Solana is experiencing a market rally as the network’s TVL reaches a new all-time high. According to fresh data shared today by market analyst Token Terminal, the ecosystem’s TVL has cruised to a new high of $34 billion, overtaking the previous high of $9 billion noted in December 2024.
Enthusiasm in Solana Reaches New Highs
Over the previous year, the value of tokens stored in Solana grew substantially, surging from $1.4 billion to $9.77 billion, a rise of about 600%. The increase in this value indicates that more digital asset customers are interacting with apps on Solana, highlighting confidence in their offerings and security. The surge in this value suggests its native asset, SOL, is experiencing increasing adoption and preference among customers. This rise showcases increased enthusiasm in Solana-based DApps and protocols. If this trend continues, it could potentially bolster further SOL price growth, as surging TVL normally associates with heightened ecosystem activity and demand for the token.
Top Five DeFi Projects Driving Solana’s Value
The above remarkable figures show robust market confidence and indicate the massive economic activity taking place beneath the Solana ecosystem. At the core of this activity are cutting-edge DeFi protocols that lock up huge assets, process billions in monthly trading volume, and create strong applications for SOL. While Solana has multiple projects running on top of its ecosystem, the data listed the top five apps that contributed most to the network’s TVL growth, including Circle, Kamino, Jupiter, Jito, and Santum.
Circle
Circle, the issuer of USDC stablecoin, is the leading DeFi protocol on the Solana network, according to the data’s ranking. Circle has become a backbone of the digital asset economy, utilizing Solana’s rapid processing blockchain to fuel institutional adoption and drive DeFi growth. It has been minting its USDC stablecoin on Solana, with $24 billion worth of USDC issued so far. This minting is Circle’s strategic effort to pump liquidity into Solana’s advancing DeFi network.
Kamino Finance
Kamino Finance is the second-most popular DeFi project on Solana in terms of investor capital inflows and usage on the ecosystem, as per the data. Kamino currently holds $2.977 billion TVL on the Solana network, providing advanced solutions for liquidity, lending, and borrowing. Following its impressive growth through 2024 and this year, Kamino has cemented its status as one of Solana’s top DeFi protocols.
Jupiter
Jupiter, a DEX aggregator, is third on the list. The decentralized exchange aggregator built on top of Solana helps crypto customers find the best token swap prices by routing trades. Holding a $3.131 billion TVL shows Jupiter is the largest DEX on Solana, successfully overtaking the long-dominant Raydium.
Jito
Jito’s presence in this list makes it the largest liquid staking protocol on Solana. By commanding an incredible $3.05 billion TVL, Jito shows its dominance by helping investors secure the network through staking without undermining the usage of their funds.
Santum
Santum, another liquid staking protocol, is increasingly getting famous in the Solana network, as reported in the data, probably due to its innovative features. Its liquid staking product suite generated significant revenues worth $5.9 million this month, an indicator of its popularity.
