Solana DeFi TVL Hits New All-Time High at $12.2B

Despite what can only be described as a volatile year for crypto, Solana DeFi is flourishing. Recording a new all-time high of $12.2B in onchain TVL, Solana’s DeFi scene is expected to accelerate even further as DATs raise billions and ETFs edge closer to approval.

While Solana DeFi TVL has broken into uncharted territory in USD terms, there’s still some ground to cover in $SOL-denominated value.

Who are the winners of Solana’s swelling DeFi economy, and where can traders get the best value on token swaps?

Solana DeFi TVL Yet to Break $SOL-Denominated ATH

As optimism and bullish sentiment swirls around Solana following Forward Industries’ $1.65B cash raise, surging $SOL prices have driven DeFi TVL to new heights.

According to DefiLlama data, Solana’s onchain TVL has roared to $12.2B, clearing the previous record set during January 2025’s $TRUMP-fuelled memecoin frenzy. 

While the network has secured new ATHs in USD, onchain TVL is still 16.36% short of its $SOL-denominated ATH of 68.13M $SOL, recorded in June 2022. However, it’s critical to note that $SOL was worth ~$30 at the time.

If Solana DeFi were to reclaim the previous highs of $SOL-based TVL, we could reasonably expect to see USD-based TVL go as high as $14.57B if $SOL maintains current prices.

Solana is yet to return to all-time highs in asset price, market participants should be aware that $SOL is now just a stone’s throw away from its ATH market capitalization. Currently sitting at $118.6B, a 4% increase in $SOL price would send the asset’s circulating market cap to its highest valuation in history.

Jupiter Extends TVL Lead

Piggybacking off the successful launch of its new lending market, Jupiter has extended its lead in Solana DeFi’s TVL rankings. Since launching just two weeks ago, Jupiter Lend has already amassed over $600M in TVL, lifting Jupiter’s total TVL to $3.38B.

In the last month, Jupiter’s total protocol TVL has outpaced rival DeFi apps, rising by 25.2% and cementing its position as Solana’s largest protocol. 

Pump Leads Capital Efficiency

With liquidity pouring into the onchain economy, Solana’s DEX wars are reaching a fever pitch. Powered by pump.fun’s new dynamic fee model, volume on the launchpad’s native AMM PumpSwap has eclipsed OG exchanges like Raydium and Orca. Despite pump.fun’s growing popularity, Meteora currently dominates onchain DEX volumes.

Courtesy of its soaring trading volume and comparatively low TVL, Pump theoretically boasts the highest capital efficiency among trading platforms, excluding prop AMMs.

While this may suggest that Pump is outperforming rival exchanges on swap efficiency, it’s worth noting that volume data is skewed by the prevalence of Prop AMMs. According to Blockworks data, Prop AMMs like Humidifi dominate ~65% of SOL-USD swaps, eating dramatically into the market share of traditional trading venues.

Given that almost the entirety of Pump’s trading volume is executed between SOL-memecoin pairs, PumpSwap is largely unaffected by the rise of PropAMMs.

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