DeFillama's DeFi TVL hits $335 million mark

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DeFillama's DeFi TVL hits $335 million mark

On Oct. 2, DeFillama reported a yearly high in the total value of assets locked at $335 million.

The TVL dipped slightly to $329.59 million from $332.59 million at the time of the survey. This increase reinforces the recent influx of investors into the network's decentralized finance ecosystem.

The surge is a notable departure from the previous year's trend. In 2022, Solana's DeFi TVL experienced a gradual decline, influenced by the decreasing value of SOL and the broader market downturn. The impact of worries regarding the project's relationship with Bankrupt FTX further exacerbated this decline.

However, the network has experienced some growth this year and has seen its TVL increase to the current levels of $210 million. The data shows that the gain in year-to-date sales rose by close to 40%.

This year, Solana's ecosystem has seen notable growth, resulting in adoptions from Visa, Shopify, and other major traditional institutions. The SOL token was one of the numerous digital assets that the U.S. SEC labeled as securities in its legal actions against major cryptocurrency exchanges, such as Binance and Coinbase.

The Classification has led to the quick removal of the asset by several trading platforms, including Revolut, Bakkt, and others.

Besides that, the network's token still faces significant selling pressure ahead as the Court approved the Bankrupt FTX move to sell its substantial digital asset holdings, which includes an over $1 billion position in SOL.

SOL's price has been heavily affected this year due to these issues. SOL was trading for $23.06, up more than 133% on the year-to-date metric, per CryptoSlate's data.