Solana DeFi TVL Skyrockets by 80% in One Month

Despite the overall market downturn, demand for SOL remained resilient, driving Solana's DeFi TVL to soar by more than 80% in the past month.

Azcnews (1)

The DefiLlama data reveals a remarkable surge of over 80% in the Total Value Locked (TVL) of Solana’s decentralized finance (DeFi) ecosystem over the past month. This impressive growth has propelled Solana’s DeFi TVL to its highest point in two years, currently standing at $3.8 billion. Among the top 5 DeFi networks by TVL, Solana ranks as the blockchain with the highest growth rate in the past month.

The surge in Solana’s TVL over the past month can be attributed to a significant increase in trading volume on Layer 1 (L1) DeFi protocols within the network. Since the beginning of the month, the total daily trading volume recorded on these protocols has surged by 125%. In fact, on March 15th, trading volume on Solana’s DeFi reached its highest level in years at $3.7 billion.

The network’s total fees reached $3.61 million on March 16th, marking the highest daily fee collection since its inception. Revenue generated from these fees amounted to $1.6 million, representing the network’s highest daily revenue.

Blockchains ranked by DeFi TVL

Source: DefiLlama

Related: Ethereum and Solana Follow Bitcoin’s Trend

SOL Challenges Market Trajectory

At the time of writing, SOL has traded hands at $187. According to CoinMarketCap data, the altcoin’s value has surged by 72% over the past month. While the rest of the market grapples with price reversals, SOL bucks the trend as optimism grows. Analysis of its daily chart movement indicates a stable increase in demand for SOL.

Solana DeFi

Source: DefiLlama

For instance, the On-Balance Volume (OBV), which tracks buying and selling pressure of the coin, is showing an upward trend at press time. At 591.42 million at the time of reporting, SOL’s OBV has surged by 16% since the beginning of March. When a coin’s OBV witnesses such growth, it indicates increasing buying momentum.

SOL/USDT 1-Day Chart

Source: TradingView

The rising trend in SOL’s Chaikin Money Flow (CMF) further confirms this growth. This indicator measures the flow of money into and out of an asset. Currently standing at 0.27, up from 0, SOL’s CMF indicates a growing influx of liquidity into the market.


(4 votes)
  1. Avatar of Lucien Razafindrafeno
    Lucien Razafindrafeno

    Thanks for your support ofduty

  2. Avatar of Ainiboss


  3. Avatar of Prihlásit se a získat 100 USDT
    Prihlásit se a získat 100 USDT

    Your point of view caught my eye and was very interesting. Thanks. I have a question for you.

Leave a Reply

Your email address will not be published. Required fields are marked *


What Is Cosmos Atom Information About Atom Token

Altcoin | Editor Choice | News | Research

What is Cosmos ATOM? Information about ATOM Token

What is Cosmos (ATOM)? Learn about the operating mechanism and outstanding features of Cosmos along with detailed information about the tokenomics of ATOM Token!

Important Update About Dogs Airdrop On Telegram

Airdrops | Editor Choice | News

Important Update about Dogs Airdrop on Telegram

DOGS on Telegram has announced important updates about their DOGS token distribution plan and the addition of a new "check-in" feature.

Azcnews Binance Delists Multiple Trading Pairs On Platform

News | Editor Choice | Policy & Regulations

Binance Delists Multiple Trading Pairs on Platform

Binance will delist specific spot trading pairs on July 26, 2024. The AVAX/TUSD, MATIC/TUSD, and VOXEL/BTC pairs will no longer be available for trading.

Altlayer Moves Up Alt Token Unlock Schedule, Mimicking Worldcoin

News | Altcoin | Editor Choice

AltLayer Moves Up ALT Token Unlock Schedule, Mimicking Worldcoin

The AltLayer (ALT) restaking solution has announced that they will move up the token unlock schedule to the present time.

Azcnews Large Inflows Into Ether Etfs On First Day Of Trading

News | Altcoin | Editor Choice

Large Inflows into Ether ETFs on First Day of Trading

Bloomberg ETF analyst Eric Balchunas described the $625 million trading volume, excluding Grayscale's ETHE, as "healthy" and anticipated that a "significant portion" of this amount would translate into inflows.