Categories: MarketsMenafn

Solana Defi TVL Gains 21% in July

Solana, a fast and scalable layer 1 blockchain network, has continued to make waves in the Defi ecosystem following an impressive surge in the performance of Defi protocols based on the network.

While the network remains one of the leading cryptocurrency players, the blockchain’s total value locked (TVL) on the blockchain has surged by over 21.01% in the past month.

Solana’s TVL Surpasses $5 Billion After 2 Years.

On-chain data provided by DefLlama shows that Solana’s DeFi TVL has surged to $5.46 billion, the highest TVL it has achieved in over 2 years.

With increased Defi activities on the blockchain over the past month, the total number of addresses operating on Solana’s Defi protocols has also increased to 1.27 million.

As the Solana decentralized exchange market has grown over the past few months, the blockchain has emerged as the third largest DeFi network by TVL, ranking next to Tron and Ethereum. However, only 151 protocols operate on the blockchain as of the time of writing.

While all top 10 blockchains in the DeFi sector have recorded shortages in TVL over the past week, Solana has triumphed as the only blockchain recording a weekly TVL surge of up to 2%.

Among the top decentralized protocols leading the Solana Defi sector by TVL size, Jito, Kamino, and Raydium have contributed to Solana’s July surge with increases of over 20%.

Solana Dominates Non-EVM Blockchains by 49%

Non-Ethereum Virtual Machine (EVM) compatible chains are also making strides in the Defi ecosystem following increased adoption. Meanwhile, Solana’s dominance over the sector has also increased to 49.11% as of the end of July.

Solana Defi TVL Soars 21% in JulySolana Defi TVL Soars 21% in July

Most non-EVM compatible public chains also recorded notable increases in their TVL in the last month. Popular non-EVM compatible chains like Aptos, Starknet, Hyperliquid, EOS, and more saw their TVL increase by more than 10%-25% in July.

Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.

Recent Posts

Why is Ripple (XRP) Down Today? Price Slides Below $2.20 as Spot ETF Approval Remains Elusive

XRP fell 5.5% to $2.16 over the past 24 hours, reflecting a broader wave of…

1 hour ago

AI Agent VIRTUAL Sees 30% Spike After Binance.US Listing: Here’s What You Need To Know

Virtuals Protocol (VIRTUAL), a popular AI agent project, soared past $1.50 early Tuesday after Binance.US…

13 hours ago

Binance’s Listing Causes SIGN Token to Explode 30% Today: Details

Binance has recently launched full support SIGN, the native token powering Sign Protocol’s ecosystem, shortly…

1 day ago

If Bitcoin (BTC) Maintains This Critical Support Level, Then $100K Is Possible Again: Analysis

Bitcoin has officially confirmed the start of a new weekly cycle, according to veteran market…

2 days ago

MCP and Web3: Lumoz Empowers New Potential for AI-Driven Decentralized Applications

Bangkok, Thailand, 28th April 2025, ZEX PR WIRE, MCP (Meta Context Protocol), as an emerging interaction…

2 days ago

Mark Your Calendars: Troller Cat’s Presale Goes Live on May 2

Time to Troll Your Way to Riches London, United Kingdom, 28th April 2025, ZEX PR…

2 days ago