Solana, one of the largest cryptocurrencies in the market, is achieving significant milestones in 2023. The Total Value Locked (TVL) on the Solana network reached $338.82 million on Monday (2nd), equivalent to over R$1.7 billion. This marks the highest value since the beginning of the year, according to data from DeFi Llama platform.
TVL is a metric used to measure how much money is being moved in the various DeFi (decentralized finance) applications of a network.
In the past 24 hours, SOL’s TVL increased approximately 4.15%, jumping from $324.64 million on Sunday to $338.82 million on Monday. This increase is driven by popular projects based on the Solana network, such as Drift, marginfi, Solend, and others.
The native token of the network, SOL, also had its strongest week since mid-July, with a 29% increase in the last week and a 39.08% jump from its September low, according to CoinGecko.
Solana in the spotlight
However, these numbers are still below the peak reached during the bull market. In November 2021, for example, Solana’s TVL surged to slightly over $10 billion before plummeting to $210 million in January 2023.
But this recent recovery is not yet confirmed, as there are concerns about the possible impact on the SOL price after the approval for the sale of FTX assets.
It is estimated that FTX holds around $1.2 billion worth of SOL. According to market analyst The Tie, out of this amount, up to 22 million SOL tokens (with an approximate value of $400 million) are unlocked and can be sold. This represents about 4% of the total supply of SOL.
Another 40 to 44 million tokens, or approximately $860 million, are currently locked in staking, and another $17 million in SOL tokens are expected to be unlocked monthly over the next four years.
Solana was one of the projects most affected by the collapse of FTX. The layer 1 blockchain and Sam Bankman-Fried’s companies, the former CEO of the exchange, were closely intertwined, as detailed by the Solana Foundation in a blog post in November 2022.
The Foundation revealed that it had about $1 million in cash or similar assets in FTX until November 6, 2022, before the platform halted customer withdrawals. This amount represents less than 1% of their total funds.
The Solana Foundation owned about 3.24 million shares in FTX Trading LTD, as well as about 3.43 million FTT tokens and 134.54 million SRM tokens from Project Serum, a decentralized exchange on Solana launched by Bankman-Fried in 2020.