According to CryptoPotato, the Solana ecosystem is experiencing a significant resurgence, with its total value locked (TVL) surpassing the $2 billion mark. This marks a 200% increase in just two months, up from December's starting point of $688 million. Data from DefiLlama shows that the current TVL on Solana stands at $2.028 billion, a figure last seen in June 2022. Liquid staking and yield-generating protocols Jito, Marinade, and Marginfi are behind the recent uptick.
The explosive growth in Solana's TVL highlights the rising popularity of one of the fastest Layer-1 blockchains, which is now witnessing renewed interest from institutional investors. Solana is currently among the top five cryptocurrencies by market capitalization, trading at $103 at the time of writing. The upward trajectory of Solana's DeFi ecosystem has reinforced confidence and participation among community members, and market observers believe there is still room for growth.
While many Layer-1s are growing organically each month and seeing double-digit inflows into their ecosystems, Solana has drastically outperformed most of its rivals in terms of TVL. However, Cardano has outshone Solana in one metric. As reported by CryptoPotato, Cardano's NFT sales have surged to over $1.6 million in the last week, marking a significant 100% increase. In contrast, Solana's NFT sales have experienced a 7% decline, totaling approximately $48 million for the same timeframe. Cardano's native cryptocurrency, ADA, has also demonstrated strong price performance in recent weeks, with a notable 25% price increase over a two-week period, according to CoinGecko's data.
