Six Solana Protocols Surpass $1 Billion in TVL
Date: 2024-10-02 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
According to data from DefiLlama, six protocols running on the Solana blockchain have surpassed the $1 billion mark in user deposits. Among them are Jito (JTO), Kamino, Jupiter, Raydium, Marinade, and Sanctum, which have collectively collected nearly $9 billion in TVL (total value locked) as of October 1.
This milestone marks the first time in Solana’s four-year history that its leading protocols have achieved such a milestone. Leading the way is liquid staking provider Jito, whose TVL has surpassed $2 billion. Solana-based lending platform Kamino is second with $1.58 billion, while decentralized exchanges Jupiter and Raydium hold $1.26 billion and $1.24 billion, respectively. Staking protocols Marinade and Sanctum round out the top six with $1.21 and $1 billion in user deposits.
Memcoins Are Back: Trading Volumes Are Growing Again on Solana, Base, and Sui DEX
Jito, Kamino, Jupiter, Raydium, Marinade, and Sanctum have seen a surge in popularity on Solana, fueled by demand for the SOL token. The price of SOL has risen more than 547% in the past year, and at the time of writing, one token is worth about $150, according to CoinGecko. Crypto community members point to network features like Actions and Blinks as key drivers of growth, as well as fast transaction execution and the popularity of memecoins, which they believe are driving activity on the network.
Ryan Lee, chief analyst at Bitget Research, believes that the hype around memecoins could drive the price of SOL to $180 in October.
