Solana DeFi TVL climbs to $6.7 billion, highest since March

Solana DeFi TVL reached $6.71 billion at 12:48 UTC (8:48 a.m. ET) on Oct. 4, according to DefiLlama. That is the highest reading since March 24, when the total stood at $6.78 billion.

The quick take

Price: Solana ($SOL) traded at $121.46 at 12:41 UTC, up 1.8% in 24 hours, per CoinGecko.
Trigger: Value locked in Solana apps is up 13.1% in 30 days, while $SOL gained 16.7% over the same stretch.
Watch: Whether trading on Solana exchanges picks up after a quiet Saturday, when DEX volume fell 44% in a day.

TVL, or total value locked, is the dollar value of tokens deposited in apps on Solana ($SOL). It covers lending pools, trading pools, staking apps and more. A higher number means more value is parked in the network’s DeFi apps.

What happened

DefiLlama’s count for Solana rose from $5.93 billion on Sept. 4 to $6.71 billion on Oct. 4. That is a gain of 13.1% in 30 days. Over the past seven days, the total rose 1.4% from $6.62 billion on Sept. 27.

The longer view is mixed. TVL is up 31% from $5.13 billion on July 6. But it is still 46% below the $12.5 billion DefiLlama recorded on Oct. 4, 2025.

Why it moved

TVL is counted in dollars. When the tokens inside these apps gain value, the total climbs even if nobody deposits more. Price and deposits both push the number, and they are hard to separate from the outside.

Over 30 days, $SOL rose 16.7%, according to CoinGecko. That is more than TVL’s 13.1% gain over the same period. It suggests that higher token prices did much of the lifting this month, rather than a wave of new money.

The past week tells a different story. TVL rose 1.4% while $SOL slipped 2.2% over seven days. That small gap points to some fresh deposits, though DefiLlama does not show where each dollar came from.

The wider market was calm: Bitcoin ($BTC) traded at $85,280, up 0.5% in 24 hours, and Ether ($ETH) at $2,702, up 0.7%, per LiveCoinWatch at 12:41 UTC.

Who’s buying and selling

Among apps that run only on Solana, lending saw the biggest swings this week. Jupiter Lend, the lending app of Jupiter Exchange ($JUP), added about $117 million in seven days. It now holds $1.32 billion, up 9.7%.

Kamino Lend, run by Kamino Finance ($KMNO), moved the other way. It lost about $88 million, or 5.9%, and holds $1.40 billion. The gap between the two lenders is now about $80 million.

Several large staking apps shrank a little. Jito Liquid Staking slipped 2.1% to $1.26 billion over the week, and Sanctum’s validator staking tokens fell 1.7% to $1.99 billion.

Trading slowed into the weekend. Solana exchanges handled $1.55 billion in volume on Saturday, Oct. 3, down 44% from $2.76 billion on Friday, per DefiLlama. The seven-day total was $16.5 billion, 14.1% below the week before.

Fees paid across Solana apps followed the same pattern. They came to $12.8 million on Saturday, down from $17.4 million on Friday. For the full week, fees totaled $110.7 million, almost flat at 0.5% below the prior week.

What to watch next

The first test is Monday. If trading volume bounces back from the weekend lull, it would show that users are still active, not just parking funds.

The second is how TVL behaves if $SOL moves. A total that holds up while the price dips would point to real deposits. A total that only tracks the price would say less about demand.

The third is lending. Jupiter Lend and Kamino Lend are now close in size, and the weekly flows between them are worth tracking.

Bottom line: Solana DeFi TVL sits at its highest level since March, but over the month much of the gain tracks the price of $SOL rather than fresh deposits.

Price data: CoinGecko (cross-checked with Jupiter).