The total amount of liquidity locked in the Solana DeFi protocols has skyrocketed to a record high. This comes as a boom rocks the cryptocurrency markets - and the SOL being among the biggest gainers. Other altcoins are also dominating the market share.
The total value locked (TVL) set a new record of $12.7 billion on 21st October, which dwarfed the already impressive gains in September. For scale, the previous total value locked rarely went beyond $1.5 billion before August.
The high amount of money coming in is largely due to the virality of the Marinade Finance protocol, or MNDE, which is attracting stakers in droves. MNDE has consistently maintained its position as one of the top four projects in terms of liquidity. The other top four contenders include Sunny (SUNNY), Saber (SBR) and Radium (RAY).
Solana (SOL) has also risen in price in a knee-jerk response to the current bull market. It almost breached the $210 support level, but market forces pushed it downwards to $185 before it could do so. Most of the other cryptocurrencies are also in a boom, as the total market capitalization reached $2.6 trillion recently.