Solana (SOL) Continues to Prove It's a Top Blockchain as DeFi TVL Surges 26% to $5.7B

After its rally, which gained 35% over the past 60 days, the popular Layer 1 blockchain is back in the news with more on-chain activities.

Solana’s blockchain continues to showcase impressive growth, driven largely by DeFi activities. According to recent data, Solana’s DeFi Total Value Locked (TVL) experienced a significant increase, reaching $5.7 billion in the third quarter. This marks a notable 26% improvement from the previous quarter.

Kamino, a crypto lending service, led the count with an impressive $1.5 billion in TVL, fueled by the addition of jupSOL and PYUSD, which helped Kamino achieve a 7% Quarter-on-Quarter growth.

Solana’s market cap also saw a substantial improvement, rising to $3.8 billion, largely boosted by the integration of PayPal’s PYUSD.

Solana DeFi Tops Chain Activities With Total Locked Value At $5.7B

Solana’s blockchain activity is dominated by DeFi, with a total locked value of $5.7 billion. This latest SOL data shows a solid 26% growth QoQ, pushing the blockchain to become the third largest in this metric, surpassing Tron.

In a Messari report, Solana’s TVL surged due to increased activities for Kamino, which accounted for $1.5 billion of the total contracts locked. Kamino’s recent quarterly figure represents a 57% rise, thanks to the recent integration of jupSOL and PYUSD.

Aside from Kamino Finance, Solana’s blockchain featured locked assets for Raydium, with $1.1 billion, and Jupiter, with $749 million. Kamino Finance’s impressive performance is linked to its Kamino Lend V2 launch, offering a permissionless vault and market layer. Analysts expect Kamino Finance to continue its dominance by adding new projects like the Spot Leverage and Lending Orderbook.

Solana DEX Activities Show Signs Of Slowing Down

Solana’s DEX activity saw a 10% decline QoQ but recovered slightly by October. The average daily volume on the blockchain’s exchange hit $1.7 billion, largely due to a fall in meme coins.

Raydium remained dominant in Solana’s DEX, with a 51% market share, despite its daily average volume decreasing by 13% to $852 million. The volume increased by $350 million with the launch of Moonshot, a crypto mobile trading app.

Jupiter also remained at the top, cornering 43% of the total spot exchange volume. Recent developments, including the launch of Jupiter Mobile and the integration of Google Pay and Apple Pay, helped the platform.

SOL’s Stablecoins Get A Boost From PYUSD

In the same Messari report, PayPal’s PYUSD uplifts SOL’s stablecoin market. The PYUSD was launched in May in Solana, which is mainly instrumental in its market cap growth, now at $3.8 billion. With interesting features like programmable transfers and transfer hooks, PayPal’s PYUSD became an instant favorite.

Aside from PYUSD, USDC also contributes to Solana’s stablecoins market. Circle’s integration of Web 3.0 services for SOL provides enterprise functionality features like fee sponsorship and programmable wallets, allowing developers to integrate multi-chain solutions quickly.

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