Over $500M flew out of Solana in a week, DeFi TVL down 63% Th | https://t.me/Solana_Updates

Over $500M flew out of Solana in a week, DeFi TVL down 63%

The total value locked (TVL) in Solana (SOL) network’s decentralized finance (DeFi) ecosystem stood at $330 million as of Nov. 14 — signifying a drop of 96.75% from a peak of $10.17 billion in December 2021, according to DeFiLlama data. TVL in Solana DeFi progressively fell throughout 2022, driven by SOL’s dropping value and the larger market downturn.

The decline in TVL accelerated when questions over FTX’s liquidity arose at the start of November. Since then, FTX has filed for bankruptcy and former CEO and founder Sam Bankman-Fried (SBF) — who widely advocated for Solana — has left the exchange. SBF’s deteriorating public image amid the FTX bankruptcy and allegations of misusing user funds has also impacted the sentiment around Solana. The Solana Foundation has assets worth over $30 million locked on FTX.

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@Solana_Updates