The total value locked (TVL) of the Solana blockchain has dropped by over 34% from a peak of $13.22 billion reached on September 14, to a six-month low of $8.67 billion on Wednesday, and the TVL has fallen below $10 billion over the last 30 days. Data from DefiLlama shows that the decline in TVL is primarily due to Jito's liquid staking, which has dropped by 53% since mid-September. Other major decentralized applications, such as Jupiter DEX, Raydium, and the Sanctum protocol, have also experienced declines of 30%, 46%, and 46% respectively.
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