A new DappRadar report found that the total value locked (TVL) on smart contract platform Solana (SOL) plummeted due to the crypto market crash last month.
Blockchain TVL represents the total capital held within a smart contract and is calculated by multiplying the amount of collateral locked into the network by the current value of the asset.
Data Acquisition and Analysis Company report Solana plummeted to $366 million in October-November with TVL down 71% month-over-month.
SOL is trading at $13.70 at the time of writing. The 18th largest crypto asset by market capitalization is down more than 57% since November 1, when it was trading at $32.24.
Conversely, Binance Coin (BNB) was least affected by the TVL percentage, falling only 3% month-on-month according to the report. BNB on TVL he registered $4.83 billion.
The native asset of the world’s largest crypto exchange platform by volume is trading at $289.96 at the time of writing, down more than 10.6% from November 1 when it was trading at $324.69.
Leading smart contract platform Ethereum (ETH), despite a 24% TVL drop, remains the overwhelming leader in the decentralized finance (DeFi) space, with $32.1 billion in total locked. Ethereum’s dominance over the sector decreased from 61.97% in October to 49% in November.
Overall TVL for the crypto sector fell by 22% to around $65.01 billion.
The non-fungible token (NFT) sector also declined, down 7.47% from October to $546 million, according to DappRadar. NFT sales also decreased by 22.24% from the previous month.
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