Solana's DeFi Ecosystem Surges 58% in TVL, Driven by 40% SOL Price Increase

Solana’s decentralized finance (DeFi) ecosystem has shown signs of recovery after a period of stagnation, driven by the broader crypto market rally. Over the past week, the weekly decentralized exchange (DEX) volumes on Solana surged to $35.6 billion, the highest level in over two months. This surge in volume contributed to a significant increase in protocol revenue, reaching $25.9 million.

During this period, the Solana network maintained an average throughput of around 1,190 transactions per second (TPS). Additionally, Solana’s share of the SOL-USD trading market increased from 27% to 38%, reflecting a growing demand for its native asset.

The total value locked (TVL) on Solana has also seen a substantial increase over the last 30 days. According to data from DeFiLlama, the network’s TVL rose by 58%, from a low of $13.9 billion to $22.1 billion. Although this figure is still below the January peak of over $26 billion, it indicates a strong recovery in user and developer engagement within the ecosystem.

Part of the TVL increase can be attributed to the rising value of SOL, which appreciated by 40% over the same 30-day period to reach $178, its highest price since March. This price appreciation has likely contributed to the overall growth in TVL, as the value of assets locked in the network increases with the price of SOL.

The rebound in Solana’s DeFi ecosystem suggests a renewed interest and confidence in the network. The significant increase in DEX volumes and TVL, coupled with the growing demand for SOL, indicates that the network is attracting more users and developers. This recovery is a positive sign for the broader crypto market, as it demonstrates the resilience and potential of decentralized finance platforms.