Over $500M flew out of Solana in a week, DeFi TVL down 63%

The full worth locked (TVL) successful Solana (SOL) network’s decentralized concern (DeFi) ecosystem stood astatine $330 cardinal arsenic of Nov. 14 — signifying a driblet of 96.75% from a highest of  $10.17 cardinal successful December 2021, according to DeFiLlama data.

TVL  successful Solana DeFi progressively fell passim 2022, driven by SOL’s dropping worth and the larger marketplace downturn. Since the opening of 2022, TVL successful Solana has decreased by 95%.

Additionally, implicit the past week alone, TVL connected the web has tanked by 63.21%.

The diminution successful TVL accelerated erstwhile questions implicit FTX’s liquidity arose astatine the commencement of November. Since then, FTX has filed for bankruptcy and erstwhile CEO and laminitis Sam Bankman-Fried (SBF) — who wide advocated for Solana — has near the exchange.

SBF’s deteriorating nationalist representation amid the FTX bankruptcy and allegations of misusing idiosyncratic funds has besides impacted the sentiment astir Solana. The Solana Foundation has assets worthy implicit $30 cardinal locked connected FTX.

The Foundation besides claims that the largest DeFi projects connected Solana person “limited oregon nary exposure” to FTX, based connected its assessment. However, it added that determination are respective Solana projects impacted by the FTX illness that are moving connected imaginable solutions.

Among the apical DeFi projects connected Solana, lending level Solend mislaid 87.6% of its TVL implicit the past week and presently has astir $30 cardinal locked successful the protocol compared to $284.33 cardinal connected Nov. 2, DeFiLlama information shows.

Liquid staking protocol Lido mislaid 71.77% of its TVL implicit the week, from $7.59 cardinal connected Nov. 8 to $6 cardinal astatine the clip of writing. Meanwhile, staking protocol Marinade Finance mislaid 54.73% of its TVL implicit the week.

Decentralized exchanges Raydium and Orca person mislaid 50% and 28.05% of their TVL implicit the past week, respectively, arsenic per DeFiLlama data.

The station Over $500M flew retired of Solana successful a week, DeFi TVL down 63% appeared archetypal connected CryptoSlate.