According to DeFiLlama data, the total locked value (TVL) of DeFi protocols in Solana set a new record with $12.7 billion.
TVL is a metric that shows how much money is locked in a particular protocol in the form of liquidity pools, collateral held or simple deposits. Although controversial, it is widely used.
TVL in Solana is predictably dominated by decentralized trading platform Raydium. Raydium accounted for 14% of the amount, corresponding to $1.8 billion. The network also has 6 other protocols with over $1 billion TVL.
To use these DeFi protocols, users must have SOL, the local token of the network. SOL extended its gains as much as 20% in the last 24 hours and hit $194. SOL is trading at $185 at the time of publication.