Over $500M flew out of Solana in a week, DeFi TVL down 63%
The overall worth locked (TVL) in Solana (SOL) community’s decentralized finance (DeFi) ecosystem stood at $330 million as of Nov. 14 — signifying a drop of 96.75% from a peak of $10.17 billion in December 2021, in line with DeFiLlama data.
TVL in Solana DeFi progressively fell all through 2022, pushed by SOL’s dropping worth and the bigger market downturn. For the reason that starting of 2022, TVL in Solana has decreased by 95%.
Moreover, over the previous week alone, TVL on the community has tanked by 63.21%.
The decline in TVL accelerated when questions over FTX’s liquidity arose at the beginning of November. Since then, FTX has filed for chapter and former CEO and founder Sam Bankman-Fried (SBF) — who broadly advocated for Solana — has left the alternate.
SBF’s deteriorating public picture amid the FTX chapter and allegations of misusing person funds has additionally impacted the sentiment round Solana. The Solana Basis has assets worth over $30 million locked on FTX.
The Basis additionally claims that the most important DeFi initiatives on Solana have “restricted or no publicity” to FTX, based mostly on its evaluation. Nonetheless, it added that there are a number of Solana initiatives impacted by the FTX collapse which might be engaged on potential options.
Among the many high DeFi initiatives on Solana, lending platform Solend misplaced 87.6% of its TVL over the previous week and at present has roughly $30 million locked within the protocol in comparison with $284.33 million on Nov. 2, DeFiLlama information reveals.
Liquid staking protocol Lido misplaced 71.77% of its TVL over the week, from $7.59 billion on Nov. 8 to $6 billion on the time of writing. In the meantime, staking protocol Marinade Finance misplaced 54.73% of its TVL over the week.
Decentralized exchanges Raydium and Orca have misplaced 50% and 28.05% of their TVL over the previous week, respectively, as per DeFiLlama information.
