Solana Hits its First $1 Billion Milestone in Total Value Locked (TVL)

Solana’s impressive scalability has USDC supply on the blockchain surpassing 500 million, second only to Ethereum USDC.


While DeFi is enjoying a re-pricing following Ether’s new highs, the total value locked in the entire ecosystem has gone past $100 billion and aiming for a $150 billion mark now.

Ethereum no doubt remains the leading layer 1 blockchain with almost $90 billion TVL followed by Binance Smart Chain’s (BSC) $56 billion. ETH 0.95% Ethereum / USD ETHUSD $ 2,436.61
$23.150.95%
Volume 23.97 b Change $23.15 Open $2,436.61 Circulating 116.28 m Market Cap 283.32 b
4 h Yearn Finance TVL and Total Users Hits a New ATH Amidst Weak Price Action 1 d The May Crypto Sell-off Predominantly Occurred in the US Session 2 d Best Cryptocurrencies with Growth Potential to Buy In June
BNB 0.93% Binance Coin / USD BNBUSD $ 350.14
$3.260.93%
Volume 1.62 b Change $3.26 Open $350.14 Circulating 153.43 m Market Cap 53.72 b
4 h Yearn Finance TVL and Total Users Hits a New ATH Amidst Weak Price Action 5 d Layer-2 Scaling Solution Polygon Records Continued Growth, But May Not Bring Fees Down on Ethereum 1 w ETH 2.0 is Already the Largest Proof of Stake Network and Vitalik isn’t Concerned About Competitors

Coming at the third spot is Solana which has now surpassed $1 billion. The TVL on Solana (SOL) was highest last week at $1.33 billion, up from just under $150 million two and a half months back, as per Solana Project.

This rapid growth of the Solana ecosystem is thanks to its fast and scalable decentralized applications. This year's 2,281% uptrend in SOL prices to about $46.90 so far is evidence of the growing traction this public blockchain is seeing.

Solana caught the public eye after Sam Bankman-Fried’s crypto exchange FTX chose to build the decentralized derivatives platform Serum (SRM) last summer.

It has been defined as a blockchain that can “process 10,000 times as much as Ethereum” and is “1,000,000 times cheaper.” This is possible due to the adding of Proof-of-History to an underlying Proof-of-Stake consensus mechanism. Proof-of-History enables validators to compute the network state themselves, thus saving on cross-validator communication.

Fast transactions at relatively low cost are pushing the users from the second-largest network to Solana, just like it has been happening with BSC.

This has helped USDC grow on the blockchain with more than $500 million in circulation today, second only to Ethereum USDC, stated Circle on Tuesday. USDC was first integrated with Solana in late October.

Despite its mainnet launching just a year ago, “network fundamentals made it a natural choice for fast, secure, and scalable USDC. Solana is a public blockchain that delivers impressive scalability while maintaining a high degree of decentralization and security,” said the Circle team.

The biggest project on Solana currently is Raydium (RAY) which alone accounts for about $900 million of all the TVL on the Solana project, representing a whopping 89% share. Together with Serum DEX, which comes in second place with just over $400 million in TVL, they both account for nearly all the TVL. SRM 4.63% Serum / USD SRMUSD $ 3.84
$0.184.63%
Volume 40.98 m Change $0.18 Open $3.84 Circulating 50 m Market Cap 192.18 m
1 mon Raydium (RAY) Alone Accounts for Nearly 90% of Solana Ecosystem’s TVL 1 mon Solana Hits its First $1 Billion Milestone in Total Value Locked (TVL) 1 mon SOL Bucks the Trend and Hit a New ATH as Crypto Market Sees Another Sell-off
RAY 3.79% Raydium / USD RAYUSD $ 4.15
$0.163.79%
Volume 22.3 m Change $0.16 Open $4.15 Circulating 50.95 m Market Cap 211.62 m
1 mon Raydium (RAY) Alone Accounts for Nearly 90% of Solana Ecosystem’s TVL 1 mon Solana Hits its First $1 Billion Milestone in Total Value Locked (TVL) 1 mon Solana’s Data Aggregator Step Finance Raises $2 Million in Private Sale

Another Solana-based new project making the rounds on Crypto Twitter (CT) is Step Finance which recently launched its STEP token. The protocol amassed $100 million in liquidity in just two days. STEP -9.27% Step Finance / USD STEPUSD $ 0.59
-$0.05-9.27%
Volume 2.66 m Change -$0.05 Open $0.59 Circulating 4 m Market Cap 2.36 m

The data aggregator that provides analytical dashboards for yield farmers aims to be the go-to DeFi aggregator for all tokens launched in the Solana ecosystem.

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