TL;DR
- Solana surpassed $6.1 billion in total value locked (TVL) in October, the highest level since 2022.
- Raydium has driven much of the growth, with an additional $600 million, supported by the rise of memecoins.
- The network reached over 4 million daily active addresses, setting new participation records.
As of October, Solana has managed to exceed $6.1 billion in total value locked (TVL) in its decentralized finance (DeFi) ecosystem.
This is the highest level recorded since January 2022, demonstrating strong user interest and trust in the platform. TVL is a key indicator in the DeFi sector as it measures the total value of assets locked in various protocols. An increase in this value reflects greater user participation and growing adoption of the services offered by the network.
The Success of Memecoins
The increase in TVL is not only linked to the rise in the price of its native token, SOL, but also to the growth in the number of tokens locked in different protocols. According to recent data, more than 40 million SOL are currently locked in DeFi contracts, a considerable increase compared to the 14 million locked at the beginning of this year. This phenomenon indicates sustained growth in user demand for the solutions Solana offers.
One of the main drivers of this surge has been Raydium, a decentralized exchange (DEX) operating on the Solana network. Raydium has contributed significantly to the increase in TVL, accumulating $600 million of the $1 billion additional that the network has gained since the beginning of October. Raydium’s success is tied to the rise of memecoins, whose popularity has triggered a significant increase in trading activity within decentralized exchanges.
Solana Must Overcome Resistance
Activity on the Solana network has also reached unprecedented levels. Recent data reveals that in October, the network surpassed 4 million daily active addresses, setting a new record. Additionally, the creation of new addresses has also increased, with more than 4 million new addresses generated daily.
As for Solana’s price, its token, SOL, has been trading around $153.8. Although it has shown virtually no variation during the last day, it has risen by 7.6% on a weekly basis, and the monthly increase reaches 13%. Some analysts suggest that it could reach $200 if it manages to break through the resistance at $159.