Solana is on the verge of breaking its previous Total Value Locked (TVL) record set in November 2021, now closely approaching $12.3 billion.
Although it has not yet reached this milestone, the growth trajectory signals strong momentum within the blockchain’s decentralized finance (DeFi) ecosystem.
One of the drivers behind this impressive TVL and price growth is the influx of new capital into Solana’s DeFi ecosystem, which extends beyond mere price appreciation.
More users and protocols are deploying on the network, attracted by its high-speed transactions and low costs. There are currently six DeFi protocols built on Solana with over $1 billion in TVL, further demonstrating the network’s expanding reach.
Solana’s growing influence has not gone unnoticed by large financial institutions, with speculation that Solana could be the next blockchain to receive an Exchange-Traded Fund (ETF) approval in the United States. However, despite the optimism, regulatory hurdles and uncertainties remain, meaning there is still a long road ahead before such an ETF is realized.
Over the past year, the SOL token price has surged by 600%, representing a sixfold increase since late 2023. This significant rise in value has garnered increasing attention from major institutional investors.
