The Solana DeFi ecosystem has achieved a historic milestone, with its Total Value Locked (TVL) soaring to $7.8 billion—a level last seen in December 2021. This represents a 37% monthly growth, signaling robust activity across lending, staking, and decentralized exchanges (DEXs).
Key Highlights of Solana’s DeFi Surge
1. Jito Dominates with $3B TVL Record
- Liquid Staking Leader: Jito became the first Solana protocol to hit $3 billion TVL, driven by 14 million SOL staked—a new network record.
- Revenue Growth: Jito generated $103 million in fees over 30 days, outperforming giants like Uniswap and Lido.
- MEV Incentives: Rising DEX activity has increased MEV tips, boosting validator rewards.
👉 Explore how Jito’s staking rewards work
2. Kamino Finance and Jupiter Cross $2B TVL
- Kamino Finance (lending protocol) reached $2.11 billion TVL, reflecting strong demand for DeFi borrowing/lending.
Jupiter Exchange hit $2 billion TVL, fueled by its perps trading platform:
- $1.13B in Jupiter LP (JLP)
- $833M in JupSOL
- Record $2.37B daily volume on November 12.
3. Solana Nears All-Time High TVL
- Solana is now the second-largest blockchain by DeFi TVL, just 21% below its 2021 peak ($10B).
- Other protocols like Raydium ($1.84B) and Marinade Finance ($1.74B) are nearing the $2B mark.
Why Solana’s DeFi Growth Matters
- Staking Demand: Protocols like Jito highlight SOL’s utility beyond price speculation.
- DEX Innovation: Jupiter’s perps exchange and MEV strategies attract traders.
- Ecosystem Momentum: Three protocols exceeding $2B TVL signals long-term viability.
Frequently Asked Questions (FAQs)
Q1: What’s driving Solana’s DeFi resurgence?
A: Factors include higher SOL prices, innovative staking (e.g., Jito), and competitive DEX features (e.g., Jupiter’s low fees).
Q2: How does Jito compare to Ethereum’s Lido?
A: Jito specializes in Solana’s MEV rewards, while Lido focuses on Ethereum staking—both lead their respective chains in liquid staking.
Q3: Is Solana’s TVL growth sustainable?
A: With multiple protocols scaling sustainably (e.g., Kamino’s lending), Solana’s infrastructure appears resilient.
The Road Ahead
Solana’s DeFi ecosystem is poised for further growth, with staking, lending, and trading protocols converging toward new all-time highs.
👉 Discover Solana’s top DeFi protocols
Note: All data sourced from Defillama; figures updated as of November 2023.
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