Solana TVL hits 3-year high as top DeFi protocols surpass $1B mark

Solana’s total value locked in decentralized finance protocols has risen to levels last seen nearly three years ago. In the DeFi market, total deposits in protocols across Solana’s ecosystem have increased from lows of $657 million in October 2023 to over $10.7 billion.

Solana sees a fresh spike in TVL

Per data from DeFiLlama, the Solana (SOL) blockchain network has witnessed significant spikes in DeFi TVL across its ecosystem protocols.

The TVL cross lending, derivatives, decentralized exchanges, and restaking stood at over $5.8 billion.

The last time the network registered this much value of locked assets in DeFi was in January 2022.

This was months before the brutal bear market pushed prices to new lows amid major crypto company collapses.

With liquid staking, Solana’s TVL stands at over $10.7 billion, with this increasing from lows of $657 million in October 2023.

Notably, the sharp surge in locked assets on Solana in recent months resembles the trajectory seen amid the 2021 bull market, with November the sharpest. SOL token rallied to its all-time high of $260 on November 6, 2021.

While the price has declined about 42% since there’s been an upsurge in recent months after Solana exploded to above $200 in March 2024.

Data from CoinGecko shows SOL is up over 549% in the past year.

However, SOL traded around $149.59 at the time of writing, down 3.2% in the past 24 hours.

The coin has pared some gains made during the Solana Breakpoint conference.

Six protocols with over $1 billion in TVL

As data on DeFiLama shows, Solana’s TVL has increased in tandem with major increases for top protocols.

On Tuesday, SolanaFloor shared a screenshot showing six projects with over $1,000,000,000 in value locked.

These projects are across liquid staking, DEXes, Real-world assets, lending, and restaking among other segments had surpassed the $1 billion mark.

The $1 billion TVL class includes Solana's top liquid staking protocol Jito which has over $2.08 billion locked on the platform.

Meanwhile, the lending market Kamino has a TVL of over $1.61 billion. The platform launched in 2021 and has since seen a sharp increase from $3.5 million in early 2023.

Ranked third and fourth by total value locked are the top Solana DEX platform Raydium and leading market aggregator Jupiter.

The two protocols’ TVL stood at $1.26 billion and $1.24 billion respectively at the time of writing. For Jupiter, $745 million in the Jupiter Perpetual Exchange and $495 million in Jupiter's staked SOL.

The top six protocols also include Marinade Finance with a TVL of over $1.21 billion and Sanctum, a liquid staking token platform with just over $1 billion.

Other platforms such as Drift, marginfi, Save, and Orca all have more than $300 million in total value locked.