Solana’s DeFi milestone: TVL soars to $17.5B with new protocol leaders

• Solana’s DeFi TVL hit $17.5B, led by new protocols like JTO, KMNO, and Jupiter.
• Retail customers and yield farmers (not establishments) are driving Solana’s explosive native DeFi progress.

Solana’s [SOL] DeFi ecosystem simply hit a significant milestone, crossing $17.5 billion in complete worth locked. However not like earlier cycles, it’s not the previous names main the cost.

New protocols like JTO, KMNO, and Jupiter [JUP] at the moment are on the high, exhibiting a shift in how customers and builders are interacting with the community.

Solana: A $17.5 billion second

Solana’s DeFi ecosystem has reached a fresh high, with TVL climbing to $17.5 billion as of seventh of July. This marks the community’s strongest DeFi efficiency because the late-2021 bull run.

However the true story lies in who’s driving this progress. Legacy platforms like Marinade and Orca have been overtaken by a brand new class of protocols.

Supply: X

On the high is JTO, a staking protocol holding $2.72B (17.94% of complete TVL), adopted by KMNO with $2.43B in lending, and Jupiter with $2.39B in DEX liquidity.

Collectively, these three alone make up over 43% of Solana’s locked capital; a significant shift in consumer desire towards staking, lending, and native buying and selling instruments.

What modified?

Over the previous month, Solana’s progress has been pushed by protocols constructed particularly for its high-performance design.

Kamino lately launched Lend V2 with modular vaults and credit score markets, boosting its complete provide to $3.7 billion (+4.3%) and lively debt to $1.5 billion (+3.5%) in June.

Its automated vaults now maintain almost $50 million in deposits, providing yields as much as 8.6%.

Mix that with Solana’s lightning-fast block occasions, sub‑cent charges, and tailored incentive applications (like xBTC on Kamino), and the chain is retaining capital by itself phrases.

Who’s funding the surge?

Solana’s TVL surge seems to be fueled much less by institutional cash and extra by opportunistic yield farmers and community-led capital rotations.

Protocols like JTO and Kamino supply aggressive staking and lending yields, attracting lively on-chain customers fairly than passive ETF inflows.

The presence of excessive pockets exercise and smaller common deposit sizes additionally factors to sturdy retail participation. Whereas establishments stay extra centered on Ethereum’s [ETH] regulated layers, Solana is prospering.

That is via fast-moving, incentive-driven liquidity; mobilized by customers who know methods to chase yield and optimize throughout native platforms.