Solana’s DeFi Protocols Break $7.8B TVL, Led by Jito’s $3B Milestone

The Solana DeFi ecosystem is witnessing an unprecedented rise in Total Value Locked (TVL), surpassing $7 billion for the first time since December 2021. The TVL has reached $7.8 billion, levels last seen nearly 1,073 days ago on December 5, 2021, reflecting a 37% surge over the past month.

Data by Defillama

Jito Leads with Record $3B TVL

Among Solana's top DeFi protocols, Jito stands out, reaching an all-time high of $3 billion in TVL and becoming the first Solana protocol to do so. As an LST (Liquid Staking Token) protocol, Jito's growth isn't solely driven by Solana's three-year-high price; the protocol has also set a record with 14 million SOL staked. This achievement underscores a strong demand for Jito's staking services beyond price factors.

Jito is now the leading protocol in fees generated, with earnings soaring to $103 million over the last 30 days. This all-time high places it above Uniswap and Lido.

Top Protocols ranking by fees

The increase in DEX activity on Solana has led to more MEV (Maximal Extractable Value) tips being channeled to the protocol, benefiting validators with higher rewards.

Kamino Finance and Jupiter Finance Surpass $2 Billion in TVL

Kamino Finance, Solana's second-largest DeFi protocol, has reached a new milestone, crossing the $2 billion mark in TVL for the first time with $2.11 billion. Primarily a lending protocol, Kamino's growth reflects the ongoing confidence in Solana's DeFi landscape.

Jupiter, now the third-largest protocol, has also recorded its highest TVL, surpassing $2 billion. The majority of Jupiter's TVL is concentrated in its perps exchange, with $1.13 billion in Jupiter LP (JLP) and $833 million in JupSOL. Jupiter's perps exchange has maintained record-breaking daily trading volumes for the last three consecutive days; on November 12, the trading volume soared to $2.37B for the first time.

Jupiter Perps Exchange Volume

Solana Approaches All-Time High in DeFi TVL

This marks the first time in three years that three Solana protocols have surpassed $2 billion in TVL. Solana is now the second-largest blockchain in DeFi TVL, just 21% short of reclaiming its all-time high of $10 billion recorded in November 2021.

Solana's DEX giant Raydium and Staking service provider Marinade Finance are also nearing the $2 billion milestone, with TVLs at $1.84 billion and $1.74 billion, respectively. At the current pace, both could join Solana's growing roster of $2 billion DeFi protocols soon.

Solana's rapid DeFi expansion reflects a renewed demand across protocols, staking services, and trading platforms, setting the stage for a potential record-breaking year in the ecosystem.