The decentralized finance (DeFi) landscape on Solana is experiencing a powerful resurgence, with Total Value Locked (TVL) soaring past $7.8 billion—the highest level since December 2021. This milestone, not seen in over 1,070 days, marks a 37% increase in just one month and signals strong institutional and retail confidence returning to the ecosystem.
Driven by breakthrough performance across leading protocols, Solana has reasserted itself as a dominant force in blockchain-based finance. The surge isn't just about rising asset prices—it reflects deeper adoption, improved infrastructure, and growing utility within its DeFi stack.
Jito Achieves Historic $3 Billion TVL
At the forefront of this rally is Jito, the first Solana-based protocol to surpass $3 billion in TVL. As a liquid staking protocol (LST), Jito enables users to stake SOL while maintaining liquidity through jSOL tokens, which can be used across other DeFi applications.
What makes Jito’s growth particularly impressive is that it's not solely tied to Solana’s price appreciation. The protocol now has over 14 million SOL staked, setting a new record for on-chain participation. This level of engagement highlights robust demand for efficient staking solutions that offer both yield and flexibility.
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Beyond TVL dominance, Jito leads in revenue generation, earning $103 million in fees over the past 30 days—surpassing industry giants like Uniswap and Lido. A significant portion of these earnings comes from MEV (Maximal Extractable Value) redistribution, where validators are rewarded for optimizing transaction ordering. Jito’s MEV strategy ensures that value flows back to stakers, creating a sustainable incentive loop that strengthens network security and user returns alike.
This combination of technological innovation and economic alignment has positioned Jito as a cornerstone of Solana’s DeFi resurgence.
Kamino Finance Crosses $2.1 Billion TVL
Following closely behind is Kamino Finance, Solana’s leading lending and borrowing protocol, which has officially crossed $2.11 billion in TVL—a new all-time high. As a permissionless money market platform, Kamino allows users to lend assets, borrow against collateral, and earn yield through leveraged strategies.
Its growth reflects increasing trust in Solana’s ability to support complex financial primitives at scale. With low latency and near-zero transaction costs, Kamino offers a seamless experience for users seeking capital efficiency—a key differentiator compared to Ethereum-based lending platforms.
The rise in leveraged yield farming activity on Kamino also indicates maturing user behavior, where sophisticated strategies are becoming more accessible to everyday participants. This shift suggests that Solana’s DeFi ecosystem is evolving beyond simple trading and staking into advanced financial engineering.
Jupiter Reaches $2B+ TVL Amid Perpetuals Boom
Jupiter, best known as Solana’s premier decentralized exchange aggregator, has also entered the elite $2 billion TVL club, with its total locked value reaching **$2.03 billion. A major driver of this growth is Jupiter Perps, its perpetual futures exchange, which now holds $1.13 billion in JLP (Jupiter Liquidity Provider tokens)** and **$833 million in JupSOL**.
Jupiter Perps has seen explosive adoption, recording record-breaking daily trading volumes for three consecutive days. On November 12 alone, volume spiked to $2.37 billion, underscoring strong demand for high-speed, low-cost derivatives trading on Solana.
This momentum is fueled by several factors:
- Ultra-fast settlement thanks to Solana’s high-throughput architecture
- Deep liquidity pools incentivized through token emissions
- Seamless integration with wallets and other DeFi protocols
As traders seek alternatives to centralized exchanges with restrictive policies and high fees, platforms like Jupiter are capturing significant market share—especially among active crypto-native users.
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Raydium and Marinade Near $2B Threshold
Two additional protocols are rapidly approaching the $2 billion mark:
- Raydium: With $1.84 billion in TVL, this automated market maker (AMM) continues to dominate Solana’s spot trading scene. Its concentrated liquidity model—similar to Uniswap V3—allows liquidity providers to optimize capital efficiency.
- Marinade Finance: Sitting at $1.74 billion in TVL, Marinade remains one of the most trusted staking solutions on Solana. It offers frictionless staking with auto-compounding rewards via mSOL, another popular LST.
Both protocols are well-positioned to breach the $2 billion threshold in the coming weeks, potentially bringing the number of multi-billion-dollar DeFi projects on Solana to five.
Solana Nears All-Time High in DeFi Dominance
For the first time in three years, three Solana protocols have simultaneously surpassed $2 billion in TVL—a testament to the network’s resilience and scalability.
Solana now ranks as the second-largest blockchain by DeFi TVL, trailing only Ethereum but closing in fast. It sits just 21% below its all-time high of $10 billion, set back in November 2021 during the peak of the last bull cycle.
This renewed momentum is not limited to TVL alone. Key indicators show broad-based strength:
- Rising daily active addresses
- Increased transaction throughput
- Surge in new protocol launches and integrations
Together, these metrics point to a healthy, expanding ecosystem—one that combines performance, innovation, and real-world usage.
Core Keywords
- Solana DeFi
- Total Value Locked (TVL)
- Jito staking
- Jupiter Perps
- Kamino Finance
- Liquid Staking Tokens (LST)
- MEV rewards
- Raydium AMM
Frequently Asked Questions
Q: What is Total Value Locked (TVL) and why does it matter?
A: TVL measures the total amount of assets deposited into DeFi protocols. It's a key indicator of user trust, liquidity depth, and overall ecosystem health. Higher TVL often correlates with increased platform stability and growth potential.
Q: How does Jito generate $103 million in fees?
A: Jito earns revenue primarily through MEV (Maximal Extractable Value). By optimizing transaction ordering for validators, it captures additional value that is then shared with stakers—creating a win-win for network security and yield generation.
Q: Is liquid staking safe on Solana?
A: Yes, when using reputable protocols like Jito or Marinade Finance. These platforms use audited smart contracts and distribute risk across large validator sets. However, users should always research risks such as smart contract vulnerabilities or slashing conditions.
Q: Why is Jupiter’s perps volume so high?
A: Jupiter Perps benefits from Solana’s speed and low fees, making it ideal for high-frequency traders. Combined with aggressive liquidity incentives and an intuitive interface, it has become a top destination for decentralized derivatives trading.
Q: Can Solana reclaim its $10B DeFi TVL all-time high?
A: Given current trends, it's highly likely. With sustained developer activity, growing institutional interest, and continuous product innovation, Solana is on track to surpass its previous peak if market conditions remain favorable.
Q: What role do LSTs play in Solana’s DeFi growth?
A: Liquid Staking Tokens (like jSOL and mSOL) unlock capital efficiency by allowing users to stake SOL while still using their assets in lending, trading, or yield farming protocols—amplifying composability across the ecosystem.