Solana (SOL) registered a brand new all-time excessive of $12.11 billion in complete worth locked (TVL) on Sept. 9, surpassing its earlier report of almost $12 billion set on Jan. 23.
Based on DefiLlama data, the milestone represents a 15% enhance over the previous 30 days, pushed by broad-based development throughout the ecosystem’s largest DeFi protocols.
Seven of the eight protocols with over $1 billion in TVL posted double-digit month-to-month features, with solely Kamino recording modest development of three%.
Jupiter leads Solana’s DeFi panorama with $3.3 billion in TVL, adopted by Jito at $3.2 billion and Kamino at $3.1 billion. Sanctum holds $2.894 billion, whereas the liquid staking SOL supplied by Binance instructions $2.5 billion.
The remaining protocols above the $1 billion threshold embrace Raydium at $2.4 billion, Marinade at $2.2 billion, and Drift at $1.3 billion. All demonstrated robust momentum with month-to-month features starting from 12.2% to 33.6%.
The TVL restoration positions Solana among the many prime blockchain ecosystems by locked worth, particularly amongst Ethereum layer-2 (L2) blockchains. Base is the biggest Ethereum L2, with $4.8 billion in TVL, which is lower than half of Solana’s measurement.
Institutional curiosity possible driver
Company treasury adoption and regulatory readability are driving renewed institutional curiosity in Solana.
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Ahead Industries officially announced its funding of $1.6 billion in SOL as a part of a strategic treasury diversification. It secured non-public placement commitments in money and stablecoins from Multicoin Capital, Galaxy Digital, and Jump Crypto.
Moreover, SOL Methods started buying and selling on Nasdaq on Sept. 9, after securing approval on Sept. 5. The funding agency goals to focus solely on Solana ecosystem alternatives and supply institutional buyers with direct publicity to the blockchain’s development.
Moreover, massive establishments purpose to launch staking-enabled crypto exchange-traded funds (ETFs) within the US tied to Solana. In Could 2025, Canary filed for a Solana ETF powered by liquid staking in partnership with Marinade.
Since then, the US Securities and Alternate Fee (SEC) issued a statement on Aug. 5 concluding that liquid staking tokens should not securities by default however receipts. The transfer is the last regulatory hurdle earlier than the approval of staking-enabled ETFs.
On Aug. 22, VanEck and Jito filed for an ETF backed by JitoSOL. The product is the primary within the US to be totally backed by a liquid staking token.
