A new DappRadar report finds that last month’s crypto market collapse caused the total value locked (TVL) on the Solana (SOL) smart contract platform to go into freefall.
A blockchain’s TVL represents the total capital held within its smart contracts and is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
The data acquisition and analytics company reports that Solana saw a 71% drop in TVL from October to November, to $366 million.
SOL is trading at $13.70 at the time of writing. The 18th-ranked crypto asset by market capitalization is down more than 57% since Nov. 1, when it traded at $32.24.
Conversely, Binance Coin (BNB) had the least impact on TVL percentage-wise, dropping just 3% month-over-month, according to the report. BNB recorded $4.83 billion in TVL.
The native asset of the world’s largest crypto exchange platform by volume is changing hands at $289.96 at the time of writing and is down more than 10.6% since November 1, when it traded at $324.69.
Leading smart contract platform Ethereum (ETH) saw a 24% decline in TVL, but still remains the distant leader of the decentralized finance (DeFi) space, with a total value of $32.1 billion. Ethereum’s dominance over the sector declined from 61.97% in October to 49% in November.
Total crypto sector TVL fell 22% to approximately $65.01 billion.
The nonfungible token (NFT) sector also fell, falling 7.47% from October to $546 million, according to DappRadar. The number of NFT sales also decreased by 22.24% month-over-month.
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