Solana Sees Unfavorable DeFi Sentiment as TVL Drops 12.5%: Details

Oct 14,2022
Solana Sees Unfavorable DeFi Sentiment as TVL Drops 12.5%: Details

An automatic detection system of PeckShield, a network information security service provider, shows that the DeFi ecosystem in Solana is experiencing capital outflow, which exposes the unfavorable mentality of investors. This is reflected in the decline of its total value locking (TVL), that is, the total amount of consumer assets deposited into the decentralized financial industry (DeFi) agreement.

Data from DeFiLlama, a TVL tracking company, shows that Solana's total value locked (TVL) is $985 million. According to the information of TVL aggregator, the current value has decreased by 24.19% compared with the past 24 hours, by 27.50% in the past 7 days, and by 27.94% in the past month. In the case of many DeFi discharges in the past month, Solana showed the largest discharge in the top ten DeFi blockchains during this period.

The recent mango market invasion is likely to cause this decline. Solana ranks sixth in the Defi blockchain, behind Ethercoin, Tron, BSC landslide and irregular graphics. Solana's TVL has been criticized in the past. Justin Bons, the founder and CEO of CyberCapital, said that most SOL TVLs are false.

Mango suffers $100 million attack

It is reported that Mango, Solana's decentralized financial investment platform, has suffered an attack of US $100 million. The online loan platform verified this system vulnerability in its original tweet, saying that it was "dealing with a network hacker who was siphoning funds from mango enterprises based on controlling the price of oracle bone characters"

At the time of release, Mango's TVL fell by 100% in the past 24 hours, reaching 210 million dollars. Mango indicated in the initial announcement that it had "taken effective measures to let the third party freeze and clean the working capital", and "as a precautionary measure, it is prohibited to use the previous savings"