Over $600m flushed out: Is Solana DeFi headed out of the window
The case of Solana has increasingly become interesting in the past few days. According to data from DefiLlama, the total value locked in Solana’s DeFi has dropped by around $600 million since 31 July.
Solana’s DeFi TVL started the month at $2.15 billion but was down to $1.56 billion at press time. This has gone on to reflect Solana’s position among the TVL in chains.
At the start of the month, Solana was ranked fifth but is down a further two places with Polygon and Acala surpassing it. In the past day alone, Solana has lost over 16.53% of its total value locked in DeFi protocols.
Source: DefiLlama
Despite the recent blemishes, Solana has seen a general upturn in select tokens being traded on the network. CoinGecko has reported on the most traded tokens on Solana in the past 24 hours.
STEPN’s GMT token tops the chart with over $356.8 million traded, followed by the SRM token at $72.5 million.
Everlend protocol has also posted an update on the Solana lending in the second week of August. The total Solana lending TVL during this period has accumulated at $769.5 million.
The list of the lending protocols is headed by Solend at $329.49 million as it continues to dominate the proceedings. Mango and Tulip protocols continue to occupy the second and third positions at $231.77 million and $81.5 million respectively.
Among the token performances, Tulip is the only one to show any positive change over the week with a 3.76% surge.
This further reflects the onslaught on Solana DeFi as it continues to dive in August.
The SOL token has been feeling the market duress of late with “sell” class becoming far more common around. This has led to a near 2% dip in the past day which has brought SOL’s prices down to $43.
The falling prices are also
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