Solana is the star of the week, according to the latest reports. Check out the following details about the price of the altcoin below.

Solana sees price explosion

The native token of a decentralized exchange (DEX) developed on Solana (SOL) has surged by over 95% this week due to the network’s rapid growth.

Raydium (RAY) is an automated market maker (AMM) with an on-chain order book. RAY’s native token is currently trading at $1.72, up from approximately $0.88 a week ago.

The crypto asset is ranked 144th by market cap and has risen by almost 16% in the last 24 hours and over 1,140% since the beginning of 2021.

RAY cryptocurrency has seen recent gains due to the explosion in total value locked (TVL) within the Raydium protocol.

TVL refers to the amount of capital deposited within a protocol’s smart contracts, and it’s often used to gauge the health of a crypto ecosystem.

According to the decentralized finance tracker DeFi Llama, Raydium’s TVL has reached $116.8 million at the time of writing, which represents an increase of over 38% in the past week and 118% in the past month.

Solana, which is known as a competitor to Ethereum (ETH), has also experienced a significant increase in TVL in the past month. As per the current data, Solana’s TVL is $1.328 billion, an increase of almost 28% in the past week and 154% in the past month.

At the time of writing, SOL – the 5th-ranked crypto asset by market cap – is trading at $96.62. It has seen an increase of over 4% in the past 24 hours.

Solana in the news

Stablecoin issuer, Paxos, is expanding its services to the Solana (SOL) network.

This marks the first time a multi-chain platform is regulated across multiple jurisdictions.

The New York-based cryptocurrency firm has exclusively worked with Ethereum (ETH) in the past, but will now release its dollar-pegged crypto asset, Pax Dollar (USDP), over the Solana blockchain.