Crypto News– Thanks to SOL’s impressive price performance over the past week, the total value of assets locked (TVL) on the Solana blockchain has surged to a new yearly peak. On October 22, Solana’s TVL soared to approximately $350 million, as reported by crypto data aggregator DeFiLlama. According to DeFiLlama data, the Solana DeFi sector experienced significant growth, adding around $20 million in the last 24 hours, translating to a 12.2% increase.
Solana TVL Achieves a New Annual High During SOL’s Impressive Price Rally
During this reporting period, Solana outshone other well-established competitors such as BSC Chain and Ethereum, securing its position as the top gainer among the top 10 chains by TVL. This growth trend has been ongoing for a year, with Solana’s TVL surging by over 40% since the beginning of the year, when it stood at $210.47 million on January 1.
It’s worth noting that Solana’s current TVL is still below its all-time high of over $10 billion achieved during the 2021 bull run. Nevertheless, the rising TVL underscores the growing interest and investments in Solana’s DeFi ecosystem. Over time, Solana has established a multitude of partnerships within both the cryptocurrency industry and traditional sectors. Notably, Solana has collaborated with Visa and Shopify this year and has been designated as the ecosystem partner for the Dubai Multi Commodities Centre, an economic free zone in the UAE.
SOL’s Weekly Price Surge: Leading the Pack in Performance
In the past week, Solana has witnessed significant gains, aligning with the prevailing trends in the broader cryptocurrency market. During this timeframe, Bitcoin, the leading digital asset, experienced a surge in value, surpassing the $30,000 mark, largely due to investor anticipation surrounding the launch of a spot Bitcoin exchange-traded fund (ETF).
According to data from BeInCrypto, the SOL coin has demonstrated an impressive price increase of 33.9% over the last seven days, nearly reaching the $30 threshold. However, as of the current moment, the digital asset has seen a slight pullback, trading at $28.38.