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.