Solana (SOL) has reached a significant milestone by registering a new all-time high of $12.11 billion in total value locked (TVL) on Sept. 9. This surpasses its previous record of nearly $12 billion set on Jan. 23, showcasing a 15% increase over the past 30 days, driven by growth across the ecosystem’s largest DeFi protocols.
According to DefiLlama data, seven of the eight protocols with over $1 billion in TVL posted double-digit monthly gains, with Jupiter leading Solana’s DeFi landscape with $3.3 billion in TVL. Jito follows closely behind with $3.2 billion, and Kamino at $3.1 billion. Sanctum holds $2.894 billion, while Binance’s liquid staking SOL commands $2.5 billion. Other protocols above the $1 billion threshold include Raydium, Marinade, and Drift, all demonstrating strong momentum with monthly gains ranging from 12.2% to 33.6%.
Solana’s TVL recovery has positioned it among the top blockchain ecosystems by locked value, especially among Ethereum layer-2 (L2) blockchains. Base, the largest Ethereum L2, has $4.8 billion in TVL, less than half of Solana’s size.
Institutional interest appears to be a significant driver behind Solana’s recent growth. Corporate treasury adoption and regulatory clarity have sparked renewed interest in the blockchain. Forward Industries announced a $1.6 billion investment in SOL for treasury diversification, securing commitments from Multicoin Capital, Galaxy Digital, and Jump Crypto. SOL Strategies began trading on Nasdaq on Sept. 9, focusing on Solana ecosystem opportunities for institutional investors.
Moreover, large institutions are planning to launch staking-enabled crypto exchange-traded funds (ETFs) in the US tied to Solana. Canaray filed for a Solana ETF powered by liquid staking in partnership with Marinade, following the SEC’s statement on Aug. 5 that liquid staking tokens are not securities by default but receipts. VanEck and Jito also filed for an ETF backed by JitoSOL, the first in the US entirely backed by a liquid staking token.
Overall, Solana’s growth in TVL and institutional interest signals a promising future for the blockchain ecosystem, solidifying its position among the top players in the industry.