Ethereum competitor Solana flipped the market cap of XRP, becoming the sixth-largest cryptocurrency in the world, according to data aggregator CoinGecko.
Solana currently trades at $209.58, up 10.9% in the last 24 hours alone and roughly 30% higher than it was this time seven days ago.
At 9.49 AM UTC this morning—the height of its price surge—Solana was trading at $212.29, falling just a hair’s breadth away from hitting its former all-time high of $213.47.
What’s happening on Solana?
On Thursday, the Total Value Locked (TVL) of all decentralized finance (DeFi) protocols on Solana’s blockchain exceeded $12.7 billion.
TVL is a useful metric in crypto, especially where smart contract-enabled blockchains like Solana and Ethereum are concerned. Smart contracts are self-executing financial contracts that don’t require an intermediary to broker and honor the contract.
Blockchain developers use smart contracts to build decentralized finance, or DeFi for short, protocols. D
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