Well, it looks like Solana is having a moment again. After a pretty rough patch a while back, the network’s total value locked, or TVL, has apparently hit a new record. Fresh data from Token Terminal puts that number at around $34 billion. That’s a huge jump from the previous high of $9 billion set just last December.
A Surge in Locked Value and User Activity
This isn’t just a small bump. Over the past year, the value of assets parked in Solana’s various applications has gone from $1.4 billion to nearly $10 billion. That’s a increase of about 600%, which is… significant, to say the least. It suggests that more people are actually using the apps built on Solana, not just trading the token. And that usually points to a stronger sense of trust in the ecosystem’s offerings. When TVL climbs this way, it often translates to more demand for the native token, SOL. So perhaps this activity could support its price, but of course, that’s never a sure thing.
The Major Players Behind the Growth
So, what’s driving all this? It seems to be centered on a handful of key projects. The top five apps by TVL on Solana right now are Circle, Kamino, Jupiter, Jito, and Sanctum. Each is doing something a bit different, but together they’re pulling in a lot of capital.
Circle, which issues the USDC stablecoin, is at the top. They’ve minted about $24 billion worth of USDC on Solana so far. That kind of liquidity is crucial—it basically acts as a foundation for everything else to function, especially for bigger players and institutions who need stable assets.
Then there’s Kamino Finance. They’re sitting at number two with close to $3 billion TVL, offering lending and borrowing services. They’ve managed to grow steadily, which isn’t always easy in such a volatile space.
Jupiter, a decentralized exchange aggregator, is third. It helps users find the best prices when swapping tokens. With over $3 billion TVL, it’s apparently now the largest DEX on Solana.
Jito and Sanctum are both liquid staking protocols. Jito leads that category with over $3 billion TVL, letting users stake their SOL without locking up their funds. Sanctum is newer but seems to be gaining traction quickly, reporting solid revenues recently.
It’s a mix of stability, trading, and staking that’s drawing people in. Whether this is a temporary spike or the start of a longer trend, though, is still unclear. For now, the numbers are certainly telling a story.
