Solana, a fast and scalable layer 1 blockchain network, has continued to make waves in the Defi ecosystem following an impressive surge in the performance of Defi protocols based on the network.
While the network remains one of the leading cryptocurrency players, the blockchain’s total value locked (TVL) on the blockchain has surged by over 21.01% in the past month.
Solana’s TVL Surpasses $5 Billion After 2 Years.
On-chain data provided by DefLlama shows that Solana’s DeFi TVL has surged to $5.46 billion, the highest TVL it has achieved in over 2 years.
With increased Defi activities on the blockchain over the past month, the total number of addresses operating on Solana’s Defi protocols has also increased to 1.27 million.
As the Solana decentralized exchange market has grown over the past few months, the blockchain has emerged as the third largest DeFi network by TVL, ranking next to Tron and Ethereum. However, only 151 protocols operate on the blockchain as of the time of writing.
While all top 10 blockchains in the DeFi sector have recorded shortages in TVL over the past week, Solana has triumphed as the only blockchain recording a weekly TVL surge of up to 2%.
Among the top decentralized protocols leading the Solana Defi sector by TVL size, Jito, Kamino, and Raydium have contributed to Solana’s July surge with increases of over 20%.
Solana Dominates Non-EVM Blockchains by 49%
Non-Ethereum Virtual Machine (EVM) compatible chains are also making strides in the Defi ecosystem following increased adoption. Meanwhile, Solana’s dominance over the sector has also increased to 49.11% as of the end of July.
Most non-EVM compatible public chains also recorded notable increases in their TVL in the last month. Popular non-EVM compatible chains like Aptos, Starknet, Hyperliquid, EOS, and more saw their TVL increase by more than 10%-25% in July.
