Solana DeFi Platforms Surpass $1 Billion in User Deposits

For the first time since Solana launched, six SOL-based platforms held over $1 billion in user deposits.

According to DefiLlama data, Jito, Kamino, Jupiter, Raydium, Marinade, and Sanctum all surpassed $1 billion or more on the layer-1 blockchain network Solana. October 1 marked the first time in SOL’s four-year history that its top six protocols boasted nearly $9 billion in total value locked (TVL). Liquid staking provider Jito led other smart-contract projects, with over $2 billion in TVL.

Top Solana Protocols by Total Value Locked

Solana lender Kamino trailed in second with $1.58 billion in TVL, followed by decentralized exchanges Jupiter and Raydium, which held $1.26 billion and $1.24 billion in user deposits, respectively. Liquid stakers Marinade and Sanctum completed the Solana big six, with users parking $1.21 billion in Marinade and around $1 billion in Sanctum.

For the first time in three years, six Solana DeFi protocols boast over $1B in TVL.

Rising Interest in Solana Protocols

Interest in Solana’s Jito, Kamino, Jupiter, Raydium, Marinade, and Sanctum accelerated alongside an appetite for SOL. The native token has grown by over 547% in the past year, with one token costing almost $150 at press time.

Crypto community members have praised SOL chain features like Actions and Blinks as retail adoption funnels. However, others argue that fast transactions and memecoin speculation fuel most of SOL’s on-chain activity.

Expert Insights on SOL’s Growth

Bitget Research chief analyst Ryan Lee agreed with the memecoin thesis and suggested that SOL could trade at $180 in October due to this hype. Lee added that support from Franklin Templeton and Citibank might also boost SOL’s institutional appeal.

During market downturns, the $110 support level has been exceptionally strong. During each rebound, SOL has been one of the strongest-performing high-market-cap tokens. The Solana ecosystem’s meme sector has also consistently been one of the most robust during rebounds.

During market downturns, the $110 support level has been exceptionally strong, and during each rebound, SOL has been one of the strongest-performing high-market-cap tokens.

Stay updated with the latest cryptocurrency news and trends on Global Crypto News.

#Crypto #TechTrends #CryptoMarket