Solana, the rapidly growing blockchain platform, has achieved a new all-time high in TVL on its DeFi protocol. This comes amid a thriving cryptocurrency market where altcoins are reclaiming market dominance.
According to DeFi Llama, the TVL in DeFi on Solana reached a new high of $12.7 billion on 21 October. It has now fallen to around $12.34 billion at the time of writing.
This is a higher volume than the previous record of $12.2 billion TVL set on September 12. The previous peak coincided with an exponential increase in the use of DeFi on Solana during the late summer.
Before August, Solana's DeFi protocols were seldom worth more than $1.5 billion in TVL.
The surge in volume is primarily due to the fast-rising interest in Marinade Finance (MNDE; a liquid staking mechanism on Solana).
Over the last week, the protocol's TVL has increased by 69%, and it is currently one of the top four projects with the greatest liquidity.
It is trailed only by Sunny (SUNNY), Radium (RAY), and Saber (SBR), the latter of which has a TVL of $1.77 billion.
According to CoinGecko, the price of Solana has also risen this week. The token is currently worth $185, a 24% increase over last week.
It was close to $200 earlier today, but the market-wide downturn has sent it lower as of now.
Solana's ascent has coincided with a recent boom in the whole crypto market, which has recently surpassed $2.6 trillion.
After Bitcoin reached an all-time high yesterday, its price rise halted as altcoins like Solana began to reclaim ground against it.
In recent weeks, so-called alt-coins have surged in value. This is because of a series of network improvements as well as the rising ability of multiple blockchains, including Solana, to host applications like non-fungible tokens (NFTs) or decentralized finance (DeFi) initiatives.