Solana’s case has gotten more and more interesting in recent days. According to data from DefiLlama, the total value locked in Solana’s DeFi has dropped by approximately $ 600 million since July 31.
Solana’s DeFi TVL started the month at $ 2.15 billion, but as of press time it was down to $ 1.56 billion. This continued to reflect Solana’s position among the chained TVLs.
At the start of the month, Solana was in fifth place but is down by two more places with Polygon and Acala overtaking him. In the last day alone, Solana lost over 16.53% of her total value locked in the DeFi protocols.
Source: DefiLlama
What happens now?
Despite recent imperfections, Solana has witnessed a general resurgence of 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 chart with over $ 356.8 million traded, followed by the SRM token at $ 72.5 million.
The Everlend Protocol has also published a update on the Solana loan in the second week of August. Solana TVL’s total loans during this period accumulated to $ 769.5 million.
The list of loan protocols is led by Solend at $ 329.49 million as it continues to dominate the proceedings. The Mango and Tulip protocols continue to occupy the second and third positions at $ 231.77 million and $ 81.5 million, respectively.
Among the token performances, Tulip is the only one to show positive changes during the week with an increase of 3.76%.
This further reflects the assault on Solana DeFi as it continues to dive into August.
How did SOL react?
The SOL token has felt market constriction in recent times with the “sell” class becoming much more common around. This led to a nearly 2% drop on the last day which brought SOL prices to $ 43.
The drop in prices is also aggravated by the drop in network volumes which are down by about 2.20%.
Well, Solana is having a hard time when it comes to social activity as well.
The recent major increases in Shiba Inu and Ethereum have led to a decrease in social volume for Solana, as seen in the graph below. While managing some rare increases, the social volume metric underperformed and was rated at 36 at press time.
Source: Santimento
The worst could still come for Solana in the next month when Ethereum’s PoS transition takes place.
The merger is a highly anticipated event that should be a major bullish sign for Ethereum’s PoS chain. While it’s not final yet, the change could end up affecting other chains around with Solana a viable goal.