Solana has the most loss on a single DeFi metric, while BNB Chain demonstrates resiliency
According to a recent DappRadar analysis, last month’s crypto market crash caused the total value locked (TVL) on the smart contract platform Solana (SOL) to collapse.
The TVL of a blockchain reflects the total capital held in its smart contracts and is computed by multiplying the amount of collateral locked into the network by the current market value of its assets.
According to the data collecting and analysis company, Solana’s TVL fell by 71% from October to November, falling to $366 million.
Currently, SOL is trading at $13.70 per share. Since November 1, when it was trading at $32.24, the 18th-ranked crypto asset by market capitalization is down more than 57%.
According to the research, Binance Coin (BNB) had the smallest percentage effect on TVL, falling barely 3% month-over-month. BNB reported $4.83 billion worth of TVL.
At the time of writing, the native asset of the world’s biggest crypto exchange platform by volume is trading at $289.96, down more than 10.6% from November 1st, when it was trading at $336.9.
The top smart contract platform Ethereum (ETH) suffered a 24% decline in TVL, although it still leads the decentralised finance (DeFi) industry with $32.1 billion in total value locked. In November, Ethereum’s sector dominance decreased from 61.97% in October to 49%.
The total TVL of the cryptocurrency industry fell 22% to around $65.01 billion. According to DappRadar, the nonfungible token (NFT) market dropped by 7.47% from October to $546 million. The number of NFT sales fell by 22.24% month-over-month.