TL;DR
- Six DeFi protocols on Solana have surpassed $1 billion in TVL, marking the first time this milestone has been reached since November 2021.
- The total TVL of Solana rises to $5.50 billion, recovering after the collapse of FTX in 2022, which drastically affected the platform.
- The protocols in question are: Jito, Kamino Finance, Raydium, Jupiter, Marinade Finance, and Sanctum.
The Solana DeFi ecosystem has achieved a remarkable recovery, as six protocols have surpassed the $1 billion mark in Total Value Locked (TVL), a feat not seen since November 2021.
This resurgence occurs after a significant decline in 2022 when the collapse of FTX drastically affected the platform’s TVL. Currently, the total TVL of Solana has reached $5.50 billion, a level not seen since January 2022.
The Renaissance of Solana’s Protocols
Among the protocols leading this surge is Jito, the top liquid staking protocol on Solana, which has seen its TVL increase to $2 billion, a significant advancement from $4.4 million in 2022. Jito has diversified its services by including the option for restaking, further boosting its popularity and the confidence in the SOL network.
Kamino Finance, the largest lending market on the blockchain, has also experienced exponential growth, reaching a TVL of $1.61 billion, following an impressive increase of 44,900% since the beginning of 2023.
Raydium, the most recognized decentralized exchange, has recovered from a sharp decline to reach a TVL of $1.28 billion, thanks to new initiatives that have revitalized its trading volume.
Jupiter, the popular DeFi aggregator, maintains its position with a TVL of $1.26 billion, supported by its Liquidity Provider Pool, which attracts investors interested in various assets.
A Network with the Ability to Renew and Evolve
On the other hand, Marinade Finance, although surpassed by new competitors, remains relevant in the market with a TVL of $1.23 billion, demonstrating its resilience in the industry and its ability to continue growing and adding users.
Finally, Sanctum, an innovative liquid staking token provider, has once again reached a TVL of $1 billion, thanks to its technology that allows validators to launch their own tokens.
The recovery process achieved by Solana’s DeFi protocols highlights the network’s ability to renew itself and attract capital, indicating a promising future for the ecosystem as it moves towards more sustainable and scalable solutions