SOL Flips Tether Briefly With New All-Time High

The SOL token has been on an absolute tear this week, posting over 25% in the last seven days.

By
Anirudh Tiwari
on
November 6, 2021
Category:
Breaking News

SOL Market Cap Surpasses $70 billion

The native token of the Solana blockchain network, SOL, has rallied further to hit a new all-time high of $250.47 on Nov. 5, as per data from CoinMarketCap.

As previously reported by SolanaNews, the token hit a then all-time high of $247 on Nov. 4. The new all-time high of $250.49 hit over the past day also led to the token briefly flipping the most utilized stablecoin Tether (USDT) in market cap. At the time of writing, the token trades at $232, 6% shy of the all-time high.

“All of finance is 20% of the world’s GDP. If the software replaces 1% [of the work involved keeping the financial system running], that’s a huge amount of work that doesn’t need to be done. That’s literally: you can work four days a week now and have the same standard of living,” mentioned Anatoly Yakavenko, the founder and chief executive officer (CEO) of Solana Labs, in an interview with The Pavlovic Today on Nov. 5.
Source: CoinMarketCap

Along with the SOL token setting new records, the total value locked (TVL) in DeFi protocols on the Solana network hit an all-time high of nearly $15 billion on Nov. 4, as per data from DeFiLlama. Out of this TVL, Raydium dominates the network with $2 billion in TVL.

Source: DeFiLlama

About Solana Labs

Solana Labs is the software company behind the creation and maintenance of the Solana blockchain network. The network was launched in March 2020 and has since grown rapidly to become one of the most important blockchain networks for the Decentralized Finance (DeFi) markets.

Find more about Solana here:

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Anirudh Tiwari

Anirudh is a cryptocurrency analyst and writer who specializes in derivatives, DeFi, regulations and CBDCs. He has a Master’s degree in Finance. Before delving into crypto, he worked with a leading U.S. based investment bank. Apart from work, he is a music connoisseur and likes to play the drums.