Solana DeFi Total Value Locked Hits $8 Billion Record With Major Q2 Growth

The Solana (SOL) ecosystem demonstrated notable maturation successful the 2nd 4th (Q2) of the year, peculiarly successful presumption of Decentralized Finance (DeFi) full worth locked (TVL). 

Solana DeFi TVL Soars 30%

According to marketplace investigation steadfast Messari, the full worth locked successful DeFi connected the Solana ecosystem surged by 30.4% quarter-over-quarter, reaching $8.6 billion. This maturation solidified Solana’s presumption arsenic the second-largest web successful DeFi TVL.

SOL’s 30% DeFi TVL emergence led by Kamino’s $2 cardinal contribution. Source: Messari

However, the 4th was not without its challenges. Average regular spot decentralized exchange (DEX) measurement experienced a crisp diminution of 45.4%, dropping to $2.5 billion, attributed to the waning excitement surrounding memecoins.

The stablecoin marketplace connected Solana besides faced headwinds, with its marketplace headdress decreasing by 17.4% to $10.3 billion, positioning it 3rd among networks. 

A important information of this maturation earlier successful the twelvemonth was fueled by the motorboat of the authoritative TRUMP token connected January 17, which injected important liquidity into the ecosystem and created high-liquidity trading pairs utilizing Circle’s USDC stablecoin. 

Despite the decline, the stablecoin market’s sustained maturation indicates that overmuch of the caller superior has remained wrong the Solana network, according to the firm’s findings.

By the extremity of Q2 2025, USDC’s marketplace headdress stood astatine $7.2 billion, reflecting a 25.2% diminution and a 69.5% marketplace share. Meanwhile, Tether’s USDT maintained its presumption arsenic the second-largest stablecoin connected Solana, holding a dependable $2.3 billion. 

Network Activity

In presumption of staking, Solana’s liquid staking complaint roseate to 12.2%, an summation of 16.8% from the erstwhile quarter. With 64.8% of SOL’s circulating proviso present staked, this maturation successful liquid staking enhances the DeFi ecosystem, supporting yield-bearing opportunities for SOL holders.

Solana’s circulating marketplace headdress besides grew by 29.8% to $82.8 billion, placing it sixth among each cryptocurrencies, down Bitcoin (BTC), Ethereum (ETH), Tether, XRP, and Binance Coin (BNB).

Solana’s circulating marketplace headdress maturation during Q2. Source: Messari

The non-fungible token (NFT) market, however, faced a downturn, with mean regular trading measurement plummeting by 46.4% to astir $979,500 successful Q2. Despite this decline, Solana’s NFTs proceed to pb successful creator royalties.

Network enactment remained comparatively stable, with mean regular interest payers decreasing somewhat by 1.4% to 3.9 million, portion non-vote transactions roseate by 4% to 99.1 million. The mean transaction interest saw a important driblet of 59.6%, settling astatine conscionable $0.01.

On a broader scale, full staked worth deed an all-time high of $102 cardinal connected January 18, coinciding with SOL’s highest terms of astir $295. By the extremity of Q2, the full staked SOL had accrued by 25.2% to $60 billion.

Messari’s investigation hints that portion the Solana ecosystem is navigating done a signifier of “adjustment,” its foundational metrics and continued improvement mightiness awesome a promising outlook for the future.

The regular illustration shows SOL’s terms experiencing accrued volatility implicit the past month. Source: SOLUSDT connected TradingView.com

As of this writing, SOL’s terms stands astatine $184.50, signaling a 4.4% driblet successful the past 24 hours. When compared to its $293 grounds reached earlier this year, SOL’s terms trades astir 40% below. 

Featured representation from DALL-E, illustration from TradingView.com