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As reported by DeFiLlama statistics, the overall amount of TVL in the DeFi ecosystem of the Solana network was $285.6 million as of November 21. This represents a decrease of 97.75% from the highest value of 10.17 billion USD recorded in December of 2021.

Solana DeFi’s TVL decreased throughout 2022 due to the declining value of SOL and the general market decline. TVL of Solana has dropped by 95 percent ever since the start of 2022. Furthermore, TVL on the Solana blockchain plummeted by 63.97% in the last week alone.

FTX Downcast Affects Solana Negatively

As soon as concerns concerning FTX’s solvency surfaced at the beginning of November, the slide in TVL quickened. Sam Bankman-Fried (SBF)- FTX’s previous Chief Executive and founder, who vigorously supported Solana, departed the FTX marketplace after it declared bankruptcy.

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SBF’s worsening public image has damaged the perception of Solana through the FTX collapse amidst charges of user funding misuse. Over $31 million in crypto assets are committed to FTX for the Solana Foundation.

According to the Foundation’s analysis, several Solana projects affected by the FTX collapse are seeking possible solutions already.

Solend, a top lending platform, and Solana DeFi projects, lost 88.7% of its TVL in the last few weeks. Now, it has about $30 million restricted in the protocol as opposed to about $285 million on November 2, according to DeFiLlama info.

Lido – a top protocol for liquid staking, saw a loss of TVL of 72.27% over the week, falling from $7.59 billion on November 8 to $5.45 billion at the moment. Marinade Finance’s TVL, meanwhile, saw a weekly loss of 56.75%.

DeFiLlama reports that over the previous week, the two exchanges, Orca and Raydium, have lost 21.85% and 51% of their TVL, respectively. Cryptos are among the most well-known investments in the financial market.

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George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.