{"id":546476,"date":"2023-08-10T10:00:50","date_gmt":"2023-08-10T10:00:50","guid":{"rendered":"https:\/\/uniquehot.com\/?p=546476"},"modified":"2023-08-10T08:03:41","modified_gmt":"2023-08-10T08:03:41","slug":"solana-best-performer-in-tvl","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/solana\/solana-best-performer-in-tvl\/","title":{"rendered":"Solana Beats Out Ethereum To Emerge As Best Performer In Terms Of TVL"},"content":{"rendered":"

Ethereum is currently dominating the DeFi and smart contract niches when it comes to the Total Value Locked (TVL). However, while Ethereum is still the king, other chains like Solana, Avalanche, and Polkadot compete to prove themselves worthy contenders to the throne.\u00a0<\/span><\/p>\n

Solana, in particular, has seen some massive growth recently in terms of its total value locked (TVL). According to on-chain data from <\/span>Messari<\/span><\/a>, Solana outperformed other chains by achieving a total value-locked (TVL) gain of 14% over the course of the previous month.<\/span><\/p>\n

Solana Sees Massive Growth in Total Value Locked<\/h2>\n

The aggregated TVL of the entire DeFi sector has been in a freefall since November 2022, and Solana hasn’t been exempted. However, Solana’s growth during the past month was driven in significant part by an increase in the TVL of protocols for staking and yielding based on Solana.<\/span><\/p>\n

Related Reading: BlackRock Insiders Give A Timeline For When The First Spot Bitcoin ETF Will Be Approved<\/a><\/div>\n

TVL refers to the total amount of assets deposited in a decentralized finance (DeFi) protocol and is used as a metric to rank platforms. On-chain reports show that Solana grew its TVL by $45 million in July, corresponding to a 14.4% growth. <\/span><\/p>\n

According <\/span><\/a>to DeFi Llama, Solana currently sits at the 9th position in terms of TVL locked in all chains. Solana is now at a TVL of $320.07 million, representing a massive growth from its $205.11 million TVL at the beginning of the year.<\/span><\/p>\n

While Ethereum still has the highest value with a TVL of $23.3 billion, it saw its TVL decline by 13% over the past month. Binance Smart Chain (BSC) also posted a monthly loss in TVL, dropping by 4.6% to $3.3 billion.<\/span><\/p>\n

\"Solana<\/p>\n

SOL price recovers to $24.75 as TVL grows | Source: SOLUSD on Tradingview.com<\/a><\/pre>\n
How Far Can SOL Go In 2023?<\/h2>\n
While the increase in TVL is due in part to an increase in the TVL of protocols, Solana also witnessed a surge in price at the beginning of July. <\/span>Data <\/span><\/a>from Coinmarketcap shows the price of Solana shot up from $18.9 on July 1 to $27.4 on July 16 to reach a market cap of $11.81 billion.\u00a0<\/span><\/p>\n
Solana, along with Bitcoin, led the surge in the crypto market around this time period. As a consequence, the <\/span>surge <\/span><\/a>in Solana’s price led to a direct proportion in the value of the total assets locked in DeFi protocols on the chain.\u00a0<\/span><\/p>\n
Related Reading: Beware Of Crypto Firms Falsely Claiming To Have Submitted License Applications<\/a><\/div>\n
Despite having a TVL growth<\/a> in the last month, user activity on the chain dropped toward the end of the month. Its market cap also dropped to $9.7 billion at the end of July, demonstrating the volatility of the crypto market.\u00a0<\/span><\/p>\n
At the time of writing, Solana is trading at $24.85 and is up by 14.93% in a monthly timeframe. Although experts <\/span>predict<\/span><\/a> Solana can surge above $30 before the end of the year.\u00a0<\/span><\/p>\n
Featured image from Analytics Insight, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Ethereum is currently dominating the DeFi and smart contract niches when it comes to the Total Value Locked (TVL). However, while Ethereum is still the king, other chains like Solana, Avalanche, and Polkadot compete to prove themselves worthy contenders to the throne.\u00a0 Solana, in particular, has seen some massive growth recently in terms of its total value locked (TVL). According to on-chain data from Messari, Solana outperformed other chains by achieving a total value-locked (TVL) gain of 14% over the course of the previous month. Solana Sees Massive Growth in Total Value Locked The aggregated TVL of the entire DeFi sector has been in a freefall since November 2022, and Solana hasn’t been exempted. However, Solana’s growth during the past month was driven in significant part by an increase in the TVL of protocols for staking and yielding based on Solana. Related Reading: BlackRock Insiders Give A Timeline For When The First Spot Bitcoin ETF Will Be Approved TVL refers to the total amount of assets deposited in a decentralized finance (DeFi) protocol and is used as a metric to rank platforms. On-chain reports show that Solana grew its TVL by $45 million in July, corresponding to a 14.4% growth. According to DeFi Llama, Solana currently sits at the 9th position in terms of TVL locked in all chains. Solana is now at a TVL of $320.07 million, representing a massive growth from its $205.11 million TVL at the beginning of the year. While Ethereum still has the highest value with a TVL of $23.3 billion, it saw its TVL decline by 13% over the past month. Binance Smart Chain (BSC) also posted a monthly loss in TVL, dropping by 4.6% to $3.3 billion. SOL price recovers to $24.75 as TVL grows | Source: SOLUSD on Tradingview.com How Far Can SOL Go In 2023? While the increase in TVL is due in part to an increase in the TVL of protocols, Solana also witnessed a surge in price at the beginning of July. Data from Coinmarketcap shows the price of Solana shot up from $18.9 on July 1 to $27.4 on July 16 to reach a market cap of $11.81 billion.\u00a0 Solana, along with Bitcoin, led the surge in the crypto market around this time period. As a consequence, the surge in Solana’s price led to a direct proportion in the value of the total assets locked in DeFi protocols on the chain.\u00a0 Related Reading: Beware Of Crypto Firms Falsely Claiming To Have Submitted License Applications Despite having a TVL growth in the last month, user activity on the chain dropped toward the end of the month. Its market cap also dropped to $9.7 billion at the end of July, demonstrating the volatility of the crypto market.\u00a0 At the time of writing, Solana is trading at $24.85 and is up by 14.93% in a monthly timeframe. Although experts predict Solana can surge above $30 before the end of the year.\u00a0 Featured image from Analytics Insight, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":546524,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[54512,1946,83626,89083,89082,81461,84310],"class_list":["post-546476","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-defi","tag-ethereum","tag-solana","tag-solana-network","tag-solana-tvl","tag-total-value-locked","tag-tvl"],"acf":[],"yoast_head":"\nSolana Beats Out Ethereum To Emerge As Best Performer In Terms Of TVL<\/title>\n<meta name=\"description\" content=\"Solana, in particular, has seen some massive growth recently in terms of its total value locked (TVL), rising 14% in one month.\" 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Solana Beats Out Ethereum To Emerge As Best Performer In Terms Of TVL","url":"http:\/\/uniquehot.com\/news\/solana\/solana-best-performer-in-tvl\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/solana\/solana-best-performer-in-tvl\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/Solana-.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/Solana-.jpeg?fit=900%2C500"},"articleSection":"Solana","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["defi","ethereum","solana","solana network","solana tvl","total value locked","tvl"],"dateCreated":"2023-08-10T10:00:50Z","datePublished":"2023-08-10T10:00:50Z","dateModified":"2023-08-10T10:00:50Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Solana Beats Out Ethereum To Emerge As Best Performer In Terms Of TVL\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/solana\\\/solana-best-performer-in-tvl\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/solana\\\/solana-best-performer-in-tvl\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Solana-.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Solana-.jpeg?fit=900%2C500\"},\"articleSection\":\"Solana\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"defi\",\"ethereum\",\"solana\",\"solana network\",\"solana tvl\",\"total value locked\",\"tvl\"],\"dateCreated\":\"2023-08-10T10:00:50Z\",\"datePublished\":\"2023-08-10T10:00:50Z\",\"dateModified\":\"2023-08-10T10:00:50Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/Solana-.jpeg?fit=900%2C500","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/546476"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=546476"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/546476\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/546524"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=546476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=546476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=546476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}