Solana DeFi Hits $2 Billion TVL Milestone as More Projects Go Live

There are a few projects in the crypto space that are catching the eye right now like Solana. Aside from the price of $SOL hitting a new all-time high this week, the project has seen increased adoption by developers seeking to build highly scalable decentralized finance applications that cost a fraction of a cent for users to access.

Based on the data from DeFillama, the total value of assets locked on the Solana blockchain has surpassed the $2 billion mark for the first time. The milestone comes just a little over a year after Solana’s public release, and three months since the previous all-time high in May.

Worth noting is that since hitting the $1 billion mark in April, more DeFi apps have gone live on Solana’s mainnet, with Saber Protocol, Mercurial Finance, Marinade Finance, and Solend among the pick of the bunch.

Meanwhile, popular Solana-based decentralized exchanges like Raydium and Serum are still among the biggest TVL contributors. Both platforms account for a combined $1.2 billion TVL, standing at $880 million and $376 million respectively.

Newcomer, Saber Protocol assumes third-place with a $315 million TVL. The pegged-assets-focused exchange had raised $7 million in a funding round last month.

How Does Solana Compare to Ethereum and Binance Smart Chain (BSC)?

While Solana’s $2 billion TVL milestone is remarkable, the project is still in its infancy and magnitude off from other blockchains such as Ethereum and Binance Smart Chain.

On the Ethereum network, the total value of assets locked currently stands at $109 billion. On BSC, the figure is $16 billion, although that is roughly 40% off the $30 billion all-time high recorded in May. Solana boasts higher transaction throughput than both competitors, processing 50,000 transactions per second (TPS) for fees as low as $0.005 per transaction.

With most projects either still in development or yet to gain traction on Solana, the network’s usage and TVL will likely grow in the coming months.  Solana Labs raised $314 million in June, funding that would be committed to setting up an incubator studio for new projects as well as a trading desk.