The Solana case has become increasingly interesting in recent days. According to data from DefiLlama, the total value locked in Solana’s DeFi has fallen by about $600 million since July 31.
Solana’s DeFi TVL started the month at $2.15 billion, but had fallen to $1.56 billion at the time of going to press. This reflects Solana’s position at the TVL in chains.
At the start of the month, Solana was in fifth place, but is two places lower, with Polygon and Acala surpassing it. In the past day alone, Solana has lost over 16.53% of its total value locked into DeFi protocols.
What happens now?
Despite the recent flaws, Solana has seen a general uptick in select tokens traded on the network. CoinGecko has reported on the most traded tokens on Solana in the last 24 hours.
STEPN’s GMT token tops the list with over $356.8 million traded, followed by the $72.5 million SRM token.
The Everlend protocol also has a update on the Solana loans in the second week of August. The total TVL that Solana lends during this period has risen to $769.5 million.
The list of loan protocols is topped by Solend at $329.49 million as it continues to dominate proceedings. Mango and Tulip Protocols continue to occupy the second and third position at $231.77 million and $81.5 million, respectively.
Of the symbolic performances, Tulip is the only one to show a positive change over the course of the week with an increase of 3.76%.
This further reflects the attack on Solana DeFi as it continues to plunge into August.
How did SOL react to that?
The SOL token has been feeling the pressures of the market lately, with the “sell” class becoming much more common. This has led to a dip of nearly 2% in the past day, pushing SOL prices down to $43.
The falling prices are also exacerbated by the decline in network volume, which has decreased by about 2.20%.
Well, Solana is also going through a rough patch in terms of social activity.
Recent major gains in Shiba Inu and Ethereum have resulted in declining social volume for Solana, as can be seen in the chart below. While managing some rare peaks, the social volume measure underperformed and was valued at 36 at the time of writing.
The worst may be yet to come for Solana in the next month when Ethereum’s PoS transition takes place.
The merger is a highly anticipated event that is expected to be a major bullish signal for Ethereum’s PoS chain. While it’s not final, the change could affect other chains nearby, with Solana being a viable target.
This post Over $600 Million Washed Down: Is Solana DeFi Going Out the Window?
was published first on https://ambcrypto.com/over-600m-flushed-out-is-solana-defi-headed-out-of-the-window/