On October 2, the Solana blockchain’s total value locked (TVL) rose above $339 million — the highest figure since November 2022.
In the last 24 hours, the network’s TVL rose by 4.15%. The biggest gains were posted by the lending service Mango Markets (28%), DEX FluxBeam (20%), and the lending protocol Oxygen (15%).
However, current levels are still far from the historic highs of November 2021, when the ecosystem’s TVL approached nearly $10 billion.
Over the past week, the SOL token rose by 24%, according to CoinGecko. At the time of writing, the coin was trading at $24.13, up 10.7% in 24 hours.
The asset’s market capitalization is about $9.95 billion with a daily trading volume of $920 million. The SOL price is also far from its $259 peak during the previous bull cycle.
Analysts also have concerns about the trajectory of the asset’s price after the sale of assets from the collapsed FTX worth $3.4 billion. The exchange was the largest holder of SOL tokens at $1.16 billion.
In August, the number of daily Solana users fell to 204,000 — the lowest since on-chain data tracking began in late 2020.
Earlier, the Elusiv team added a confidential token-swap feature to its eponymous Solana app. The solution enables swapping assets without revealing information about the public wallet address on the blockchain.
In July, Solana co-founder Anatoly Yakovenko allowed the use of Ethereum as a Layer-2 solution.