SNEAK PEEK
- Solana’s (SOL) usage dropped severely this year.
- Solana’s DeFi TVL amassed $10B earlier but today it’s less than $1B.
- Blockchains have witnessed a dip in TVL throughout DeFi.
Solana dropped to the 8th slot in total TVL as per the data by Defilama TVL, which is 10% and a third lower than a week and a month ago, respectively. Last year, Solana’s DeFi TVL amassed $10B but today it’s less than $1B, with over one-third of it living within Solend.
And for the first time in over a year, Solana is not #2 in NFT sales volume behind Ethereum pic.twitter.com/hESVKd2Jam
— Mamba 🐍 (@Mamba248x) October 23, 2022
TVL has been affected severely by these asset prices. This year, all blockchains have witnessed a dip in TVL throughout DeFi.
Solana’s has dipped higher compared to its competitors, and it’s in critical danger of falling out from the list of top 10 in DeFi TVL.
There is a looming threat to Solana’s growth chart at the moment, however, there are many growth and development opportunities beyond DeFi, which they may look into. However, its future around NFTs also doesn’t seem on the brighter side.
Solana was always considered 2nd top when spoken about NFTs behind Ethereum. As the NFT ecosystem continues to grow further, there is a possibility of an increase in this looming threat against Solana.
According to data aggregator CryptoSlam’s data, Solana had dropped down to the 3rd spot.
Mamba claimed this data to be inaccurate because it wasn’t allocating Magic Eden data appropriately. Even if we consider Solana’s position to be 2nd in NFTs, there are competing blockchains all set to push down and out of the top 10 in DeFi TVL.
New chains like Ripple, Cardano, Hedera, and Avalanche, have been making progress in NFT community building and investment. Although these blockchains are not at the same level as Solana at the moment, they certainly can be in the future.
