The Solana (SOL) ecosystem demonstrated notable progress within the second quarter (Q2) of the yr, significantly when it comes to Decentralized Finance (DeFi) whole worth locked (TVL).
Solana DeFi TVL Soars 30%
In accordance to market evaluation agency Messari, the overall worth locked in DeFi on the Solana ecosystem surged by 30.4% quarter-over-quarter, reaching $8.6 billion. This progress solidified Solana’s place because the second-largest community in DeFi TVL.
Nevertheless, the quarter was not with out its challenges. Common every day spot decentralized alternate (DEX) quantity skilled a pointy decline of 45.4%, dropping to $2.5 billion, attributed to the waning pleasure surrounding memecoins.
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The stablecoin market on Solana additionally confronted headwinds, with its market cap reducing by 17.4% to $10.3 billion, positioning it third amongst networks.
A good portion of this progress earlier within the yr was fueled by the launch of the official TRUMP token on January 17, which injected substantial liquidity into the ecosystem and created high-liquidity buying and selling pairs using Circle’s USDC stablecoin.
Regardless of the decline, the stablecoin market’s sustained progress signifies that a lot of the brand new capital has remained inside the Solana community, in accordance with the agency’s findings.
By the top of Q2 2025, USDC’s market cap stood at $7.2 billion, reflecting a 25.2% decline and a 69.5% market share. In the meantime, Tether’s USDT maintained its place because the second-largest stablecoin on Solana, holding a gentle $2.3 billion.
Community Exercise
When it comes to staking, Solana’s liquid staking charge rose to 12.2%, a rise of 16.8% from the earlier quarter. With 64.8% of SOL’s circulating provide now staked, this progress in liquid staking enhances the DeFi ecosystem, supporting yield-bearing alternatives for SOL holders.
Solana’s circulating market cap additionally grew by 29.8% to $82.8 billion, inserting it sixth amongst all cryptocurrencies, behind Bitcoin (BTC), Ethereum (ETH), Tether, XRP, and Binance Coin (BNB).
The non-fungible token (NFT) market, nonetheless, confronted a downturn, with common every day buying and selling quantity plummeting by 46.4% to roughly $979,500 in Q2. Regardless of this decline, Solana’s NFTs proceed to steer in creator royalties.
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Community exercise remained comparatively secure, with common every day charge payers reducing barely by 1.4% to three.9 million, whereas non-vote transactions rose by 4% to 99.1 million. The common transaction charge noticed a major drop of 59.6%, settling at simply $0.01.
On a broader scale, whole staked worth hit an all-time excessive of $102 billion on January 18, coinciding with SOL’s peak worth of roughly $295. By the top of Q2, the overall staked SOL had elevated by 25.2% to $60 billion.
Messari’s evaluation hints that whereas the Solana ecosystem is navigating via a section of “adjustment,” its foundational metrics and continued improvement may sign a promising outlook for the longer term.
As of this writing, SOL’s worth stands at $184.50, recording a 4.4% drop up to now 24 hours. When in comparison with its $293 file reached earlier this yr, SOL’s worth trades almost 40% under.
Featured picture from DALL-E, chart from TradingView.com
