Solana DeFi decreases by 870 million
During this week’s crypto market crash, more than 27 million SOL tokens left the Solana smart contract ecosystem. DeFi TVL Solana has dropped $840 million in just the last three days.
Solana, a Layer-1 competitor to the Ethereum blockchain network, was under selling pressure. Within the cryptocurrency market earlier this week, the Solana (SOL) price correction dropped by a 35% shock to $ 25 in total. Solana has been recovering since then and is now selling for over $ 30.
Solana faces strong selling pressure as the Fed announces a 75 basis point rate hike. Coinglass says Solana (SOL) has faced a $ 10 million liquidation in several exchanges over the past 24 hours.
Solana DeFi decreases by 870 million
Since peaking at $ 267 in November 2021, Solana has seen a 90% erosion in her estimates. The latest drop comes amid correction in the wider crypto space. The entire cryptocurrency market is in free fall amid fragile global macroeconomic conditions.Solana DeFi decreases by 870 million
Big discount in Solana Smart contract
Since the crypto market crash on June 13, more than 27 million tokens have been leaked from Solana’s smart contract ecosystem. On Thursday, June 16th, the Total Value Lock (TVL) of the Solana blockchain network dropped to 74.65 million SOL (about 2.25 billion).Solana DeFi decreases by 870 million
Solana has lost 27% in Defi TVL in the last three days, according to Defi Lama data. This means that the ninth largest blockchain has seen the withdrawal of smart contracts worth $ 840 million in just three days.
These massive outflows suggest that investors are unwilling to keep their SOLs locked on the DeFi protocol. This is because negative sentiment has been increasing in the DeFi market following two recent major events, the Terra collapse last month and the Celsius Network liquidity crisis earlier this month.
Solana can put more pressure on sales without making any major improvements to the macro or system. Solana recently suffered a major network outage. Last year, the Solana blockchain experienced nine major network outages and failures.
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