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Value in Solana DeFi Doubled in First Week September

The value pouring into the Solana DeFi ecosystem has doubled during the first week of September to $7.78 billion. The blockchain attracts lots of investors, and the upcoming decentralized exchange Soldex even got backing from billionaire Evan Luthra.

On September 1st, the Solana blockchain had a total value locked (TVL) of $3.53 billion, according to data from Defillama, at the time of writing that number doubled to more than $7.78 billion. This growth comes mainly from the value increase of SOL, the native token of the Solana blockchain.

This growth of value underlines the potential investors and users see in Solana, a blockchain characterized by cheap and fast transactions. The fact that Solana is very energy efficient also fits the narrative involving worries about energy consumptions by NFTs on Ethereum. Many investors see Solana as a solid alternative. 

Currently, the Solana DeFi ecosystem has platforms like Saber, Raydium, and Serum. With a TVL of $2.29 billion, Saber currently leads the market, followed by Sunny ($1.74 billion) and Raydium ($1.61 billion). An upcoming name in the DeFi ecosystem is Soldex, a decentralized exchange (DEX) that uses artificial intelligence to help users make efficient trading decisions.

Investing in DeFi on Solana with Soldex

As the DeFi sector on Solana attracts investors, so did Soldex. The upcoming DEX recently got the support from investor Evan Luthra. He’s a young billionaire who invested in various tech and crypto companies. Receiving backing from an entrepreneur like Luthra, will put Soldex on the map when it launches. Luthra will also be an advisor to Soldex. With his 2.2 million Instagram followers, he immediately became one of the faces of the upcoming DEX.

Source: DappRader