Solana Surges Back: DeFi TVL Hits Six-Month High!

Solana's epic comeback isn't just about its price skyrocketing. Its DeFi Total Value Locked (TVL) has also soared to the highest it's been in six months!

Hang on to your hats, folks! The crypto bull run is back, and Solana (SOL) is riding the wave like a champ. On Monday, July 21, Solana's total market cap smashed through the $100 billion mark again, with SOL trading at a cool $194.62 per coin. With a market cap just shy of $105 billion, we haven't seen numbers this high since January 25!

But wait, there's more! As Solana's price climbs, its entire ecosystem is feeling the love. Solana's DeFi TVL has hit a whopping $10.453 billion, the highest since January when SOL was riding its all-time high.

And guess what? The DEX activity is also on fire, although it's not quite touching those January peaks. From July 14 to July 20, Solana DEXs cranked out $22.58 billion in volume, up from $18.5 billion the week before.

The top dogs in the decentralized exchange world? Raydium, Orca, and Meteora are leading the pack with weekly volumes of $8.4 billion, $5.9 billion, and $5.3 billion respectively. But let's keep it real—weekly DEX volume is still miles away from the peak of $98.28 billion we saw in mid-January.

Why Solana's DeFi TVL Rose

So, what's behind this DeFi TVL boom? You guessed it—the surge in Solana's token price. Since SOL tokens make up a big chunk of the assets locked up in the network's DeFi protocols, when SOL goes up, so does the TVL!

Solana's DeFi TVL is all about the tokens, stablecoins, and memecoins stashed in various DeFi protocols across the Solana ecosystem. We're talking tokens in smart contracts, lending pools, and vaults—you name it!

Just a heads up, though: the DeFi TVL doesn't include the Solana tokens staked with validators to keep the network secure. Right now, that's a hefty 355.4 million SOL, valued at $69.44 billion, or about 66% of all tokens out there. And nope, it doesn't count the tokens chilling on centralized exchanges either.