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HomeCrypto NewsMarket$13.8 Billion Total Value Locked In Solana Makes SOL Reach New ATH

$13.8 Billion Total Value Locked In Solana Makes SOL Reach New ATH

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Solana gets a new all-time high (ATH) thanks to rally-powered by a decentralized app.



The total value locked (TVL) in Solana has exceeded its previous ATH according to DefiLIama. The TVL has been moving with a strong connection with the market price. SOL reached the new record high of $231 following the 16.7 percent rise.

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sol totaol value locked

Because Solana token is a major component of the network, an increase in demand due to the growth of DeFi as well as NFT industries has a positive effect on the SOL price. To launch an application on the Solana network, or to build the NFT collections, customers need to buy SOL tokens first.

In the present market, the decentralized applications are gaining the spotlight, which has attracted more investors to Solana as a result SOL succeeded in additional buying capacity.

 

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Solana gained popularity after the NFT market exploded. Due to Ethereum network scaling issues some users had to shell out thousands of dollars to make transactions, as a result, Ethereum Killers like Solana gained a major reputation because of their low fees structure.

With more convenient fees and transaction processing options, Solana users can make low-cost transactions in the midst of high traffic on the network.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Author

Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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