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Solana DeFi Landscape Expands As TVL Reaches $5.7 Billion

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This article is also available in Spanish.

Solana continues to prove that it is one of the best blockchains for this cycle. After surging 35% over the past 60 days, the popular Layer 1 Blockchain network is back in the news with more cross-chain activity.

According to recent data, Solana’s total DeFi value locked, or TVL, rose to $5.7 billion in the third quarter, reflecting a 26% improvement from the previous quarter.

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Kamino, a cryptocurrency lending service, tops the stats with $1.5 billion in total TVL and an impressive 7% QoQ growth, helped by the additions of jupSOL and PYUSD. Recent data also indicates that Solana’s market cap now stands at $3.8 billion, a 23% improvement, boosted by PayPal’s PYUSD consolidation.

DeFI continues to drive growth for Solana

Solana DeFi leads on-chain activity with a total value of $5.7 billion. Recent SOL data reflects strong growth of 26% quarter-on-quarter, pushing the blockchain to become the third largest in this metric, surpassing Tron.

In a Path report Solana’s TVL increased due to increased Kamino activities, which accounted for $1.5 billion of the total contracts concluded. Camino’s latest quarterly figure represents a 57% rise, thanks to the recent integration between jupSOL and PYUSD.

Source: Al-Masari

Aside from Kamino Finance, Solana’s blockchain technology included locked assets of Raydium, worth $1.1 billion, and Jupiter, worth $749 million. Kamino Finance’s impressive performance is tied to the launch of Kamino Lend V2, providing a vault and unauthorized market layer.

Analysts expect Kamino Finance to continue its dominance by adding new projects such as instant leverage and lending order book.

The total cryptocurrency market cap currently stands at $2.2 trillion. table: TradingView

Solana DEX is showing signs of slowing down

Solana’s DEX activity fell 10% QoQ but rebounded slightly by October. The average daily volume on the blockchain exchange reached $1.7 billion, largely due to the decline in digital currencies.

Raydium maintains its dominance of Solana’s DEX, with a 51% market share, despite its average daily volume falling 13% to $852 million. Volume increased by $350 million with the release of Moonshot, a mobile cryptocurrency trading app.

Jupiter also remained at the top, accounting for 43% of the total spot trading volume. Recent developments, including the release of Jupiter Mobile and the integration of Google Pay and Apple Pay, have helped the platform.

source: Facilitator

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SOL stablecoins get help from PYUSD

In the same Messari report, PayPal’s PYUSD is lifting SOL’s stablecoin market. PYUSD was launched in May in Solana, which has played an integral role in the growth of the market cap, which now stands at $3.8 billion. With exciting features like programmable transfers and transfer hooks, PayPal’s PYUSD became instantly popular.

Aside from PYUSD, USDC also contributes to Solana’s stablecoin market. Circle’s integration of Web 3.0 services for SOL provides enterprise functionality features such as fee stewardship and programmable wallets, allowing developers to quickly integrate multi-chain solutions.

Featured image from StormGain, chart from TradingView

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