CandleFocus Solana’s TVL Surges Amid $2.36 Billion Inflows from Ethereum, but ETH Recovers Nearly Half
2024-11-01
Author: Content Editor
Solana (SOL) has been attracting attention for the significant inflows it has received from other blockchains, which has resulted in a surge in its total value locked (TVL). However, an examination of the data reveals that Ethereum (ETH) has recovered 42% of Solana's inflows. Artemis Labs data shows that Solana has received $2.36 billion from Ethereum, but $1 billion of those funds have returned to Ethereum. Only 2.7% of Ethereum's TVL has migrated to Solana this year, with most of Ethereum's outflows going to Layer-2 networks within its own ecosystem. In terms of net flows, Coinbase's Layer-2 network Base led in the past month, followed by Solana and Sui. Year-to-date, Ethereum's layer-2 networks, including Arbitrum and Optimism, have seen the largest net flows. Despite this, Solana's rise has been notable, and its price has outperformed most other digital assets, making it close to becoming the fourth-largest digital currency by market capitalization.
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