Notwithstanding some dents to its image brought on by the FTX and Alameda Research collapse, the Solana (SOL) network has seen a 26.5% increase in total value locked (TVL) since the dawn of 2023, crossing the $259 million milestone.
Solana Outpaces Both Avalanche and BNB with TVL Growth
The growth is seen as encouraging given the network’s numerous difficulties, such as outages, even though the current TVL is below its all-time high of $10 billion. In contrast to other blockchains, with the exception of Kava, Solana‘s TVL growth is a “good indicator for the ecosystem,” according to CryptoCompare’s most recent asset report.
Some TVL Statistics
In March, Kava’s TVL increased by more than 36.5%, compared to Solana‘s 16.5% growth and Tron’s 11.4% rise. The BNB Chain on Binance grew by 6.15% throughout that time. Fantom and Avalanche, on the other hand, saw almost no increase in their TVL, just a tiny increase of 0.53% and 0.91%, respectively.
About the Growth of Solana
Its development has been greatly aided by the platform’s rich ecology, which includes DeFi and NFT products like Claynosaurz, Pixel Boy, and Moo Doo. In the market for smart contract hubs, the platform competes with Ethereum. It has established itself as one of the most flexible layer-1 protocols. The company will introduce its own cryptocurrency phone, the Saga, in Q1 2023, making it the first layer-1 blockchain to do so. Thus, this step will diversify the company’s core business.
Yet there have been issues for the platform crew, including a severe 18-hour outage in February 2023, which raised doubts about the network’s dependability. A six-point plan will be used to enhance the network update process, and one-third of the core engineers will concentrate on network enhancement during 2023 to increase network stability.
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