The Solana TVL (total value locked) has seen close to a third drop within the past 24 hours. With news coming in of the FTX collapse, other chains were also expected to feel the waves.
DefiLlama has reported that from the last reports coming in, the crash in the crypto ecosystem has sent Solana TVL to fall to $423.7M, which has slid 32.4% within 24 hours, crashing to $423.68M far from its peak high of $10.17B a year ago on November 9, 2021. This is an all-time high for Solana TVL (ATH).
TVL is a measure of an asset’s total value that is locked into the DeFi protocols (Decentralized Finance protocols). And with an increase in TVL, leads to more coins getting deposited within the protocols of the DeFi and can be a sign of bullish sentiment.
On the other hand, a fall in total value locked reveals that investors may be pulling funds out for various reasons from this ecosystem.
The total value-locked slide declined drastically to as much as 51.7% over a day. But there has been a slight correction in the last few hours.
Marinade Finance, the liquid staking protocol based on Solana witnessed the largest loss in the total value-locked chain with a 35.1% fall to $115.79M in 24 hours.
Other Protocols On Solana TVL Witnessed Similar Decrease In 24 Hours
Several other leading protocols on Solana TVL have witnessed a similar decrease in 24 hours. For instance, Raydium is down 34.25%, while Lido, the liquid staking protocol has gone down by 43.13% while Solend, the lending protocol is down by 63.07%.
Various other blockchain majors have also faced a similar decrease in the total value locked during a similar period. Ethereum is down by 10.59%, Tron is down by 8.84% and BNB Chain is down by 9.68%.
Solana has also slid greatly compared to the competitors as the price fell 40.53% in one day to a low of $13.38.
