Due to the renewed interest in the decentralised finance (DeFi) area and other sectors of the crypto finance industry, Solana TVL was on the rise in July.
One of the top smart contract chains during the past two months has been Solana. According to *** research based on information from DeFiLlama, the blockchain increased by 38% from $1.55 billion on July 1 to $2.15 billion on July 31.
Why the rise in TVL?
A rise in the value locked in decentralised applications (dApps) in its ecosystem is what caused Solana TVL to increase in value in July.
The amount of TVL held by Marinade Finance, a liquid staking platform, increased by 39% in July, rising from $245.21 million on July's first day to $340.99 million on July's last day.
Decentralized lending procedure Solend also soared by 41% from $220.08 million on July 1 to $310.74 million on July 31.
Other dApps that made a significant impact on TVL include Serum, Raydium, Atrix, Lido, and Tulip Protocol, and other.
Solana trails Polygon, Avalanche, Binance Smart Chain, TRON, and Ethereum despite improving in TVL. However, it holds the lion's share in value locked over Cronos, Optimism, Arbitrum, and Fantom.
SOL price reaction
SOL began trading on July 1 at $33.65, reached a monthly high of $47.10, briefly tested the low point of $31.93, and ended the month at $42.40.
Overall, this translates to a 26% gain in SOL's price between July's opening and closing prices.
