The recent crypto market surge has positively impacted the price of Solana's token and its DeFi ecosystem. As a result, Solana's total market cap has once again surpassed $100 billion, and DeFi TVL has reached a six-month high.
Increase in Solana's Market Capitalization
On July 21, Solana's total market cap exceeded $100 billion, with SOL trading at $194.62 per coin, marking the highest level since January 25 of this year.
DEX Volume Dynamics in Solana
From July 14 to July 20, Solana DEXs processed $22.58 billion in volume, an increase from $18.5 billion the previous week. Leading decentralized exchanges include Raydium, Orca, and Meteora.
Reasons for the Increase in Solana's DeFi TVL
The primary reason for Solana's DeFi TVL reaching a six-month high is the rise in SOL token price, as these tokens represent a significant portion of assets across DeFi protocols in the network. Currently, the DeFi TVL stands at $10.453 billion.
The increase in SOL token prices and DeFi TVL indicates an improvement in Solana's ecosystem, although DEX volumes remain far from historical highs.
