief

  • Solana saw a rising total value locked in July.
  • SOL price continues to make attempts at recovery in August.
  • The blockchain has a TVL of approximately $1.6 billion.
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Total value locked (TVL) on Solana was on an uptrend in July due to renewed interest in the decentralized finance (DeFi) space and other sectors of the crypto finance industry. 

Solana has been one of the best-performing smart contract chains in the last two months. The blockchain was up by 38% from $1.55 billion on July 1 to $2.15 billion on July 31, according to Be[In]Crypto research based on data from DeFiLlama. 

Source: Solana TVL Chart by DeFiLlama

Why the rise in TVL? 

Solana TVL was up in July due to a spike in the value locked in decentralized applications (dApps) in its ecosystem. 

Liquid staking platform Marinade Finance (which holds the most TVL on Solana), increased by 39% in July from $245.21 million on the first day to $340.99 million on the last day of the month. 

Source: Marinade Finance TVL Chart by DeFiLlama

Decentralized lending protocol Solend also soared by 41% from $220.08 million on July 1 to $310.74 million on July 31.

Source: Solend TVL Chart by DeFiLlama

Other dApps that made significant contributions to TVL include, but are not limited to, Serum, Raydium, Atrix, Lido, and Tulip Protocol.

After improving in TVL, Solana trails Polygon, Avalanche, Binance Smart Chain, TRON, and Ethereum. However, it holds the lion’s share in value locked over Cronos, Optimism, Arbitrum, and Fantom.  

Source: All Chains Ranking by DeFiLlama

SOL price reaction 

SOL opened on July 1, with a trading price of $33.65, reached a monthly high of $47.10, tested a monthly low of $31.93, and closed the month at $42.40. 

Overall, this equates to a 26% increase between the opening and closing price of SOL in July. 

Source: SOL/USD Chart by TradingView
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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Raphael Minter
As a writer, researcher, and analyst of centralized and decentralized financial instruments (stocks, commodities, metals, and cryptocurrencies), he started experimenting with financial asset trading in 2011. He ventured into full-time long term investing of cryptocurrencies in 2016.
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