Solana DeFi TVL falls to $5.2 billion, lowest since August

The quick take

Price: Solana ($SOL) traded at $88.96, down 1.0% in 24 hours and 7.1% over seven days (CoinGecko, as of 4:41 p.m. ET, Nov. 7).
Trigger: DefiLlama’s daily reading of value locked in Solana apps fell 4.6% in a week to $5.20 billion, the lowest since Aug. 20.
Watch: Deposits counted in $SOL itself, which by our math rose about 2% this week.

Solana DeFi TVL, the total value locked in the network’s decentralized finance apps, fell to $5.20 billion in DefiLlama’s daily reading for Nov. 7. That is the lowest level since Aug. 20, when the tracker read $5.196 billion. A live reading at 4:41 p.m. ET on Saturday showed $5.23 billion.

What happened

A week earlier, on Oct. 31, DefiLlama put the total at $5.45 billion. That makes the weekly drop 4.6%. On Oct. 24 the figure stood at $5.76 billion, so the slide over two weeks comes to 9.7%.

Trading on the network stayed busy through the dip. DefiLlama counted $1.48 billion in decentralized exchange volume on Solana over the past 24 hours.

Why it moved

Most of the drop comes from price, not from people pulling money out. TVL is counted in dollars, and a large share of the deposits is $SOL or tokens tied to it. CoinGecko’s daily price for $SOL fell from $96.25 on Oct. 31 to $90.06 on Nov. 7, a loss of 6.4%.

By our math, dividing DefiLlama’s total by CoinGecko’s price, the deposits were worth about 56.6 million SOL a week ago and 57.7 million SOL now. That is a gain of about 2% in $SOL terms. In plain words, the pile of deposits held steady while the coin it is measured against got cheaper.

We found no single news event behind the move in the past 24 hours. The wider market was calm on Saturday: Bitcoin ($BTC) traded at $75,605, down 0.3% in 24 hours, according to LiveCoinWatch.

Who’s buying and selling

The largest apps on DefiLlama’s Solana list moved at different speeds over seven days. Lending held up best. Jupiter Lend, the lending market of Jupiter Exchange ($JUP), slipped just 0.4% to $927 million, while Kamino Lend from Kamino Finance ($KMNO) fell 4.0% to $1.18 billion.

Trading pools and staking fell more. Raydium ($RAY) AMM lost 6.6% to $1.01 billion. Jito ($JTO) Liquid Staking, where users park $SOL for a yield-bearing token, dropped 7.4% to $919 million, close to the price drop itself.

Traders were split on Saturday. In the biggest SOL/USDC pool, on Orca DEX ($ORCA), DexScreener counted 15,594 buys and 15,848 sells over 24 hours, with about $25.5 million in liquidity.

What to watch next

The key number to follow is the value of deposits counted in $SOL rather than in dollars. If it keeps holding, the dollar total simply tracks the price. If it starts to fall, that would point to real withdrawals instead. DefiLlama’s next daily reading, for Nov. 8, will show whether the low holds.

Lending is the other part to watch. Jupiter Lend and Kamino Lend are the two biggest lending apps on DefiLlama’s Solana list, and their deposits have moved more slowly than trading pools this week.

Bottom line: Solana DeFi TVL sits at its lowest since August in dollars, but counted in $SOL the deposits grew slightly this week.

Price data: CoinGecko (checked against Jupiter).