Solana DeFi value grows by 50% in a month as lending accelerates

Solana total value locked expanded, reflecting a growing lending sector and inflows from other ecosystems. The DeFi value locked is up over 50% in the past 30 days, based on DeFi Llama data. 

Solana’s DeFi sector now carries $9.44B in total value locked, a level not seen since February. Most of the gains reflect the return of SOL above $170 after an inflow of whale buying and record DEX trading activity. 

Solana’s TVL expanded by over 50% in the past month, from its recent levels around $6B. The stablecoin supply dropped to 11.71B tokens, down from a recent record above 12B. At the same time, Solana’s ecosystem draws inflows from other networks, especially Ethereum (ETH). 

In the same time frame, the TVL of JitoSOL rose by over 41% to $3.15B. Kamino became the second-biggest protocol, with over 33% in gains to $2.6B. Solana’s ecosystem has often focused more on its fee generation, but TVL remains an indicator for an upturn in usage and growing market prices. 

SOL traded at $170.64, near a one-month high and with volumes above $7.4B in the past 24 hours. 

Solana faced stablecoin outflows

In the past month, SOL hiked from $130 to over $175, gaining around 35%. The growth of TVL was only partially due to bridged assets, including stablecoins from other ecosystems. Solana ecosystem flows vary, and the chain saw mostly outflows in the past month. 

The inflows and outflows of other assets remain dynamic, based on DeBridge data. Solana has a small net outflow, with $83M in assets flowing from Ethereum, and around $116M flowing out as of May 12. The net outflows are offset by the increasing value of Solana’s tokens, appreciating from their recent lows. 

Another source of outflows was stablecoins. The Circle treasury wallet burned $1.6B in USDC tokens, signaling some traders were cashing out of the ecosystem. 

Meme tokens saved the Solana ecosystem

The growth of DeFi value thus reflects mostly the internal valuations of Solana-based tokens, which are used as collaterals. The higher value is reflected in DEX pools, as well as DeFi lending protocols like Kamino. 

Kamino Lend TVL has increased close to its all-time high, to over $2.6B, a level not seen since January 20. The heightened activity on Kamino is reflected by the wallet known as Kamino Reserve 3. This wallet reflects meme token deposits, against which the protocol lends stablecoins. 

DogWifHat (WIF) is the leader with over $10M deposited, while traders also made use of the recent rally for BONK and POPCAT. Solana-based memes are valued at over $13.9B, sparking increased DEX activity to tap the latest rallies for both returning and newly launched memes. 

On-chain DEX swaps led to peak fees for the Jupiter aggregator, generating $2.86M in daily fees. The Pump.fun platform produced $2.67M in fees. Overall, the Solana ecosystem produced $2.9B in fees for the past 12 months, surpassing all other major chains by more than $1B.

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