The collapse of the FTX exchange, according to a report shared by DappRadar wither negatively impacted the ecosystem. According to the data, total value locked in Solana (TVL) dropped sharply.
TVL represents the total capital held in smart contracts of a blockchain. The TVL value is obtained by multiplying the amount of collateral locked in the network by the current value of the assets.
DappRadarnoted that Solana blockchain experienced a 71% drop in TVL from October to November. TVL value dropped to $366 million.
Koinfinans.com As we reported, at the time of reporting, Solana (SOL) is trading at $13.70. Ranking 18th in market cap, SOL has lost 57% since November 1st.
According to the data, the TVL value of Binance Coin (BNB) is down just 3% on a monthly basis. BNB’s TVL value was recorded as $4.83 billion.
owned by the Binance exchange Binance Coin At the time of writing, it was trading at $289. BNB has lost 10% of its value since November 1st.
Leading smart contract platform Ethereum (ETH) recorded a 24% drop in TVL. However, it remains the clear leader of the decentralized finance (DeFi) space, with a total locked value of $32.1 billion. Ethereum’s dominance of the industry fell from 61.97% in October to 49% in November.
The overall TVL of the crypto industry fell 22% to approximately $65.01 billion.
The NFT sector also fell 7.47 percent from October to $546 million, according to DappRadar. The number of NFT sales also decreased by 22.24% compared to the previous month.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.