The Solana (SOL) ecosystem demonstrated notable growth in the second quarter (Q2) of the year, particularly in terms of Decentralized Finance (DeFi) total value locked (TVL). Solana DeFi TVL Soars 30% According to market analysis firm Messari, the total value locked in DeFi on the Solana ecosystem surged by 30.4% quarter-over-quarter, reaching $8.6 billion. This growth solidified Solana’s position as the second-largest network in DeFi TVL. However, the quarter was not without its challenges. Average daily spot decentralized exchange (DEX) volume experienced a sharp decline of 45.4%, dropping to $2.5 billion, attributed to the waning excitement surrounding memecoins. Related Reading: Bitcoin Bulls Must Survive Brutal September Before Q4 Hope, Analyst Predicts The stablecoin market on Solana also faced headwinds, with its market cap decreasing by 17.4% to $10.3 billion, positioning it third among networks. A significant portion of this growth earlier in the year was fueled by the launch of the official TRUMP token on January 17, which injected substantial liquidity into the ecosystem and created high-liquidity trading pairs utilizing Circle’s USDC stablecoin. Despite the decline, the stablecoin market’s sustained growth indicates that much of the new capital has remained within the Solana network, according to the firm’s findings. By the end of Q2 2025, USDC’s market cap stood at $7.2 billion, reflecting a 25.2% decline and a 69.5% market share. Meanwhile, Tether’s USDT maintained its position as the second-largest stablecoin on Solana, holding a steady $2.3 billion. Network Activity In terms of staking, Solana’s liquid staking rate rose to 12.2%, an increase of 16.8% from the previous quarter. With 64.8% of SOL’s circulating supply now staked, this growth in liquid staking enhances the DeFi ecosystem, supporting yield-bearing opportunities for SOL holders. Solana’s circulating market cap also grew by 29.8% to $82.8 billion, placing it sixth among all cryptocurrencies, behind Bitcoin (BTC), Ethereum (ETH), Tether, XRP, and Binance Coin (BNB). The non-fungible token (NFT) market, however, faced a downturn, with average daily trading volume plummeting by 46.4% to approximately $979,500 in Q2. Despite this decline, Solana’s NFTs continue to lead in creator royalties. Related Reading: Ethereum Hits $4,350 Liquidity Pool: Can Demand Hold? Network activity remained relatively stable, with average daily fee payers decreasing slightly by 1.4% to 3.9 million, while non-vote transactions rose by 4% to 99.1 million. The average transaction fee saw a significant drop of 59.6%, settling at just $0.01. On a broader scale, total staked value hit an all-time high of $102 billion on January 18, coinciding with SOL’s peak price of approximately $295. By the end of Q2, the total staked SOL had increased by 25.2% to $60 billion. Messari’s analysis hints that while the Solana ecosystem is navigating through a phase of “adjustment,” its foundational metrics and continued development might signal a promising outlook for the future. As of this writing, SOL’s price stands at $184.50, recording a 4.4% drop in the past 24 hours. When compared to its $293 record reached earlier this year, SOL’s price trades nearly 40% below. Featured image from DALL-E, chart from TradingView.com
