The total value locked (TVL) in Solana’s (SOL) decentralized finance (DeFi) ecosystem has surpassed $6 billion for the first time in nearly three years. This milestone reflects a significant resurgence in DeFi activity on the Solana network.
Currently, over 40 million SOL tokens are locked in various DeFi protocols, representing approximately 8.66% of Solana’s circulating supply. This figure excludes SOL used in native staking, highlighting a notable increase in participation across lending protocols, decentralized exchanges (DEXs), and liquid staking initiatives.
Much of this renewed DeFi activity is concentrated on Raydium, Solana’s pioneering DEX, which has reclaimed its position as the network’s second-largest protocol by TVL. Raydium, which was a key player during the 2021 DeFi boom, is seeing a resurgence in part due to the rising popularity of Solana-based meme coins. The market capitalization of these meme coins has now exceeded $11 billion, fueling substantial TVL growth.
Solana’s dominance in DEX trading volume has also grown significantly, with the platform now accounting for 31% of global DEX volume, the highest share in the past two months.
The liquidity staking token (LST) market has also contributed to Solana’s TVL growth. Major centralized exchanges (CEXs) like Bybit and Binance have launched their own LSTs on Solana, further boosting activity on the network. In addition, the increasing adoption of restaking protocols, led by Jito and Solayer, has played a crucial role in expanding the ecosystem.
Jito, the leading protocol in Solana’s liquid staking sector, has surpassed $2 billion in TVL, making it the only Solana protocol to cross this threshold. Meanwhile, Solayer, Solana’s first layer-1 restaking protocol, continues to grow, with over $200 million in TVL. These developments are diversifying Solana’s DeFi offerings and driving its recent success.
With its growing DeFi ecosystem and increasing on-chain activity, Solana is once again positioning itself as a major player in the decentralized finance landscape.