Solana has reached a significant milestone in its four-year history. Six protocols on the blockchain network have each surpassed $1 billion in total value locked (TVL).
This marks the first time such a feat has been achieved on the platform and signals growing confidence in Solana's decentralized finance (DeFi) ecosystem.
DefiLlama data reveals the six protocols. They are Jito, Kamino, Jupiter, Raydium, Marinade, and Sanctum.
Collectively, these platforms now hold nearly $9 billion in user deposits. This represents a substantial portion of Solana's overall DeFi activity.
Jito, a liquid staking provider, leads the pack. It boasts over $2 billion in TVL. Kamino, a Solana-based lender, follows with $1.58 billion. Decentralized exchanges Jupiter and Raydium are next, holding $1.26 billion and $1.24 billion respectively.
Liquid staking platforms complete the list. Marinade has $1.21 billion in user deposits, while Sanctum holds approximately $1 billion.
This achievement coincides with growing interest in Solana's native token, SOL. The cryptocurrency has seen remarkable growth over the past year. SOL has appreciated by over 547% in the last 12 months. At the time of writing, one token is valued at nearly $150, according to CoinGecko data.
The crypto community has praised Solana's features, with Actions and Blinks cited as potential drivers of retail adoption.
However, some argue that fast transactions and memecoin speculation are the primary catalysts for Solana's on-chain activity.
Bitget Research chief analyst Ryan Lee supports the memecoin thesis. In a note shared with crypto.news, Lee predicted SOL could reach $180 in October. Lee attributes this potential price movement to memecoin hype. He also cites institutional interest from Franklin Templeton and Citibank as potential drivers.
"During market downturns, the $110 support level has been exceptionally strong," Lee noted. He added that SOL has consistently outperformed other high-market-cap tokens during rebounds.
Lee emphasized the strength of Solana's meme sector. He described it as "one of the most robust during rebounds."
This milestone underscores Solana's growing prominence in the DeFi landscape. It suggests increasing user confidence and engagement with the platform's diverse range of protocols.
As the crypto market evolves, Solana's achievement may signal a shift in the DeFi ecosystem - the platform's ability to host multiple billion-dollar protocols could attract further investment and development.