The DeFi ecosystem of Solana has just recorded a new total value locked (TVL) of 17.5 billion USD, led by new protocols such as JTO, KMNO, and Jupiter.
Unlike previous cycles, this record growth mainly comes from individual investors and yield farmers rather than large institutions, demonstrating Solana's strong appeal to real users and developers.
KEY CONTENT
The TVL of the Solana DeFi ecosystem has reached 17.5 billion USD, marking the largest breakthrough since late 2021.
The three new protocols JTO, KMNO, and Jupiter account for more than 43% of the total TVL, reflecting a shift in user preferences.
Growth is primarily driven by individual users and yield farmers, not heavily reliant on institutional capital.
How did Solana achieve the milestone of 17.5 billion USD in DeFi?
As of the update on July 7, the TVL on Solana's DeFi platform has reached 17.5 billion USD, marking the highest level since the price surge at the end of 2021, according to the official Twitter page of PNX Group.
The growth is not due to traditional protocols like Marinade or Orca, but rather from standout new projects like JTO (leading with 2.72 billion USD staked), KMNO (2.43 billion USD in lending), and Jupiter (2.39 billion USD in DEX liquidity).
“The three platforms JTO, KMNO, and Jupiter now account for over 43% of the total value locked across the Solana network, indicating that users are prioritizing staking, lending, and native cryptocurrency trading solutions.”
Alex Johnson, CEO of DeFi Analytics, 7/2025
The shift of users to these new protocols clearly reflects the trend of utilizing derivative financial tools and optimizing yields on high-performance blockchain platforms.
What has driven this development?
The main growth driver comes from protocols built to fully leverage Solana's high-performance design. For example, KMNO recently launched Lend V2 with modular vaults and an improved credit market, raising the total supply to 3.7 billion USD (+4.3%) and active debt to 1.5 billion USD (+3.5%) in June.
KMNO's automated vault system is currently managing nearly 50 million USD with yields of up to 8.6%. Combined with fast block speeds, transaction fees under 1 cent, and specific incentive programs like Token xBTC on Kamino, Solana is maintaining an efficient flow of internal capital.
Who is behind the capital influx in Solana?
Data shows that the surge in Solana's TVL is primarily driven by active individual investors and experienced yield farmers managing capital, rather than an influx of institutional funds.
The JTO and KMNO protocols attract users with competitive staking and lending yields, drawing in vibrant wallet activity and small average deposits, demonstrating strong participation from retail investors.
“Unlike Ethereum, which focuses on managed solutions and large organizations, Solana develops based on a dynamic community, rapid capital movement, and strong incentive programs.”
Linda Nguyen, Blockchain Expert, 2025
This is a classic example of how a Layer 1 blockchain can create sustainable appeal based on native financial products that align with the preferences of individual investors.
How does Solana's technological advantage support DeFi?
Solana stands out with an extremely fast block time of about 400ms, transaction fees below one cent, and the ability to handle thousands of transactions per second (TPS). These characteristics create ideal conditions for DeFi protocols like JTO, KMNO, and Jupiter to thrive.
Furthermore, the Proof of History (PoH) consensus mechanism helps accelerate the transaction confirmation process, providing a smooth user experience and superior scalability compared to most other blockchains.
How do the impacts of new and old protocols on Solana compare?
Protocol Type TVL (billion USD) Percentage of Total TVL Notable Features JTO Staking 2.72 17.94% Competitive staking yields, attracting a large number of small wallets KMNO Lending 2.43 16.05% Launched Lend V2 with modular vaults and flexible credit Jupiter DEX 2.39 15.79% High DEX liquidity, supporting fast transactions and low costs Marinade, Orca (old) Staking, DEX Not specifically disclosed Decreasing Attractiveness due to competition from new protocols
Frequently Asked Questions
What is DeFi on Solana? DeFi on Solana is a collection of DeFi applications built and operated on the Solana blockchain platform, leveraging speed and low transaction costs. What causes Solana's TVL to increase significantly? The development of new protocols optimized for the Solana system, along with active participation from individual users and yield farmers, are the main factors. Who is driving DeFi growth on Solana? Individual investors and yield farmers with staking and lending protocols like JTO and KMNO play a dominant role. How does Solana differ from Ethereum? Solana has much faster transaction processing times and lower fees, attracting more retail capital, while Ethereum has many large organizations involved. How to participate in DeFi on Solana? Users need to have a wallet that supports Solana, deposit SOL for transaction fees, and use protocols like JTO, KMNO, or Jupiter for staking, lending, or trading.
Source: https://tintucbitcoin.com/solana-defi-dat-tvl-175-ty-usd/
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