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#HotTopicPoint Solana price action leaves behind top altcoins as it outshines on key metrics
Solana (SOL), the eighth-largest crypto by market capitalization, continues to outshine other altcoins due to Total Value Locked (TVL) growth and consistent inflows. The altcoin is trading at a price of $24.26 at press time. After gaining close to 26% in the past week, the rise in dollars locked on the blockchain is keeping the holders bullish.
Solana TVL hits new record
Solana's Total Value Locked – the total value of digital assets locked in a smart contract – recently reached new heights in 2023, surpassing $300 million in July. This was the first time this year Solana achieved such a TVL level since November 2022, after previously hitting an all-time high in 2021.
According to data from DefiLlama, Solana is home to 110 protocols, dominating a TVL of $338.27 million. Solana's TVL represents approximately 0.88% of the entire TVL across all chains. This is a significant metric, as it means Solana's prominence is growing among decentralized application platforms. As more projects choose to build on Solana, it could contribute to positive market sentiment.
#Contentstar #HotTopDiscussion