Solana witnesses 32.4% drop in TVL amid FTX crisis | The Financial Express

Solana witnesses 32.4% drop in TVL amid FTX crisis

According to Cointelegraph, insights from DefiLlama mentioned that Solana’s TVL fell to $423.68 million

Solana witnesses 32.4% drop in TVL amid FTX crisis
During Solana’s annual conference, various announcements were made including a partnership with Google Cloud

The total value locked (TVL) on the Solana chain has fallen 32.4% in the past 24 hours, on account of the effects around the collapse of FTX which had an effect on the cryptocurrency ecosystem, as reported by Cointelegraph.

According to Cointelegraph, insights from DefiLlama mentioned that Solana’s TVL fell to $423.68 million, from its all-time-high (ATH) of $10.17 billion on November 9, 2021. The decrease in TVL went as much as a 51.7% decline over 24 hours but slightly corrected. It is believed that the Solana-backed liquid staking protocol Marinade Finance saw the biggest lost in TVL on the chain, which decreased 35.1% to $115.79 million within a period of 24 hours.

On the basis of information by Cointelegraph, other major protocols backed by Solana saw same kind of falls over the last 24 hours, with automated market maker Raydium down 34.25%, liquid staking protocol Lido down 43.13% and lending protocol Solend down 63.07%. Other blockchains have also witnessed decreases in TVL over the same time period, with Ethereum down 10.59%, Binance smart chain (BSC) down 9.68%, and Tron down 8.84%. With regard to its competitors, Solana token price fell 40.53% to $13.38 over the last 24 hours. 

Moreover, Cointelegraph noted that Anatoly Yakovenko, co-founder, Solana Labs, has reiterated his bullish take on the network despite recent losses. Through a November 9, 2022, Yakovenko made the point on the quality of builders and recent network-level improvements as positives. During Solana’s annual conference, various announcements were made including a partnership with Google Cloud, the launch of the Solana App Store, and an anticipated smartphone.

(With insights from Cointelegraph)

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First published on: 10-11-2022 at 15:30 IST