Solana’s DeFi Ecosystem Achieves $6 Billion TVL Milestone

Solana’s DeFi TVL Surpasses $6 Billion

In a recent milestone, Solana’s decentralized finance (DeFi) ecosystem has exceeded $6 billion in total value locked (TVL), marking a significant resurgence in activity.

The total value locked in Solana’s DeFi ecosystem has reached a milestone of over $6 billion, a level not seen in almost three years. This increase in TVL signifies a growing trend in the network’s DeFi engagement, with more than 40 million $SOL tokens locked in various DeFi protocols, representing about 8.66% of the total circulating supply. This excludes native SOL staking and highlights a significant participation in lending protocols, decentralized exchanges (DEXs), and liquid staking initiatives.

Raydium Emerges as a Key DEX Protocol on Solana

Raydium, a pioneering DEX on Solana, has reclaimed its position as the second-largest protocol by TVL on the network, driving the growth of DeFi on Solana.

Raydium’s resurgence comes amid a broader shift towards Solana in on-chain activity, particularly in the meme coin sector, where the total market capitalization of Solana-based meme coins has surpassed $11 billion. Solana now commands 31% of the global DEX volume, the highest in two months, indicating its growing dominance in this space.

Solana’s Liquidity Staking Tokens and Restaking Protocols Fuel TVL Growth

The liquidity staking token market on Solana, including initiatives by major exchanges like Bybit and Binance, has played a key role in boosting the network’s TVL.

Jito, a leader in Solana’s liquid staking sector, has crossed the $2 billion TVL mark, while Solayer, a layer-1 restaking protocol, has surpassed $200 million in TVL. These developments demonstrate the diversification of Solana’s DeFi offerings and contribute to the overall growth of the ecosystem.