Solana’s DeFi ecosystem has seen a notable increase in growth this year, with major traditional institutions such as Visa and Shopify adopting the blockchain network. The total value of assets locked (TVL) on the Solana blockchain reached a yearly high of $335 million on October 2nd, according to DeFillama data. Despite this recent growth, the TVL remains significantly below its all-time high of over $10 billion during the 2021 bull market.The network has faced several challenges this year, including the U.S. Securities and Exchange Commission (SEC) labeling SOL, the network’s token, as a security. This led to the removal of the asset from several trading platforms, such as Revolut, Bakkt, and others. Additionally, the Court has approved the bankrupt FTX move to sell its substantial digital asset holdings, which includes an over $1 billion position in SOL.Despite these issues, SOL’s price has seen an increase of more than 133% on the year-to-date metric, according to CryptoSlate’s data.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	8
People	Revolut, Visa, Bakkt, Shopify, Coinbase.
Companies	Revolut, Visa, Bakkt, Shopify, DeFillama
Currencies	US Dollar, Solana, Ethereum, Bitcoin, bakkt.
Securities	None