Amid its astounding price rise the Solana (SOL) network has also been seeing significant growth on its ecosystem, with total value locked (TVL) on it now nearing $9 billion after the network saw inflows of more than $2 billion from other chains over the past three months.
According to data from Artemis, over the last three months Solana saw total inflows of $2.02 billion from other cryptocurrency networks, with the lion’s share of these funds coming from rival smart contract platform Ethereum, which saw $1.86 billion in outflows.
Other networks that contributed to Solana’s inflow include Sui and Arbitrum, which saw $59.69 million and $37 million outflows to SOL, respectively, as well as Base and Binance’s BNB Chain, both of which saw around $15 million outflows.
Minor outflows to Solana also came from Moonbeam, Polygon, Aptos, Acala, Optimism, Avalanche, Algorand, and others.
Solana’s ecosystem flows. Source: Artemis
These inflows helped the total value locked on the smart contracts deployed to the network explode upward this year, from around $1.4 billion at the beginning of January to now stand at $8.97 billion, according to data from DeFiLlama.
Solana’s ecosystem growth also allowed its on-chain trading volume to explode upward from around $300,000 per day at the beginning of the year to hit a record $11.3 million before enduring a small correction.
Solana sees major inflows as price rises
These inflows also come as the price of SOL has been steadily moving upward amid a wider cryptocurrency market rally that saw the price of the flagship cryptocurrency Bitcoin near $100,000 before correcting to $95,000 at the time of writing.
Solana has outperformed most other major cryptocurrencies this year, having risen 322% to now trade at $235, near its all-time high below the $250 mark. The cryptocurrency notably traded at just $13 in early 2023 after the collapse of FTX, a major SOL proponent, affected its ecosystem.
Its price rise allowed it to become the fourth-largest cryptocurrency by market capitalization after seeing its market cap top $100 billion earlier this month.