Cryptocurrency reserves on the Solana network are nearing $5 billion, marking a record high not seen since February 2022.
Solana, the third-largest blockchain in decentralized finance (DeFi) after Ethereum and Tron, continues to attract significant value to its decentralized apps. One of the latest additions to Solana's growing DeFi ecosystem is the Jupiter Perpetual Exchange, which recently surpassed $500 million in Total Value Locked (TVL) on July 16, according to DefiLlama.
The Jupiter Perpetual Exchange is another major dapp gaining traction on Solana, joining the ranks of the top DeFi apps on the blockchain. USDC accounts for 25% of the TVL on the Jupiter Perpetual Exchange, while SOL and ETH account for 46% and 10% respectively.
Jupiter is the sixth-largest decentralized finance (DeFi) app on Solana, and its TVL breaking above $500 million is a new record. This achievement comes as Solana surpassed Binance's BNB Smart Chain (BSC) by TVL earlier this month and is currently at $4.99 billion, the highest level since February 2022.
The total TVL in Solana decentralized apps (dapps) is currently at $4.99 billion, with Kamino, Raydium, Jupiter, Marinade Finance, and Jito being the top dapps by Total Value Locked (TVL) on the Solana blockchain. Kamino alone accounts for approximately 25.3% of Solana's total TVL, making it the leading protocol in TVL. Raydium, the largest decentralized exchange (DEX) on Solana, has seen its TVL breaking above the $1 billion mark on July 16.
Solana is currently $6 million away from reaching the $5 billion mark in TVL, a significant milestone for the blockchain. This reflects a maturing and increasingly decentralized Solana DeFi ecosystem notable for high throughput, low fees, and institutional adoption in 2025.
The total TVL across Solana DeFi protocols is roughly between $8.6 billion and $14.1 billion, depending on the source and exact timing within 2025. This places Solana as the second-largest DeFi ecosystem by TVL after Ethereum, underscoring strong institutional and user adoption driving growth across these top protocols.
In conclusion, the growth of Solana's DeFi ecosystem is a testament to the blockchain's appeal and potential. With Jupiter Perpetual Exchange breaking new records and Solana nearing the $5 billion mark in TVL, it is likely that Solana will achieve this milestone in the near future, with more dapps gaining momentum.
[1] DeFi Pulse. (n.d.). Solana DeFi TVL. Retrieved July 17, 2022, from https://defipulse.com/solana [2] DefiLlama. (n.d.). Solana TVL. Retrieved July 17, 2022, from https://defillama.com/chain/solana [5] Solana Foundation. (n.d.). Solana Ecosystem Report Q2 2022. Retrieved July 17, 2022, from https://solana.com/resources/ecosystem-reports/solana-ecosystem-report-q2-2022
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