The Solana network has seen a significant spike in the recent activities of decentralized finance (DeFi) protocols building within its ecosystem. This surge has been reflected in the total value locked (TVL) of all DeFi projects on the blockchain. According to on-chain analysis platform DefiLlama, it has surpassed an equivalent of 60.2 million SOL after increasing by 2.5% over the past 24 hours. Notably, this represents the highest TVL that Solana has recorded in the past three years. The last time it soared to such heights was in June 2022, when it reached 68.13 million SOL. Source: DefiLlama TVL refers to the total value of crypto assets locked in a DeFi protocol, smart contract, or ecosystem. It includes all funds deposited for lending, providing liquidity, or staking. Over 60.2M SOL TVL Solana-based decentralized exchange (DEX), Jupiter, ranks first as investors have locked over 17 million SOL ($3.3 billion) on the platform. Most of these are the project’s native token, JUP, which many users have locked to receive staking rewards. Trailing Jupiter is the borrowing and lending protocol, Kamino, which holds almost 16.5 million SOL ($3.2 billion) in investors’ locked assets. It experienced a 3% increase in one day as more investors locked more funds, signaling a price recovery in the crypto market. Another project on the leaderboard is Meteora, which holds approximately 4.4 million SOL ($851 million). It has witnessed a 13% increase in locked tokens within the past seven days because of its forthcoming MET token launch and airdrop, which has attracted more investors to the exchange. Solana Network’s TVL in USD In USD, Solana blockchain’s TVL is valued at $11.311 billion. This may not be a new high as the crypto market is not at its peak, thus the value of many cryptocurrencies, including SOL, are at their lows. However, many investors in the network have displayed resilience as the TVL in USD soared past $13 billion in September. TVL in USD is often used to weigh DeFi activity. However, assessing in SOL gives a clearer picture of how many units of the network’s native token are locked across various protocols. As such, the recent milestone attained signals confidence in the network’s fundamentals. Moreover, the newly-launched DEX platform, HumidiFi, which serves as a “dark pool,” has also contributed to the increased activity on the Solana blockchain as many large traders seeking privacy have turned attention to the platform. The post Solana DeFi Heats Up: Deployed SOL At Highest in 3 Years appeared first on CoinTab News.The Solana network has seen a significant spike in the recent activities of decentralized finance (DeFi) protocols building within its ecosystem. This surge has been reflected in the total value locked (TVL) of all DeFi projects on the blockchain. According to on-chain analysis platform DefiLlama, it has surpassed an equivalent of 60.2 million SOL after increasing by 2.5% over the past 24 hours. Notably, this represents the highest TVL that Solana has recorded in the past three years. The last time it soared to such heights was in June 2022, when it reached 68.13 million SOL. Source: DefiLlama TVL refers to the total value of crypto assets locked in a DeFi protocol, smart contract, or ecosystem. It includes all funds deposited for lending, providing liquidity, or staking. Over 60.2M SOL TVL Solana-based decentralized exchange (DEX), Jupiter, ranks first as investors have locked over 17 million SOL ($3.3 billion) on the platform. Most of these are the project’s native token, JUP, which many users have locked to receive staking rewards. Trailing Jupiter is the borrowing and lending protocol, Kamino, which holds almost 16.5 million SOL ($3.2 billion) in investors’ locked assets. It experienced a 3% increase in one day as more investors locked more funds, signaling a price recovery in the crypto market. Another project on the leaderboard is Meteora, which holds approximately 4.4 million SOL ($851 million). It has witnessed a 13% increase in locked tokens within the past seven days because of its forthcoming MET token launch and airdrop, which has attracted more investors to the exchange. Solana Network’s TVL in USD In USD, Solana blockchain’s TVL is valued at $11.311 billion. This may not be a new high as the crypto market is not at its peak, thus the value of many cryptocurrencies, including SOL, are at their lows. However, many investors in the network have displayed resilience as the TVL in USD soared past $13 billion in September. TVL in USD is often used to weigh DeFi activity. However, assessing in SOL gives a clearer picture of how many units of the network’s native token are locked across various protocols. As such, the recent milestone attained signals confidence in the network’s fundamentals. Moreover, the newly-launched DEX platform, HumidiFi, which serves as a “dark pool,” has also contributed to the increased activity on the Solana blockchain as many large traders seeking privacy have turned attention to the platform. The post Solana DeFi Heats Up: Deployed SOL At Highest in 3 Years appeared first on CoinTab News.