Solana (CRYPTO: SOL) , Polkadot (CRYPTO: DOT) , and Luna (CRYPTO: LUNA) have soared a respective 76.24%, 29.08%, and 67.36% in the past seven days, as of 10:30 a.m. EDT Saturday. They are now trading at $76.66, $28.73, and $28.62 per token, respectively. Projects on the decentralized finance (DeFi) networks behind these tokens have sharply picked up traction of late.
Image source: Getty Images.
First of all, the total value of projects staked on Solana recently exceeded $2 billion. It has also become the token of choice for cryptocurrency billionaire Sam Bankman-Fried, the founder of FTX, the fifth-largest cryptocurrency in the world. As a result, Solana's gains did not lose their momentum even as the network suffered its first-ever rug pull. Developers of the Luna Yield crypto-lending platform shut down their websites and social media pages after allegedly defrauding over $8 million from investors.
For further details see:
Why Solana, Polkadot, and Luna Are All Up This Week