Solana’s de-fi reserve value is at $6b once again after what seems like ages, or well, almost three years. This increase points to a fairly active DeFi market on the Solana network, more than 40 million $SOL tokens locked in protocols. This is approximately 8.66% of the total circulating supply, that does not include native SOL staking, which means a significant increase in participation in lending protocols, DEXs, and liquid staking.

Raydium is a prime example of this as it is Solana’s first DEX to perform this function. Formerly the market’s most popular exchange during the 2021 DeFi bull run, Raydium has reclaimed its spot, ranking second by TVL on the Solana ecosystem. This revival can be attributed to the growth of the meme coin segment: the total value of meme coins in Solana is now over $11 billion, and the growth of their TVL.

Furthermore, Solana’s DEX dominated with global share at 31 percent, the highest in the last two months compared to other blockchains.

Ye, it’s the Solana’s liquidity staking token (LST) market has also helped to increase the TVL. Centralized exchanges such as Bybit and Binance are now deploying their LSTs on Solana, which gives the ecosystem wings to fly. Another factor has been the emergence of restaking protocols – Jito and Solayer has added more boost for the network.

Jito, the market leader for liquid staking in Solana, has crossed the $2 billion TVL mark, a record only it has achieved in Solana. On the same note, Solana’s layer 1 restaking protocol known as Solayer has mushroomed with total value locked more than $200 million & is one of the earliest of its kind in Solana DeFi space.