When Solana’s price hit new lows near $54, the total value locked (TVL) for the token also declined to a historical low. According to data from Defi Llama, the token’s TVL has been on a steady decline since November 2021. In that month, it reached an all-time high of $15 billion but then lost momentum and went down to $4.34 billion. Solana’s TVL continued to plummet in the third week of May due to bearish trends within this market that have seen declining interest from investors. Related Reading | Ripple (XRP) Price Picks Up As SEC Legal Showdown Drags On With its price struggling to find footing, it’s been one of the best-performing crypto projects in recent months. However, the research says that Solana has lost 60% in total value locked since January first day of 2022, trapped inside a bear market pattern. To be exact, on January 1st, Solana’s TVL was approximately $11.22 billion, but by May 16, it had fallen to around $4.38 billion. Solana is a blockchain that helps create user-friendly applications that are very scalable. As the fastest growing ecosystem in the crypto finance space, Solana has thousands of projects under Web3, non-fungible tokens (NFTs), and DeFi. Reason Behind The Decline in Solana Total Value Locked This week, the Solana TVL reached new lows due to the number of decentralized applications (dApps) in its ecosystem plummeting. For example, the Tulip yield aggregation platform ...
