The decentralized finance (DeFi) ecosystem on the Solana (SOL) blockchain has seen the total value locked get close to the $13 billion mark to hit a new all-time high as more users move to the blockchain because of its transactions speeds and lower fees.
According to DeFi data aggregator DefiLlama, as first reported by Decrypt, the total value locked on the Solana blockchain is now at $12.95 billion at press time, with a total of six projects having over $1 billion worth of cryptocurrencies locked within them.
Total value locked, it’s worth noting, is a metric often used to measure how much money is locked in the smart contracts of a specific blockchain or project. On the Solana ecosystem Raydium, a decentralized exchange, is currently in the lead with $1.81 billion locked in its smart contracts.
Notably the price of Solana’s native cryptocurrency SOL has also been moving up. According to CryptoCompare data, it’s up 17.3% in the last 24 hours and is now trading at $187. On Solana, just like on ETH, users need to pay for transaction fees using the network’s native token.
Solana’s new all-time high in total value locked is significant, although the network is still behind two other major competitors: Ethereum and the Binance Smart Chain. Ethereum’s network has over $164 billion worth of cryptoassets locked in its smart contracts, while Binance Smart Chain has over $20 billion.
