- Solana’s DeFi TVL hits $17.5B, led by new protocols like JTO, KMNO, and Jupiter.
- Retail users and yield farmers (not institutions) are driving Solana’s explosive native DeFi growth.
Solana’s [SOL] DeFi ecosystem just hit a major milestone, crossing $17.5 billion in total value locked. But unlike previous cycles, it’s not the old names leading the charge.
New protocols like JTO, KMNO, and Jupiter [JUP] are now at the top, showing a shift in how users and developers are interacting with the network.
Solana: A $17.5 billion moment 💸
Solana’s DeFi ecosystem has reached a fresh high, with TVL climbing to $17.5 billion as of 7th of July. This marks the network’s strongest DeFi performance since the late-2021 bull run.
But the real story lies in who’s driving this growth. Legacy platforms like Marinade and Orca have been overtaken by a new class of protocols.
At the top is JTO, a staking protocol holding $2.72B (17.94% of total TVL), followed by KMNO with $2.43B in lending, and Jupiter with $2.39B in DEX liquidity.
Together, these three alone make up over 43% of Solana’s locked capital; a major shift in user preference toward staking, lending, and native trading tools.
What changed? 🌪️
Over the past month, Solana’s growth has been driven by protocols built specifically for its high-performance design.
Kamino recently launched Lend V2 with modular vaults and credit markets, boosting its total supply to $3.7 billion (+4.3%) and active debt to $1.5 billion (+3.5%) in June.
Its automated vaults now hold nearly $50 million in deposits, offering yields up to 8.6%.
Combine that with Solana’s lightning-fast block times, sub‑cent fees, and tailor-made incentive programs (like xBTC on Kamino), and the chain is retaining capital on its own terms.
Who’s funding the surge? 🌊
Solana’s TVL surge appears to be fueled less by institutional money and more by opportunistic yield farmers and community-led capital rotations.
Protocols like JTO and Kamino offer competitive staking and lending yields, attracting active on-chain users rather than passive ETF inflows.
The presence of high wallet activity and smaller average deposit sizes also points to strong retail participation. While institutions remain more focused on Ethereum‘s [ETH] regulated layers, Solana is thriving.
This is through fast-moving, incentive-driven liquidity; mobilized by users who know how to chase yield and optimize across native platforms.
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2025-07-08 20:16