The total value of assets locked (TVL) on the Solana blockchain has reached a new yearly high on the back of SOL’s impressive price performance over the past week.
On October 22, Solana’s TVL reached a high of roughly $350 million, according to data from crypto data aggregator DeFiLlama.
Per DeFillama data, the Solana DeFi sector grew by around $20 million, equating to a 12.2% growth during the last 24 hours.
This places the network as the top gainer amongst the top 10 chains by TVL during the reporting period, outperforming storied rivals like BSC Chain, Ethereum, and others.
This growth continues a year-long trend that has seen Solana’s TVL increase by more than 40% from the $210.47 million recorded on January 1.
BeInCrypto previously reported that the blockchain network’s TVL had reached a yearly high of $337 million.
Meanwhile, the increasing TVL underscores the influx of investors and interest Solana’s DeFi ecosystem has generated. Over time, Solana has established numerous partnerships within the cryptocurrency industry and traditional sectors.
This year, Solana joined forces with Visa and Shopify. It also recently became the ecosystem partner to the Dubai Multi Commodities Centre, an economic free zone within the UAE.
However, it’s important to note that Solana’s current TVL remains below its all-time high of more than $10 billion recorded during the bull run of 2021.
