Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
Solana’s total value locked surpasses $6.1B in October

Solana’s total value locked surpasses $6.1B in October

GrafaGrafa2024/10/15 08:05
By:Isaac Francis

Solana (CRYPO:SOL) has achieved a significant milestone as its total value locked (TVL) exceeded $6.1 billion in October, marking the highest level since January 2022. 

TVL represents the total assets deposited into decentralized finance (DeFi) projects on the blockchain, indicating growing user engagement and trust in the network. 

According to DefiLlama, over 40 million SOL tokens are locked in various DeFi protocols, showing a significant increase from 14 million SOL at the beginning of 2024. 

This rise in locked tokens reflects increasing demand and activity on the Solana network, even beyond the token’s market price gains. 

Raydium, a decentralized exchange (DEX) on Solana, has been a key driver of this growth. 

Since the beginning of October, Solana’s TVL has increased by $1 billion, with Raydium alone accounting for $600 million of this surge. 

Raydium’s popularity has been fueled by a rise in trading volumes, particularly in the ongoing meme coin craze that has captured significant market attention. 

The broader ecosystem of meme coins on Solana has reached a market capitalization of over $11.2 billion, with daily trading volume approaching $4 billion. 

This has contributed to a heightened interest in decentralized trading on Solana, driving activity across multiple platforms. 

Additionally, data from IntoTheBlock reveals that Solana’s daily active addresses (DAA) hit a new record, surpassing 4 million active addresses in October. 

At the time of writing, the Solana price was $154.87.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Top Altcoins to Buy in 2025: BlockDAG, Solana, Cardano, and Avalanche Could See Strong Growth

Explore top altcoins to buy now like BlockDAG, Solana, Cardano, and Avalanche. See what makes them stand out and their potential in 2025.2. Solana’s Speed and Market Data Insights3. Cardano’s Smart Contract Strengths to Explore4. Avalanche (AVAX) Market Overview and Network CapabilitiesTop Altcoins to Buy in 2025: A Summary of Choices

Coinomedia2025/05/15 21:55
Top Altcoins to Buy in 2025: BlockDAG, Solana, Cardano, and Avalanche Could See Strong Growth

SUI’s Price Jump, Polkadot’s Bullish Signals, and the 2700% ROI Potential of Unstaked’s Stage 12 AI Crypto: Just $0.008997?

Witness the SUI price prediction climb, Polkadot form bullish patterns, and Unstaked AI presale surge with 2,700% ROI potential as the top crypto pick for 2025.Polkadot Eyes Breakout from Bullish WedgeUnstaked Turns AI From a Buzzword Into a Business EngineThe Path Ahead

Coinomedia2025/05/15 21:55
SUI’s Price Jump, Polkadot’s Bullish Signals, and the 2700% ROI Potential of Unstaked’s Stage 12 AI Crypto: Just $0.008997?

Next Crypto to Explode: BTFD Coin Raises $7M With 200% Bonus Still Live—Whales Are All In as $CAT and $SNEK SlideFind Out More:

$CAT and $SNEK dip, while BTFD Coin preps for liftoff—is this the next crypto to explode?BTFD Coin: The Referral Gold Rush Fuelling the Next Crypto to ExplodeSnek ($SNEK): Can This Cardano Creature Strike Back?Simon’s Cat ($CAT): Nine Lives, But Losing One Fast?Time’s Almost Up: BTFD Coin’s Presale Ends May 26

Coinomedia2025/05/15 21:55
Next Crypto to Explode: BTFD Coin Raises $7M With 200% Bonus Still Live—Whales Are All In as $CAT and $SNEK SlideFind Out More:

Jetcraft Now Accepts Bitcoin for Private Jet Payments

Private jet giant Jetcraft now accepts Bitcoin and crypto, signaling growing luxury adoption.Billionaires Are Buying Jets with BitcoinA Bold Shift in Luxury SpendingWhat This Means for Crypto Adoption

Coinomedia2025/05/15 21:55
Jetcraft Now Accepts Bitcoin for Private Jet Payments