Solana TVL keeps on plunging in the third week of May as a result of bearish trends in the market that have been experiencing a decline in decentralized finance (DeFi).
Solana has been listed among the best-performing crypto platforms over the last 18 months. Be (in) Crypto Research stated that Solana has had a 60% loss in total value locked since January 2022.
On January 1st, Solana reached a total value locked of an estimated $11.22 billion, descending to about $4.38 billion on May 15.
Solana is a decentralized blockchain that is capable of building user-friendly applications that are highly expandable. As the fastest growing ecosystem in the Crypto finance platform, Solana has thousands of projects under Web3, such as NFTs and DeFi.
Solana TVL dipped to fresh high lows this week due to decentralized applications (dApps) in its ecosystem descending to new lows.
For example, Solend – a decentralized lending and borrowing platform- has descended by more than 8% in the last month; at the same time, yield aggregation platform Tulip has also lost more than 11% of its total value locked within the same period of time.
Staking platform, Marinade Finance, and decentralized exchange (DEX) protocol serum have shed more than 48% and 42% of their TVL.
Other dApps that have brought about a decline in total value locked are, Raydium, Atrix, Orca, Fancium, Quarry, Mango Markets, and Saber.
Despite plunging by more than $6 billion, Solana has kept its position as the 4th blockchain with the most TVL.