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Total Value Locked in DeFi on Solana Hits Record High Of $12.7B

Decentralized finance (DeFi) projects built on the Solana network are having a field day. According to data aggregator DeFiLlama, the total value locked (TVL) of all DeFi projects built on the network has hit a record value of $12.7 billion at press time. 
TVL is a common—albeit slightly controversial—metric that tracks how much money is locked inside a specific protocol, in the form of liquidity pools, collateral held, or simple deposits. 
TVL in DeFi projects available on Solana. Source: DeFiLlama.
The most dominant project is Raydium, a popular decentralized exchange (DEX) for the Solana ecosystem. Of the $12.7 billion figure, Raydium is responsible for more than 14% of that value, or $1.8 billion. 
There are now six DeFi protocols built on the network that all enjoy a TVL greater than $1 billion. 
And with Solana hosting another 568 projects during its latest hackathon called Ignition, many believe that the next batch of DeFi unicorns could arrive very soon. 

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