Solana’s DeFi space suffers, but here’s the unexpected NFT twist

  • Solana’s DeFi activity declines, however, the NFT market shows a promising future.
  • Following the broader market, the SOL token faces selling pressure.

Solana’s hold in the DeFi space continued to dwindle. Despite the overall market observing a recovery, Solana underperformed in the DeFi market.

Well, the fall in DeFi activity could signal an overall decline of interest in Solana’s ecosystem.

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Solana’s DeFi(ance)

Notably, Solana’s overall TVL remained flat throughout the past three months, which was a cause for concern.

The decreasing dApp activity was one of the reasons behind the same. Popular dApps like Raydium and Saber observed a fall in the number of unique active wallets on the network.

This indicated that users were not majorly engaging with Solana’s DeFi applications.

Source: Defi Llama

Another indicator of Solana’s declining DeFi activity was the decreasing number of DEX wallets on the network.

A DEX or decentralized exchange is a platform that allows users to trade…

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