Layer 1 blockchain Solana\u2019s on-chain ecosystem has grown sharply in recent years, with total ecosystem value locked (TVL) rising from $3 billion in December 2023 to $35 billion in 2025, according to research from TokenTerminal.<\/p>\n
TokenTerminal defines ecosystem TVL as the \u201csum of funds deposited into the applications on the chain\u201d \u2013 including from stablecoin issuers. <\/p>\n
Over the same period, Solana\u2019s fully diluted valuation (FDV) increased from $40 billion to $100 billion, meaning SOL<\/a> now trades at roughly 2.95 times the ecosystem\u2019s TVL, down from 14 times a year ago. <\/p>\n \u201cThis measures how much SOL is valued (assuming full dilution) relative to the capital deposited into the applications on the chain,\u201d TokenTerminal\u2019s report noted. SOL is currently trading at $155, up from $98 in December 2023. <\/p>\n Stablecoins dominate, accounting for $13.45 billion, or 43% of the total Solana ecosystem TVL. Liquid staking protocols account for $7.1 billion, lending platforms $4.8 billion, and decentralized exchanges (DEXs) another $4.8 billion. <\/p>\n Most of the absolute growth has also been driven by stablecoins, the researchers explained, with Circle, Tether, and a small number of protocols holding most of Solana\u2019s on-chain assets, though this could shift in the future.<\/p>\n This comes as the broader stablecoin sector has rapidly expanded to a market capitalization of $306 billion, up nearly $100 billion from the start of the year, according to DeFiLlama. <\/p>\n TokenTerminal found that Solana\u2019s ecosystem remains about one-tenth the size of Ethereum\u2019s, leaving significant room for growth. They added that \u201cif TVL grows another 10x as more assets move on-chain, and FDV\/ecosystem TVL trends toward Ethereum\u2019s ratio and reaches 2x, SOL\u2019s FDV would sit at $700 billion.\u201d<\/p>\n Last month, a report by investment firm RockawayX<\/a> asserted that SOL could hit $900 in the short term, $2,000 in the mid-term, and $6,000 in the long term. These predictions come alongside growing institutional interest<\/a> \u2013 Solana-based ETFs attracted more than $293 million in their first six days of trading, per SoSoValue data.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" TokenTerminal research shows SOL trades at 2.95x ecosystem TVL, down from 14x a year ago. Layer 1 blockchain Solana\u2019s on-chain ecosystem has grown sharply in recent years, with total ecosystem value locked (TVL) rising from $3 billion in December 2023 to $35 billion in 2025, according to research from TokenTerminal. TokenTerminal defines ecosystem TVL as […]<\/p>\n","protected":false},"author":2,"featured_media":410456,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-410450","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/410450","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=410450"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/410450\/revisions"}],"predecessor-version":[{"id":410458,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/410450\/revisions\/410458"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/410456"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=410450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=410450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=410450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"SOL](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.thedefiant.io%2Fpasted-1762465459376-jpeg-f62c188b-2f14-4591-8734-cabe7efb3b2a.jpeg&w=3840&q=100\"\/)