![Evaluating the state of Solana [SOL] ecosystem post FTX demise](https://i.headtopics.com/images/2022/11/17/cryptoamb/evaluating-the-state-of-solana-sol-ecosystem-post--evaluating-the-state-of-solana-sol-ecosystem-post--1593265960982544387.webp)
TVL held on Solana has declined by over 60%. User activity across the network also fell. SOL offered no respite to users as it has since fallen by 62%. Severely impacted by the sudden collapse of cryptocurrency exchange FTX, total value locked (TVL) held across decentralized finance (DeFi) protocols housed within the Solana [SOL] network […]
According to the DeFi TVL aggregator, on 6 November, when Binance founder and CEO Changpeng Zhao first tweeted about his exchange’s decision to liquidate all the remaining FTT holdings on its books, Solana’s TVL stood at $1 billion.
Leading SOL staking platform Marinade Finance recorded a 67% decline in its TVL within the same period. With a TVL of $95 million, Marinade Finance remained the protocol with the highest TVL on Solana as of this writing. This was so as users rallied to remove their assets, comprised of a significant volume of stablecoins and Solana-based tokens from several protocols on Solana.
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