The Solana ecosystem is booming. Over the past 30 days, the total value locked (TVL) in DeFi applications on the network has surged by more than 50%, mainly driven by a booming lending sector and capital inflows from other blockchains.
🔹 According to DeFiLlama, Solana's TVL has climbed to $9.44 billion, the highest level since February. This spike is tied to the strong rebound of the SOL token, which pushed back above $170, and intense trading activity on decentralized exchanges (DEX).
📈 Lending Protocols Explode: Kamino and JitoSOL Lead the Way
🔹 Lending protocol JitoSOL grew its TVL by over 41%, reaching $3.15 billion.
🔹 Kamino followed as the second-largest protocol, surging by more than 33% to $2.6 billion.
Kamino is also gaining attention thanks to its lending feature Kamino Lend, with locked funds approaching all-time highs. This comes despite a slight dip in stablecoin supply on the network, which dropped to 11.71 billion tokens from over 12 billion recently.
📉 Stablecoin Outflows? Yes — But Solana Powers Through
Despite a decline in stablecoins and a net outflow of assets — particularly from Ethereum — Solana’s internal activity helped it maintain growth. For example:
🔹 Over $83 million in assets flowed into Solana from Ethereum, while $116 million left the chain to other networks.
🔹 A significant portion of outflows came from Circle Treasury, which burned $1.6 billion in USDC — a signal that some traders were cashing out.
🐶 Meme Tokens: Solana's Secret Weapon
The real growth engine? Meme tokens. These playful but valuable assets are increasingly used as collateral in DeFi lending and have brought a new wave of energy to Solana.
🔹 Leading the charge is DogWifHat (WIF), with deposits exceeding $10 million.
🔹 Other hot tokens include BONK and POPCAT.
🔹 Altogether, Solana-based meme tokens now have a market cap exceeding $13.9 billion.
This meme frenzy is fueling lending protocols and DEX pools, enhancing both liquidity and engagement across the ecosystem.
🚀 Record-Breaking Fees and Industry Dominance
The rising activity is clearly reflected in generated fees:
🔹 Aggregator Jupiter pulled in $2.86 million in daily fees.
🔹 Pump.fun followed closely with $2.67 million.
🔹 In total, Solana generated $2.9 billion in fees over the past 12 months — outpacing all other major chains by over $1 billion.
✍️ In Summary: Solana Finds Its Second Wind
Despite facing stablecoin and capital outflows, internal growth, expanding DeFi protocols, and a meme token explosion have laid the foundation for a strong new growth cycle. Solana is cementing its position as a leading player in DeFi — and its dominance continues to grow.
🔍 Fun Fact:
Did you know that the DogWifHat (WIF) meme token — originally created as a joke — is now used as collateral for multimillion-dollar loans?
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