For the first time in three years, six DeFi protocols on the Solana blockchain have crossed the US$1 billion (TVL) milestone, marking a major milestone for the ecosystem after a tumultuous period.
The last time such TVL growth was seen was in November 2021, at the peak of the #DeFi boom, when TVL reached a record $12 billion. Leading the way is #Jito , a protocol that barely appeared on DeFi's radar in 2022 but is now the most liquid betting protocol in #Solana with a staggering TVL of $2 billion.
Jito leads the way among DeFi protocols in Solana and has amassed over $2 billion TVL, a significant increase from the $4.4 million in 2022.
Jito was not present during DeFi's initial boom in Solana, but quickly gained popularity as the best liquid betting solution on the platform. Recently, Jito decided to relaunch in Solana, further accelerating its growth. The growth of this protocol highlights the demand for liquid betting and growing confidence in the long-term security of Solana's network and decentralization.
The second place went to Kamino Finance, Solana's largest loan marketplace, with a record USD 1.61 billion in TVL.
Launched in 2021, Kamino's TVL stood at a modest USD 3.58 billion at the start of 2023, with an impressive growth of over 44,900% in less than a year. Key to the protocol's success has been its focus on expanding the Solana lending ecosystem, which has become the primary platform for decentralized lending solutions on the network.
Solana's main decentralized exchange (DEX), Raydium, is the third-largest protocol in TVL with US$1.28 billion, up 800% from US$128 million TVL in January 2024.
Raydium was a dominant player at the start of Solana's DeFi era with a TVL of over US$2 billion, but suffered a steep decline after the collapse of FTX, with TVL dropping to US$24 million in June 2023. The resurgence after Pump. fun, a platform for creating memes without code, used Raydium to link and list tokens, has revitalized both TVL and trading volume on DEX.
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