DeFi on Solana grows with 6 protocols surpassing $1 billion in locked value

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DeFi on Solana grows with 6 protocols surpassing $1 billion in locked value
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Solana’s DeFi (decentralized finance) ecosystem once again recorded significant growth, with six protocols surpassing the US$1 billion mark in total value locked (TVL).

This feat marks a significant moment for the blockchain, which has not achieved such performance since November 2021. At that time, the total value locked reached its peak of US$12 billion.

After a turbulent period, mainly caused by the fall of the FTX exchange in 2022, Solana shows signs of recovery. The network reached a total TVL of US$5.70 billion in September 2024, an amount not seen since January 2022.

Among the six protocols that stand out, Jito, specialized in liquid staking, takes first place. The protocol accumulates more than US$2 billion in TVL. As of 2022, the protocol is virtually unknown, with just $4.4 million locked up.

DeFi on Solana grows

Jito quickly gained traction, establishing itself as Solana’s leading liquid staking solution. Recently, the protocol introduced “restaking” to the network, a strategy that further boosted its growth.

Jito’s success reflects the growing demand for liquid staking and increasing investor confidence in the security and decentralization of the Solana network.

The second largest protocol, Kamino Finance, also achieved notable results with $1.61 billion in TVL. Launched in 2021, the protocol has experienced exponential growth, rising from a modest TVL of $3.58 million in early 2023 to the current milestone.

Kamino focuses on decentralized lending markets, establishing itself as Solana’s largest lending platform. The expansion of the decentralized lending ecosystem has been crucial to its success and accelerated growth.

Meanwhile, Raydium, Solana’s flagship decentralized exchange (DEX), ranks third with a TVL of $1.28 billion. This is an increase of 800% compared to the US$128 million recorded in January 2024.

During the early days of Solana’s DeFi boom, Raydium had over $2 billion in TVL. However, it suffered a precipitous drop following the collapse of FTX. The recent recovery occurred with increased use of the platform to create tokens, such as Pump.fun, which boosted Raydium’s trading volume and TVL.

DeFi on Solana grows with 6 protocols surpassing $1 billion in locked value

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DeFi on Solana grows with 6 protocols surpassing $1 billion in locked value

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DeFi on Solana grows with 6 protocols surpassing $1 billion in locked value

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