Solana ecosystem records increasing institutional interest says FTX CEO

Bank of America

TL;DR Breakdown

  • Solana ecosystem records increasing institutional interest says FTX CEO.
  • Solana surpasses $11 billion TVL.

There seems to be no slowing down for the Solana ecosystem as the blockchain platform continues to grow, setting itself on the path to becoming the actual ethereum killer, as speculated by several crypto analysts.

In another incredible news for the Solana community, Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, has lauded the ethereum challenger noting that the blockchain platform has been gathering more interest from institutional investors.

Sam Bankman-Fried, who, according to Forbes, is the wealthiest person in crypto, with a net worth of $16.2 billion, disclosed that Solana is witnessing more interest from institutional players. The growth has been credited to the blockchain platform busy ecosystem, which currently boasts of over 400 DeFi and dApp projects.

FTX CEO, in his statement, further disclosed that the growing projects on Solana have aided its growth. According to him, user’s interest in nonfungible tokens (NFTs) and decentralized finance (DeFi) can be credited for the massive popularity of the Solana ecosystem.

Solana native token, as a result of the rising interest in its platform, has also skyrocketed. According to Coingecko, the digital asset has risen by 339 percent in the last 30 days. The growth pushed SOL to set a new all-time high record of $213.47 on September 09, allowing it to sit as the sixth-largest coin by market cap.

It is also worth knowing that Bankman-Fried is developing the Serum derivatives exchange on Solana’s network.

Solana ecosystem surpasses $11 billion TVL

Meanwhile, the Solana ecosystem has surpassed the $11 billion total value of assets locked on its platform.

According to data from popular multi-chain TVL stats dashboard, DeFillama, Solana has surpassed the $11 billion mark of the total value of locked assets.

DeFi projects built on Solana like Sunny, Raydium, Saber, Serum, Orca, and SolFarm are among the largest Solana TVL contributors.

An AMM for trading assets on Solana, Saber is the largest contributor on the Solana blockchain, with over $3.5 billion total value assets locked. Sunny Protocol is also very close, with over $3.1 billion total value assets locked.

It is worth knowing that Solana is a direct competitor to ethereum, but its cheap transaction fee and the fast network have made it a better alternative to ethereum who has high transaction fees and several issues with network congestion.

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Muhaimin Olowoporoku

Written by Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.