A new DappRadar report finds that last month’s crypto market meltdown caused the total value locked (TVL) on smart contract platform Solana (SOL) to freefall.
The TVL of a blockchain represents the total capital held within its smart contracts and is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
[adinserter block="1"]The data acquisition and analysis firm reports that Solana saw a 71% decrease in TVL month-on-month from October to November, crashing to $366 million.
SOL is trading for $13.70 at time of writing. The 18th-ranked crypto asset by market cap is down more than 57% since November 1st when it was trading at $32.24.
Conversely, Binance Coin (BNB) had the least impacted TVL percentage-wise, dropping only 3% month-on-month, according to the report. BNB registered $4.83 billion in TVL.
The native asset of the world’s largest crypto exchange platform by volume is changing hands at $289.96 at time of writing and is down more than 10.6% since November 1st when it was trading at $324.69.
The leading smart contract platform Ethereum (ETH) saw a 24% decrease in TVL but still remains the far-and-away leader of the decentralized finance (DeFi) space, with $32.1 billion in total value locked. Ethereum’s dominance over the sector did decrease from 61.97% in October to 49% in November.
The crypto sector’s overall TVL declined 22% to approximately $65.01 billion.
The nonfungible token (NFT) sector also declined, dropping 7.47% from October to $546 million, according to DappRadar. NFT sales count also decreased by 22.24% month-on-month.
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