Interest in DeFi on Solana Reaches $2 Billion Mark Again
The total value locked in decentralized finance (DeFi) applications on the Solana blockchain has surpassed $2 billion, according to figures from DeFi Llama. This marks a significant surge in interest since the start of December when the figure was below $1 billion. However, the current total value locked still has a long way to go to reach the heights of the 2021 bull run, which saw it exceed $10 billion.
Solana: A Competitor to Ethereum
Solana is a popular crypto network and the underlying blockchain for SOL, the fifth-largest cryptocurrency by market cap. It aims to compete with Ethereum, which is behind ETH, the second-largest cryptocurrency. While many DeFi apps and projects operate on Ethereum’s network, more and more interest is shifting toward Solana due to its lower costs and faster transaction speeds.
The Hype around Solana
Solana has experienced a recent explosion in hype, attracting attention from big-money investors and major brands like Visa and Shopify who plan to leverage its blockchain technology. Despite concerns related to collapsed crypto exchange FTX and its founder’s legal issues, developers continued building on Solana, resulting in a price surge towards the end of 2023.
SOL Price Update
As of now, SOL’s price stands at $106.79, reflecting a decrease of over 6% in the past 24 hours according to CoinGecko.
Hot Take: Solana Gains Momentum as DeFi Interest Surges
The decentralized finance sector on Solana is gaining momentum as the total value locked surpasses $2 billion once again. With its lower costs and faster network, Solana is attracting more interest from investors and major brands. Although it still has a way to go to reach the heights of the 2021 bull run, developers continue to build on the Solana blockchain, driving its growth. Despite recent price fluctuations, SOL remains a prominent cryptocurrency in the market. As DeFi on Solana continues to thrive, it will be interesting to see how it competes with Ethereum and shapes the future of decentralized finance.
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