Wednesday, December 8, 2021
Home Crypto News Market $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.

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.

 

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.

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Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Ammara authored more than 1,000 stories for TheCryptoBasic, CryptoComes and other fintech media outlets. She is particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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