Unpacking Solana's surge in the shadow of Bitcoin rally

11/01/2023 21:30

The growth in TVL driven by Marinade Finance highlights Solana's potential, but raises questions about its reliance on a few major protocols.

Unpacking Solana’s surge in the shadow of Bitcoin rally 32 seconds ago · 3 min read

The significant growth in TVL, driven largely by Marinade Finance, highlights Solana's potential, but also raises questions about its reliance on a few major protocols.

3 min read

Updated: November 1, 2023 at 2:01 pm

Unpacking Solana’s surge in the shadow of Bitcoin rally

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Bitcoin's rally beyond $34,000 has ignited a DeFi surge, with Solana leading the charge. But what does this mean for the DeFi market as a whole? Total Value Locked (TVL), a key metric indicating platform popularity, shows a significant 26.5% increase in Solana's TVL from Oct. 1 to Nov. 1. And the main catalyst? Marinade Finance, a staking protocol that experienced a staggering 180% TVL surge in October alone. But is this growth sustainable? Is Solana's reliance on a few major protocols a cause for concern in the volatile crypto landscape? The answers...