1 week ago
The Solana ecosystem is successful the midst of a rebound, with halfway metrics signaling stronger web participation, superior efficiency, and trading enactment spiking since the opening of April.
Total worth locked (TVL) reached $9.17 billion, up much than 20% implicit the past month, portion the full stablecoin interval surpassed $11.4 billion. This divergence betwixt superior parked successful stablecoins versus superior deployed into protocols shows a marketplace affluent with liquidity and suggests there’s substance for Solana’s rally if sentiment continues to improve.
Graph showing the full worth locked (TVL) successful Solana from Jan. 1 to May 21, 2025 (Source: DeFi Llama)The stablecoin-to-TVL ratio present stands astatine 1.24, meaning that for each $1 deployed successful DeFi connected Solana, $1.24 is idle successful stablecoins. That grade of superior overcollateralization gives users ample adust pulverization to participate caller positions, lend to LPs, oregon rotate into higher-yield strategies. USDC dominates that stablecoin basal with a 73.26% share, showing precocious spot successful a azygous issuer and exposing the chain’s liquidity to imaginable issuer-specific risks.
The resurgence successful DeFi enactment is disposable crossed Solana’s protocols. Jito remains the ascendant subordinate with $3.09 cardinal successful TVL, followed by Jupiter ($2.57 billion), Kamino ($2.46 billion), and Raydium ($1.98 billion). But it’s Raydium that stands out, posting a monolithic 60.71% leap successful TVL implicit the past 30 days, acold outpacing its peers and confirming renewed request for order-book-based trading on-chain.
The apical six protocols present see 4 focused connected staking: Jito, Kamino, Marinade, and Sanctum, unneurotic holding much than $9.23 billion, oregon astir 53% of each DeFi liquidity connected Solana.
| 1 | Jito | $3.09 billion | +25.62% | 0.22 | $74.46 million | $2.62 million |
| 2 | Jupiter | $2.57 billion | +18.46% | 0.59 | $29.32 million | $7.80 million |
| 3 | Kamino | $2.46 billion | +13.40% | 0.05 | $8.53 million | $2.18 million |
| 4 | Raydium | $1.98 billion | +60.71% | 0.48 | $43.13 million | $9.84 million |
| 5 | Sanctum | $1.85 billion | +30.87% | 0.01 | $8.91 million | $617,630 |
| 6 | Marinade | $1.83 billion | +43.47% | 0.03 | $10.50 million | $677,793 |
| 7 | Binance Staked SOL | $1.45 billion | +21.90% | N/A | N/A | N/A |
| 8 | Drift | $1.10 billion | +16.28% | 0.18 | $1.36 million | $1.08 million |
| 9 | Meteora | $942.89 million | +25.97% | N/A | $122.65 million | N/A |
| 10 | Orca | $334.62 million | +23.44% | 0.47 | $16.51 million | $1.98 million |
Table showing the apical 10 largest protocols connected Solana by TVL connected May 21, 2025 (Source: DeFi Llama)
In presumption of earthy usage, Solana remains 1 of the astir actively utilized blockchains successful crypto. Over 4.61 cardinal regular progressive addresses and 68.39 cardinal transactions were recorded connected May 21, reflecting a steadfast basal of recurring users. On average, each code processed much than 14 transactions successful a azygous day, showing wide information and precocious engagement per user.
Chain fees totaled $1.73 cardinal implicit the aforesaid 24-hour period, but lone $153,937 of that was captured arsenic protocol revenue. The discrepancy perfectly illustrates Solana’s worth proposition: debased outgo astatine the basal layer. However, worth accrual is not lost; it concentrates connected the exertion layer. App-level gross reached $4.92 cardinal that day, acold supra the chain-level take, confirming that it’s dApps wherever monetization is progressively occurring.
DEX enactment continues to pb trading behavior. Spot DEXs connected Solana processed $3.09 cardinal successful 24-hour volume, compared to conscionable $952.79 cardinal for perpetuals. Over 7 days, DEX spot volumes reached $23.79 billion, portion perps totaled $6.07 billion, a astir 4x difference. This divergence indicates that Solana traders similar spot implicit leverage, oregon astatine slightest they are choosing on-chain execution for their directional bets. DEX measurement present accounts for 13.51% of each SOL spot measurement globally, reflecting increasing marketplace stock for the Solana trading stack.
Meanwhile, protocol-level metrics amusement the ecosystem is monetizing well. Jito generated $74.46 cardinal successful fees implicit 30 days, followed by Raydium astatine $43.13 cardinal and Meteora astatine a staggering $122.65 million, though gross seizure figures were unavailable for the latter. Jupiter posted $29.32 cardinal successful fees, converting $7.8 cardinal of that into revenue. These numbers corroborate that protocol usage is surging successful presumption of liquidity and producing currency flow.
SOL has staged a recovery, precocious crossing backmost supra $170. That marks a 22% summation month-on-month but inactive leaves the token astir 13% beneath its Jan. 1 price. Spot speech information shows mean regular trading measurement for SOL successful May was astir 3.40 cardinal SOL, translating to astir $570 cardinal successful regular turnover. That’s somewhat supra the 2025 regular average, showing a humble resurgence successful interest.
Chart showing SOL’s spot terms and measurement from Apr. 21 to May 21, 2025 (Source: CryptoQuant)From a structural perspective, Solana’s fundamentals stay solid. The full backing magnitude for Solana-native projects has climbed to $315.76 million, with different $49.50 cardinal bridged from outer chains. Realized volatility connected SOL has declined to 48% from 62% astatine the extremity of Q1, indicating a play of consolidation oregon imaginable accumulation.
While stablecoin balances dropped 3.79% implicit the past week, apt reflecting short-term de-risking, the broader inclination remains constructive. Net inflows into Solana-based DeFi protocols implicit the past period totaled astir $1.5 billion, with liquid staking strategies capturing the lion’s share. These flows, combined with rising idiosyncratic activity, reenforce the communicative of a concatenation regaining its marketplace presumption aft a turbulent aboriginal year.
The station Solana’s $9.17 cardinal DeFi surge hides a stablecoin stockpile acceptable to ignite appeared archetypal connected CryptoSlate.
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