Solana's Total Value Locked Hits $6.1B
Solana's total value locked surpasses $6.1 billion in October, fueled by meme coin hype, Raydium's trading surge, and record user growth.
In October, Solana’s total value locked (TVL) surpassed $6.1 billion, setting new records. This marks the highest TVL since January 2022, reflecting growing user trust and engagement with the platform.
TVL measures the total value of assets deposited in decentralized finance (DeFi) projects. A rising TVL suggests that more users are locking their assets in protocols, signaling increased demand and confidence in the platform.
Along with the record TVL, over 40 million SOL tokens have been locked in DeFi protocols, according to DefiLlama. This number has grown steadily, up from 14 million SOL at the beginning of 2024. The increase in TVL is not just due to the rising market price of SOL, but also the growing amount of SOL being locked in these protocols, indicating a surge in user demand.
A major factor driving this growth is Raydium, a decentralized exchange (DEX) on Solana, which has significantly contributed to the platform’s rising TVL. Since the beginning of October, Solana’s TVL has increased by $1 billion, with Raydium alone contributing $600 million to that rise. Raydium’s success is tied to the hype around meme coins, which has fueled a sharp increase in trading activity on decentralized exchanges.
Meme coins continue to drive much of the excitement on Solana. According to data, Solana’s meme coin market capitalization has surpassed $11.2 billion, with daily trading volume approaching $4 billion. Raydium’s DEX trading activity has thrived in this environment, capturing a 22% market share in September and processing $21.5 billion in volume.
Additionally, Solana’s network activity has reached new heights. Data from Artemis shows that the network saw over 4 million daily active addresses (DAA) in October, setting a new record. DAA has consistently stayed above 3 million per day since September, a sign of strong user growth. On top of that, new addresses on Solana also hit all-time highs, with over 4 million new addresses created daily, signaling fresh capital inflows and increasing user interest.
These new records in both TVL and active addresses reflect a strong demand for Solana, potentially driving further price growth for the altcoin. Currently, SOL is trading around $156, with technical analysis suggesting resistance at $159. If SOL breaks past this resistance level, it could potentially reach $200, according to market analysts.
