A new report from DappRadar finds that last month’s crypto market crash caused the total value locked (TVL) on the Solana (SOL) smart contract platform to free fall.
The TVL of a blockchain represents the total capital contained in its smart contracts and is calculated by multiplying the amount of collateral locked up in the network by the current value of the assets.
The data acquisition and analytics firm reports that Solana experienced a 71% decline in TVL month-over-month from October to November, falling to $366 million.
SOL is trading at $13.70 at the time of writing. The 18th-ranked crypto asset by market cap is down more than 57% since Nov. 1, when it was trading at $32.24.
By contrast, Binance Coin (BNB) had the least affected TVL percentage, falling just 3% on a monthly basis, according to the report. BNB posted $4.83 billion in TVL.
The native asset of the world’s largest crypto exchange platform by volume is changing hands at $289.96 at the time of writing and is down more than 10.6% since November 1 when it was trading at $324, 69.
Leading smart contract platform Ethereum (ETH) saw a 24% decline in TVL, but still remains the leader by far in the decentralized finance (DeFi) space, with a total value locked of $32.1 billion. Ethereum’s dominance over the sector decreased from 61.97% in October to 49% in November.
The overall TVL of the crypto sector decreased 22% to approximately $65.01 billion.
The non-fungible token (NFT) sector was also down, falling 7.47% from October to $546 million, according to DappRadar. The NFT sales count was also down 22.24% month-on-month.
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