📊 #Solana DeFi Surges to \$8B — Can Momentum Hold Through Q3?

In Q2, Solana (SOL) showed strong expansion within Decentralized Finance (DeFi), with total value locked (TVL) climbing sharply.

**Solana DeFi TVL Up 30%**

Messari data shows Solana’s DeFi TVL rose 30.4% quarter-over-quarter, reaching \$8.6 billion, making it the second-largest network by TVL.

Still, the quarter wasn’t without setbacks. As memecoin activity cooled, average daily spot DEX trading volume dropped 45.4% to \$2.5 billion. Meanwhile, the stablecoin market on Solana contracted 17.4% to \$10.3 billion, though it still ranked third among networks.

The launch of the official TRUMP token on January 17 injected new liquidity and built strong trading pairs with Circle’s USDC, helping drive earlier growth. Despite declines, data indicates much of the liquidity has remained within the Solana ecosystem.

By Q2 2025, USDC’s value on Solana stood at \$7.2 billion (down 25.2%) with a 69.5% share of the market. Tether’s USDT followed with \$2.3 billion.

Liquid staking also expanded, climbing 16.8% to 12.2%, with 64.8% of SOL’s supply staked—boosting DeFi by offering yield-generating opportunities for holders.

Solana’s circulating market cap increased 29.8% to \$82.8 billion, ranking sixth behind Bitcoin, Ethereum, Tether, XRP, and Binance Coin.

On the NFT side, daily trading volume slid 46.4% to \$979,500, though Solana continued to lead in creator royalties. Average daily fee payers dipped 1.4% to 3.9 million, while non-vote transactions rose 4% to 99.1 million. Transaction costs fell 59.6% to just \$0.01.

Total value staked hit a record \$102 billion on January 18 when SOL peaked at \$295. In Q2, staked SOL rose 25.2% to \$60 billion.

Messari’s analysis concludes that Solana is in a phase of “adjustment,” but the fundamentals and consistent growth signal long-term strength.

\$SOL