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) $56 billion. ETH -0.37% Ethereum / USDETHUSD$ 3,336.97-$12.35-0.37%Volume53.68 bChange-$12.35Open$3,336.97Circulating115.75 mMarket Cap386.25 b23 minBitcoin and Ether Aren’t the Top Traded Crypto’s on Binance Or the Biggest South Korean Exchange1 hBinance Smart Chain (BSC) Is Feeling the Pressure of the Heightened Network Demand2 hSolana Hits its First $1 Billion Milestone in Total Value Locked (TVL)BNB 4.58%Binance Coin / USDBNBUSD$ 649.66$29.754.58%Volume4.84 bChange$29.75Open$649.66Circulating153.43 mMarket Cap99.68 b1 hBinance Smart Chain (BSC) Is Feeling the Pressure of the Heightened Network Demand2 hSolana Hits its First $1 Billion Milestone in Total Value Locked (TVL)2 hBitcoin and Ether Record The Largest Inflows Since February: CoinShares ReportComing 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 $400 million in TVL, they both account for nearly all the TVL. SRM 3.72% Serum / USDSRMUSD$ 11.23$0.423.72%Volume1.09 bChange$0.42Open$11.23Circulating50 mMarket Cap561.45 m2 hSolana Hits its First $1 Billion Milestone in Total Value Locked (TVL)1 wSOL Bucks the Trend and Hit a New ATH as Crypto Market Sees Another Sell-off1 monSolana (SOL) is ‘Uniquely Positioned’ to Snatch Market Share from Ethereum & ETH Killers, says VCRAY 3.15%Raydium / USDRAYUSD$ 14.51$0.463.15%Volume65.68 mChange$0.46Open$14.51Circulating38.94 mMarket Cap565.15 m2 hSolana Hits its First $1 Billion Milestone in Total Value Locked (TVL)2 wSolana’s Data Aggregator Step Finance Raises $2 Million in Private Sale1 monSolana (SOL) is ‘Uniquely Positioned’ to Snatch Market Share from Ethereum & ETH Killers, says VCAnother Solana-based new project making the rounds on Crypto Twitter (CT) is Step Finance which recently launched its STEP token. The protocol amassed $100 million in liquidity in just two days. STEP -10.06%Step Finance / USDSTEPUSD$ 4.67-$0.47-10.06%Volume5.41 mChange-$0.47Open$4.67Circulating4 mMarket Cap18.68 mThere is no data for the symbol STEP .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.

Solana/USDSOLUSD

$44.6588 $0.360.80%

Volume577.41 mChange$0.36Open$44.6588Circulating272.64 mMarket Cap12.18 b

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