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 -4.67% Ethereum / USD ETHUSD $ 3,414.28
Volume 18.27 b Change -$159.45 Open $3,414.28 Circulating 117.56 m Market Cap 401.4 b
5 h Interactive Brokers Founder Already Red Pilled, Has Been “Itching” to Offer Crypto Trading for a Long Time 6 h Visa’s Head of Crypto Inquires About Solana (SOL), PayPal Officially Enables Crypto Trading for UK Customers 6 h Trezor Adds EIP-1559 Support to its Model T Wallet, $1 Billion Worth of ETH Burned
BNB -3.35% Binance Coin / USD BNBUSD $ 411.07
Volume 1.53 b Change -$13.77 Open $411.07 Circulating 168.14 m Market Cap 69.12 b
4 h It Isn’t Layer 1 or Layer 2, It’s Time for LayerZero 1 w Solana (SOL) Pulls Over A 100x in 2021, Rising to the Top to Fight Ethereum 1 w Blockchain Platform Lido Now Supports Solana (SOL) Staking

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 -5.32% Serum / USD SRMUSD $ 9.72
Volume 453.64 m Change -$0.52 Open $9.72 Circulating 50 m Market Cap 486 m
4 d More than 65% of South Korean Crypto Exchanges to Shut Down Once FSC Deadline Hits 2 w 76.8% of SOL Supply is Locked to Secure the Network and Not Available for Sale in the Market 2 w OpenSea Dominates the NFT Market, Floor Price Continues Its Uptrend as Alameda Apes In, Solana Joins Too
RAY -6.79% Raydium / USD RAYUSD $ 12.27
Volume 181.33 m Change -$0.83 Open $12.27 Circulating 69.96 m Market Cap 858.06 m
1 w Bitcoin Showing A “Good Risk/Reward Setup,” ETF to Play A “Large Part” in the Market Sentiments 4 w South Koreans Turn to Serum (SRM) As Solana (SOL) Ecosystem Pumps 1 mon Fastest Horse of the Second Inning of Bull Run? Solana (SOL) Hits New ATHs

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 -10.20% Step Finance / USD STEPUSD $ 0.85
Volume 18.53 m Change -$0.09 Open $0.85 Circulating 4 m Market Cap 3.39 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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