Solana has surged to a new all-time high in total value locked (TVL), reflecting robust growth in its decentralized finance (DeFi) ecosystem and a significant uptick in institutional engagement. This milestone positions Solana as a leading blockchain, driven by key players within its network and increasing clarity from regulatory bodies, which is attracting major corporate interest and investment.
Solana's DeFi Ecosystem Reaches New Heights
On September 9, Solana achieved an impressive new record, with its Total Value Locked (TVL) soaring to $12.11 billion. This remarkable figure not only surpasses its previous high from January but also represents a substantial 15% increase over the past 30 days. The growth is broad-based, with almost all of Solana's largest DeFi protocols reporting double-digit monthly gains. Key contributors include Jupiter, leading with $3.3 billion in TVL, followed closely by Jito at $3.2 billion and Kamino at $3.1 billion. Other significant protocols like Sanctum, Binance's liquid staking SOL, Raydium, Marinade, and Drift all demonstrated strong momentum, securing Solana's place among the top blockchain ecosystems, notably outperforming major Ethereum layer-2 solutions such as Base.
Institutional Confidence Driving Expansion
The resurgence in Solana's TVL is largely attributed to a notable increase in institutional interest, propelled by corporate treasury adoption and evolving regulatory clarity. A prime example is Forward Industries' substantial $1.6 billion investment in SOL for strategic treasury diversification, backed by major crypto investment firms. Furthermore, the launch of SOL Strategies on Nasdaq, focusing exclusively on Solana ecosystem opportunities, underscores a growing desire among institutional investors for direct exposure to the blockchain’s potential. This institutional push is also paving the way for innovative financial products. Several large institutions are now aiming to launch staking-enabled crypto Exchange-Traded Funds (ETFs) in the US, tied directly to Solana. The US Securities and Exchange Commission (SEC) recently clarified that liquid staking tokens are generally considered receipts, not securities, removing a significant regulatory hurdle. This has spurred filings for Solana ETFs, including Canary's liquid staking ETF in partnership with Marinade, and an ETF backed by JitoSOL from VanEck and Jito, signaling a new era of mainstream investment access to Solana’s thriving ecosystem.
