Solana TVL drops 32.4% as FTX turmoil rocks ecosystem

Solana's total value locked (TVL) has dropped over 32% in 24 hours after the sudden unraveling of crypto exchange FTX and the backing out of Binance from a proposed rescue deal.

The total value locked on the Solana chain has plummeted 32.4% in the last 24 hours, as news stemming from the collapse of FTX has sent waves through the crypto ecosystem.

The fall in TVL went as far as a 51.7% decline over 24 hours, however, but slightly corrected leading up to the writing of this article. Other major protocols on Solana have seen similar decreases over the last 24 hours, with automated market maker Raydium down 34.25%, liquid staking protocol Lido down 43.13% and lending protocol Solend down 63.07%.

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