Solana has just recently reached its all-time high, but a lot of people don't know that there are some new and upcoming projects already set to be built on SOL. As of the moment, Solana was able to solidify a whopping $14.9 billion in total value lock.
Solana Projects Reach Massive TVL Growth
As per the data from DefiLlama and shared by CryptoRank Platforms on Twitter, the total value that was locked across the whole spectrum of smart contracts, protocols, and even DApps that were all built on Solana has now just reached its ATH. For those that want to know more about what might go on in the crypto world, take a closer look at the top 10 projects based on TVL growth.
As of the moment, SOLEND has taken the top with a whopping +326% increase in TVL, shooting up to $859M in the last seven days. It is important to note that we will be ranking based on TVL growth and not total TVL locked for this article.
Top 10 Solana Projects Based on TVL Over the Last 7 Days:
1. Solend
Increased by 326 percent
Total TVL of $859 million
2. Francium
Increased by 42.5 percent
Total TVL of $106 million
3. Mango Markets
Increased by 31.1 percent
Total TVL of $188 million
4. Atrix
Increased by 24.9 percent
Total TVL of $446 million
5. Marinade Finance
Increased by 21.3 percent
Total TVL of $18 billion
6. Soclean
Increased by 19.8 percent
Total TVL of $143 million
7. Port Finance
Increased by 19.3 percent
Total TVL $237 million
8. Orca
Increased by 16.2 percent
Total TVL $1.3 billion
9. Serum
Increased by 15.3 percent
Total TVL $1.8 billion
10. Raydium
Increased by 13.2 percent
Total TVL $2.05 billion
What is Solana?
According to the description on CoinGecko, Solana is reportedly a general-purpose blockchain that is quite similar to the more popular Ethereum. It reportedly has quite a different technical underlying, like developers will be able to write their applications through the use of Rust instead of Vyper or Solidity.
As of the moment, end-user applications include decentralized finance or DeFi, marketplaces, non-fungible tokens or NFT, games, and more! One of the largest features is its own scalability in which Solana is now able to process more than 700,000 transactions a second.
Solana 'Serum'
It was noted that its high throughput capacity actually appeals to certain high-frequency traders, which both FTX and Alameda Research spearheaded. It was stated that the first use case for DeFi application on Solana is said to be Serum which was built by the team that is behind FTX. KuCoin is currently joining the metaverse with its own 21-level virtual office, which represents the 21 million supply of Bitcoin.
It was stated that Solana's native currency, which is SOL, is actually used to pay for certain transaction fees and stakes for it to support the network. It was stated that the SOL coin could actually be bought on exchanges like Coinbase, FTX, Kraken, and others. Axie Infinity has just launched its Katana DEX on Ronin, which was able to reach 170,000 transactions already!
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This article is owned by Tech Times
Written by Urian B.
