Solana DeFi TVL Soars 50% in 30 Days as Onchain Fever Flares

DeFi activity is returning to Solana in full force. Spurred by promising trade talks and bullish markets, network TVL (Total Value Locked) is flourishing as traders pile back into the trenches.

Meanwhile, Solana’s stablecoin supply suffered an abrupt drop, suggesting traders could be redeploying capital into ecosystem tokens.

How much of Solana’s TVL growth comes from price action alone, and which apps are enjoying the greatest increase?

DeFi TVL Up 52% in 30 Days

Throughout 2025, geopolitical tensions and trade wars have loomed large over public discourse, sowing widespread fear and doubt. Volatility and price fluctuations plagued financial markets, leading to low confidence in DeFi and stifling the onchain economy.

With Trump’s trade war showing signs of reaching a resolution, market participants are pouring back into DeFi. In the last 30 days alone, Solana DeFi TVL has surged 52%, rising from $6.2B to currently sit at $9.47B, just 21% short of all-time highs.

It’s imperative to mention that much of Solana’s onchain TVL growth is due to rising prices. But, while TVL has increased by 52%, $SOL value has comparatively risen by 35% on a monthly timeframe, with SOL-denominated TVL dropping around 3% based on DefiLlama data.

This discrepancy suggests that Solana’s TVL growth is further supplemented by the inflow of funds from other chains and the increasing values of ecosystem tokens. According to data from Artemis and deBridge, Solana has witnessed over $120M in net outflows in the past 30 days, suggesting that TVL growth is driven by increasing token prices.

Stablecoin Supply Slips as Circle Redemptions Rise

While onchain TVL proliferates, Solana’s stablecoin supply has witnessed abrupt declines in the past seven days. After securing new all-time highs of $13.13B earlier in May, the network’s stablecoin supply has fallen 10.8%, currently sitting at $11.71B.

While this could suggest that network participants are reestablishing positions in their favorite ecosystem tokens, onchain data suggests otherwise. According to Solscan, the Circle Treasury has burnt over $1.6B worth of $USDC since the beginning of May, indicating that institutional players are converting stablecoins to fiat. 

Meanwhile, Circle has freshly minted $250M in $USDC so far in May, bring Circle's netflows to ~1.35B and confirming that the stablecoin titan's activity is the primary cause of changes in Solana’s onchain stablecoin fluctuations.

Raydium Leads TVL Growth

With Solana’s onchain TVL exploding, DeFi apps across the ecosystem are enjoying boosted metrics. Among the network’s leading protocols, TVL growth has been relatively consistent with $SOL price appreciation.

Among Solana’s biggest DeFi applications, Raydium witnessed the highest increase in TVL. This is likely due to the surging values of ecosystem and memecoins tokens in Raydium liquidity pools. Viral memecoins like $MOODENG are up as much as 600% in the last 7 days alone, bolstering the USD-denominated value of Raydium liquidity pools.

Other Solana Defi heavyweights, like Kamino and Sanctum, are flirting with ATHs in their respective onchain TVL, despite $SOL still hovering ~ 47% away from its all-time high.

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