The Solana (SOL) ecosystem demonstrated notable progress within the second quarter (Q2) of the 12 months, significantly when it comes to Decentralized Finance (DeFi) complete worth locked (TVL).
Solana DeFi TVL Soars 30%
According 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.
However, the quarter was not with out its challenges. Average day by day spot decentralized trade (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 lowering by 17.4% to $10.3 billion, positioning it third amongst networks.
A good portion of this progress earlier within the 12 months 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.
Despite the decline, the stablecoin market’s sustained progress signifies that a lot of the brand new capital has remained throughout the Solana community, in response to 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. Meanwhile, Tether’s USDT maintained its place because the second-largest stablecoin on Solana, holding a gradual $2.3 billion.
Network Activity
In phrases of staking, Solana’s liquid staking fee 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, putting it sixth amongst all cryptocurrencies, behind Bitcoin (BTC), Ethereum (ETH), Tether, XRP, and Binance Coin (BNB).
The non-fungible token (NFT) market, nevertheless, confronted a downturn, with common day by day buying and selling quantity plummeting by 46.4% to roughly $979,500 in Q2. Despite this decline, Solana’s NFTs proceed to steer in creator royalties.
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Network exercise remained comparatively secure, with common day by day price payers lowering barely by 1.4% to three.9 million, whereas non-vote transactions rose by 4% to 99.1 million. The common transaction price noticed a major drop of 59.6%, settling at simply $0.01.
On a broader scale, complete staked worth hit an all-time excessive of $102 billion on January 18, coinciding with SOL’s peak value 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 by a part of “adjustment,” its foundational metrics and continued improvement would possibly sign a promising outlook for the longer term.
As of this writing, SOL’s value stands at $184.50, recording a 4.4% drop up to now 24 hours. When in comparison with its $293 report reached earlier this 12 months, SOL’s value trades practically 40% beneath.
Featured picture from DALL-E, chart from TradingView.com
