Solana DeFi TVL surged 30.4% in Q2 2025 to $8.6 billion.
Market cap rose 29.8% QoQ to $82.8B, SOL trades at $188.79.
RWAs grew 124.8% YTD with $390.6M tokenized assets on Solana.
Solana’s Q2 2025 performance highlighted major growth across DeFi, real-world assets, and market capitalization. Messari reported that Solana’s DeFi TVL grew 30.4% quarter-over-quarter, reaching $8.6 billion by June 30, 2025.
Messari State of Solana Q2 report just dropped.
TLDR? TVL up 30.4% QoQ and ~$2.5B average daily DEX volume
accelerate pic.twitter.com/XH9M6s7RNZ
— Solana (@solana) August 15, 2025
This increase positioned Solana as the second-largest DeFi network. Kamino led with $2.1 billion in TVL, accounting for 25.3% of the market share and posting 33.9% quarterly growth.
Raydium followed with $1.8 billion locked, rising 53.5% in the same period. Jupiter, Drift, and Meteora also secured notable positions with $1.6 billion, $699 million, and $627 million, respectively.
The report noted that Solana’s decentralized exchanges handled an average daily trading volume of $2.5 billion during the quarter. Low transaction fees and high speeds continued to attract liquidity providers and traders. However, stablecoin activity showed a decline despite overall DeFi expansion.
Market Capitalization and Stablecoin Shifts
According to Messari, Solana’s circulating market cap rose 29.8% in Q2 to $82.8 billion. This performance kept SOL in sixth place globally, behind Bitcoin, Ethereum, Tether, XRP, and Binance Coin.
At press time, Solana trades at $188.79 with a market cap of $101.93 billion and 24-hour trading volume of $4.2 billion.
In contrast, Solana’s stablecoin market capitalization fell by 17.4% over the quarter, closing at $10.3 billion. Circle’s USDC, which held a 69.5% market share, dropped 25.2% to $7.2 billion.
Tether’s USDT maintained second place with $2.3 billion. Messari noted that a portion of the network’s stablecoin growth earlier in the year came from the TRUMP token launch on January 17.
Real-World Asset Adoption and Governance
The tokenization of real-world assets (RWAs) continued to expand on Solana in Q2. Messari recorded $390.6 million in tokenized assets on the blockchain, representing a 124.8% increase year-to-date.
Ondo Finance led with its USDY token, launched in August 2023, which reached $175.3 million in market cap and attracted nearly 7,000 holders. Ondo’s OUSG token followed with $79.6 million, while BlackRock’s BUIDL money market fund, which entered Solana in March 2025, grew to $25.2 million.
Alongside growth metrics, Solana began governance discussions on the SIMD 326 “Alpenglow” proposal. If implemented, the upgrade would reduce block finality to 150 milliseconds, nearly 100 times faster than the current system. The proposal also aims to replace the TowerBFT protocol, lowering barriers for smaller validators and improving ledger efficiency.
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