Solana’s DeFi TVL Crosses $4.4B for the First Time in Almost Two Years

Solana’s DeFi business has recorded a TVL of $4.4 billion for the first time since 2022.

As the smart contract-enabled layer-1 blockchain network Solana continues to garner investors’ attention, sectors within its ecosystem are seeing significant milestones. The latest metric from the blockchain’s DeFi business shows a total value locked (TVL) of $4.4 billion, the highest seen within the past 23 months. Solana’s native coin, SOL, has also risen amid the ecosystem growth.

Solana’s DeFi TVL Above $4.4B

According to on-chain data from the blockchain analytics platform DeFiLlama, Solana’s DeFi sector saw its highest TVL of $4.82 billion within the past two years on April 5th, 2022. For subsequent months, several DeFi projects building on the Solana mainnet saw downtrends, largely triggered by the dramatic FTX collapse. Some platforms even exited Solana at the time. The chart above shows how the TVL depreciated for most of last year.

Source: DeFiLlama

Prominent among the DeFi projects that fueled the market’s surge to $4.4 billion are Marinade, Jito, Kamino Finance, MarginFi, and Raydium. Recall that Solana’s DeFi sector surpassed $2 billion in TVL late last month.

Meanwhile, the DeFi sector’s all-time high in TVL was attained in early November 2021 at the peak of the bull run. The market saw a TVL of over $10 billion that day.

Solana’s DeFi TVL record comes around the same time when its decentralized exchange (DEX) market is seeing massive increases.

Solana’s Popularity on the Rise

Solana appears to have fully recovered from its rocky stance last year. At the time, several crypto experts hoped for the blockchain to thrive. Fast forward to the present and the network has exploded.

It has become home to thousands of crypto projects, especially memecoins. The blockchain is now touted as a meme chain.

SOL has also seen significant increases. At press time, the coin traded at $192, representing an 8.8% increase within the past 24 hours.