Solana token made it to the top 6 cryptocurrencies

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The token is growing against the backdrop of the rapid development of the ecosystem: over the course of a day, the coin has risen in price by 10% and displacing XRP from the sixth place in the cryptocurrency rating.

The popularity of DeFi and DAO projects based on the Solana blockchain creates a favorable fundamental background and contributes to the growth of the SOL token.

Key facts

  • Solana is trading at $ 207.58 at time of publication. Over the course of the day, the coin has risen in price by 8.6%, and over the week – by almost 30%.
  • In the Asian trading session, Solana (SOL) came close to the all-time high of $ 213.47. The local top was formed at the level of $ 212.29.
  • Solana’s market capitalization reached $ 62.4 billion, thus pushing XRP out of the sixth place in the global cryptocurrency ranking. At today’s market capitalization, Solana is just $ 8 billion behind Cardano.
  • The daily volume of transactions with the SOL token exceeded $ 4 billion, an increase of 64% compared to the previous day.

What’s happening

  • The activity of DeFi-protocols based on Solana has renewed its all-time high: the volume of blocked funds (TVL) in projects approached $ 14 billion.

TVL helps measure the popularity of protocols and customer activity in various decentralized finance projects. These include numerous platforms offering lending services, the ability to earn interest on deposits, exchange tokens, farm liquidity, and much more.

  • Also on Friday, Solana announced the launch of a beta version of a tool called “Squads” for creating Decentralized Autonomous Organizations or “DAOs” on the web.

DAOs imitate the structure of joint-stock companies, only they are not managed by boards of directors, but by smart contracts and members of organizations through voting.

Squads is a web-based governance client that allows DAO members to initiate and participate in organizational governance polls.

In 18 months, the project managed to become the third largest blockchain ecosystem with support for smart contracts.

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