Total Locked Monetary Value (TVL) on the Solana Network has dropped 32.4% in the last 24 hours. As news of the collapse of FTX has sent ripples to the crypto ecosystem.
from the dataDefiLlama’s, at the time of writing, Solana’s TVL has fallen to $423.68 million, a 32.4 percent drop in the past 24 hours. This is far from the all-time high (ATH) of $10.17 billion on November 9, 2021.
Marinade Finance is a liquid staking protocol on Solana that saw the biggest loss in TVL, dropping 35.1% to $115.79 million in the last 24 hours.
Other major Solana protocols have also experienced similar declines over the past 24 hours, with Raydium, an automated market maker down 34.25%, Lido liquid staking protocol 43.13%, and Solend lending protocol 63.07. %
Other leading blockchains have also seen declines in TVL over the same period, with Ethereum down 10.59%, Binance smart chain (BSC) down 9.68% and Tron down 8.84%.
Solana Labs co-founder Anatoly Yakovenko has reiterated his stance on the network despite the loss that the quality of builders is second to none. And the projects they create can often only be built on Solana.
1/ I said this on stage at Breakpoint just a few days ago – the builders on Solana are second to none, and the projects they’re building can often only be built on Solana.
— toly
(@aeyakovenko) November 9, 2022
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