Solana's DeFi TVL Surges Past $10 Billion Despite Project Fluctuations
Solana's decentralized finance (DeFi) ecosystem has witnessed remarkable growth, with its total value locked (TVL) surging past $10 billion in early 2025. This expansion is driven by the expansion of decentralized exchanges, lending platforms, and liquid staking protocols. However, not all projects have fared equally well.
Renzo, once a prominent player, has seen a significant decline. Its TVL has plummeted by 61%, from a high of 1.04 million ETH to just 387,000 ETH. Similarly, Kelp's TVL has decreased by 10%, from its April 2024 peak of approximately 615,000 ETH to around 557,000 ETH.
The introduction of memecoins, such as the 'TRUMP' token, has further boosted Solana's DeFi activity. These tokens have attracted substantial liquidity and user engagement. Meanwhile, MakerDAO maintains the largest share of the total locked value in the DeFi sector, holding approximately 12%.
Ether.fi, however, has experienced steady growth. Its TVL has increased from 44,000 ETH in January 2024 to 2.75 million ETH, thanks to new integrations, improved user onboarding, and the launch of its ETHFI governance token. Currently, ETHFI is trading at $1.31, with a market capitalization of $388 million. The reductions in TVL for some projects are largely due to the waning interest in airdrops and the rotation of capital into other yield opportunities.
The total value locked in the Ethereum liquid staking sector has dropped by approximately 37%, from its December 2024 peak of over $18.3 billion to around $12 billion. EigenLayer's TVL has also decreased, from 5.4 million ETH to 4.4 million ETH, due to tightened deposit caps aimed at managing risk as the protocol scales. Despite these fluctuations, the overall growth of Solana's DeFi ecosystem remains notable.
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