Solana’s $4.6 billion TVL: How Tensor’s token debut played a role

  • Solana has seen a recent rise in its TVL.
  • It ranks third in the seven-day NFT sales volume ranking.

The addition of a Solana [SOL]-based NFT marketplace’s token to major exchanges has caused quite a stir within the Solana community. But, it remains to be seen if this enthusiasm will lead to higher demand for SOL. To determine this, we need to examine trading statistics from the Solana system and keep an eye on market trends after the listing.

Solana-based TNSR gets listed

On April 8th, Tensor, a significant NFT marketplace operating on Solana, saw its newly introduced token become available for trading on prominent exchanges like Binance and OKX. This development came after Coinbase had previously announced its plans to list the TNSR token upon its launch.

The Solana community buzzed with great anticipation as they received the latest announcements, which in turn sparked significant enthusiasm among its members.

According to Tiexo’s data, the combined trading volume of Solana’s markets reached around 374,000 dollars during the past week.

Among these marketplaces, Tensor came in second place in terms of trading volume, recording approximately 129,000 observations. Nevertheless, Tensor took the lead when it came to active wallets, with around 207,000 transactions recorded within the last seven days.

In contrast, Magic Eden ranked second with around 39,000 active wallets recorded.

TVL moves, but volume remains

Examining the Solana volume graph reveals that the recent update hasn’t led to a substantial increase in trading activity as of now. The current volume hovers around $791 million.

Despite the recent growth, the Total Value Locked (TVL) hasn’t been exclusively caused by the most recent development. Instead, this surge in TVL has occurred in parallel with it. At present, the TVL exceeds $4.6 billion, approaching its record high of over $4.8 billion.

Solana’s $4.6 billion TVL: How Tensor’s token debut played a role

Solana records third-highest NFT sales volume

Based on information from Crypto Slam, Solana came in third place with over $40.5 million worth of NFT sales in the previous week.

During the specified period, NFT sales volume for this asset ranked third, with a total of over $63 million, following closely behind Bitcoin‘s impressive sales of over $91 million and Ethereum‘s sales of more than $63 million.

SOL volume and price remain unaffected

Examining Solana’s daily price chart up to now shows no noticeable upward trend. Nevertheless, presently, the cryptocurrency is experiencing a slight gain of approximately 1%, trading near $182.

Solana’s $4.6 billion TVL: How Tensor’s token debut played a role

 Realistic or not, here’s SOL market cap in BTC’s terms

Three days ago marked the beginning of a series of daily gains for SOL, which had been preceded by significant drops at the start of the month. Surprisingly, even with these earlier setbacks, the overall upward momentum for SOL has persisted.

Additionally, the volume has grown slightly since 7th April, now surpassing $2.6 billion.

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2024-04-09 08:23