The value locked in the ecosystem of Solana reached record highs, while last Monday the price of SOL recorded a noticeable rise, after a price rally across the cryptocurrency market led by Bitcoin (BTC).
The processes in the ecosystem of Solana are important, creating prospects for even greater growth in the near future.
Bitcoin is rallying across the market
Bitcoin’s path to a new record high of $67,000 last week resulted in the total market capitalization of the cryptocurrency market exceeding $2.5 trillion over the past seven days – which was a new milestone for Cryptos.
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This helped Solana climb higher, as well as its direct competitors such as Ether (ETH) and Cardano (ADA), which also recorded a rise of 10% and 1% respectively.
TVL (Total Value Locked) Solana hits record high
The Solana price rally came as the TVL of all its blockchain-based decentralized finance (DeFi) projects reached a new record high of $13.53 billion, according to data aggregation agency DeFi Llama.
The dominant DeFi project in Solana’s blockchain is Saber, an automated market trader (AMM) protocol that allows users and applications Solana to trade effectively between fixed asset pairs and earn returns by providing liquidity to the platform. Its contribution to the liquidity pool Solana was $2.05 billion.
Meanwhile, there are four other DeFi projects with TVL over $1 billion, Raydium ($1.91 billion), Sunny ($1.73 billion), Serum ($1.69 billion) and Marinade Finance ($1.63 billion).
Other DeFi projects are coming, increasing the use of SOL
Solana announced that it will add more DeFi projects to its list after the “Ignition” hackathon ends on October 18. Users will need to have SOL to use these applications and pay for transaction fees, thus increasing the prospect of greater token demand in the future.
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