Solana has been hit harder than most in the late stages of this bear market. However, things could turn up as the market recovers and Solana continues to exist.
Several on-chain metrics for Solana have increased over the past few weeks. Granted, they’re nowhere near pre-FTX crash levels, but they’re at least off the beaten track.
Since the beginning of the year, the total value of DeFi-locked Solana has increased by 33%. This outpaced his 26% increase in DeFi TVLs overall during the same period.
According to DeFiLlama, Solana’s TVL is currently at $280 million and its main protocol is Marinade Finance’s liquid staking platform. Marinade has an estimated TVL of $156 million, with Solana’s market share of about 56%.
Liquid staking platform Lido is second with 21% market share. Lido also offers liquid staking on SOL, with his 2.3 million tokens staked worth approximately $58.6 million.
Solana’s Story Enhancement
Apart from DeFi, the Solana ecosystem is also seeing increased activity for non-fungible tokens. His NFT volume has surged 27.4% in 24 hours, according to Solscan. Additionally, there are nearly 4 million NFTs listed on the network, with the top collection by weekly volume being Okay Bears.
MagicEden continues to be the top NFT marketplace, with its volume doubling in the last 24 hours.
Additionally, Solana’s decentralization properties have improved over the past two years. This trend will likely continue if we can get out of the FTX/SBF baggage.
On January 24th, Solana Compass commented on network decentralization.
“There is room for improvement. Some continents are still underrepresented, but the trend is clear. Solana is becoming more globalized and decentralized every year.”
Additionally, Chase Barker, Head of Developer Ecosystem for the Solana Foundation, said: state:
“It is very clear that Solana is part of the conversation about blockchain adoption and will be part of it for a very long time unless we get comfortable. Let’s keep building, let’s survive, and I have no doubt that we will.”
SOL price is up 1.3% and is trading at $24.92 at the time of writing. What’s more, the coin has risen a whopping 53% in the last two weeks, and he’s more than doubled in the past month.
SOL is trading at its highest level since the FTX meltdown on Nov. 9, dropping to around $11.
However, with SOL down 90% from its all-time high of $260 in November 2021, there is still a long way to go.
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