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Solana: TVL boom in the DeFi ecosystem
By Davide Grammatica
Solana ecosystem records portentous TVL growth in multiple DeFi protocols: as many as six have surpassed $1 billion
The growth of the Solana ecosystem
Solana is now a benchmark in the crypto world, and the growth of the ecosystem is evidenced by important numbers. Among the most notable is the passing (for the first time in 3 years) of the $1 billion LTV mark by six different protocols.
The collapse of FTX, which took place two years ago now, seemed to have largely undermined the development of the ecosystem, but today we are witnessing a real “spring” of this world, with TVL touching $5.70 billion, as it has not happened since January 2022.
The recovery is driven by very specific players, who have been able to take advantage of investor demand through new DeFi products supported by a fast network that is cheaper (in terms of fees) than the competition.
🚨BREAKING: Solana DeFi TVL Hits $5.70B, Reaching Levels Last Seen 1,000 Days Ago
Solana’s DeFi ecosystem has surged to $5.70B in TVL, marking a three-year high. These levels have not been seen in 1,000 days since the peak in January 2022. pic.twitter.com/vpZP9rzsHW
— SolanaFloor (@SolanaFloor) October 1, 2024
The fastest growing protocols
First on the list is Jito, with a TVL that recently came to exceed $2 billion. The liquid staking protocol landed on the network in the aftermath of the FTX disaster, and through new staking (and re-staking) formulas for users, it has now become a community staple.
Kamino Finance is the leading lending protocol, which has reached an all-time high in terms of TVL ($1.61 billion) in recent weeks. Since the beginning of 2023, Kamino has experienced 44,900% growth.
With the growth in activity, also driven by the euphoria around memecoins and the Launchpad Pump.fun, Raydium, which today represents Solana’s largest decentralized exchange and the third largest in the crypto ecosystem, also could not fail to record important numbers, with a $1.28 billion TVL and 800% growth since January 2024. Raydium dominated the industry back in the day, but the recovery from the collapse of business in 2022 has only increased its dominance.
Finally, the group also includes Jupiter, Marinade Finance and Sanctum, which in different ways have managed to carve out a space for themselves in the staking sector. Jupiter owes its popularity to the Jupiter Liquidity Provider (JLP), with $507 million in SOLs locked up in staking. Marinade Finance, a veteran in the ecosystem with a $1.23 billion LTV, has never lost its role as the leading provider of staking services, while Sanctum is the benchmark in liquid staking, with $1 billion in LTV and 4,900% growth since the beginning of the year.
