Solana DeFi weekly losses hit 31% as deposits slip far less

The quick take

Price: $SOL at $101.61, down 0.2% in 24 hours and about 9% over seven days (CoinGecko, 5:40 p.m. ET, Oct. 18).
Trigger: no single announcement; the tokens of Pump.fun, Jito, Raydium, Orca DEX and Jupiter Exchange fell 23% to 31% in a week.
Watch: whether deposits in the apps keep holding up while their tokens stay low.

Solana DeFi weekly losses hit the app tokens much harder than the apps themselves. Over the seven days to 5:40 p.m. ET on Sunday, the Pump.fun token ($PUMP) lost about 31%, per CoinGecko. The dollar value locked in the main DeFi apps on Solana ($SOL) fell only 3% to 9% over a similar span, per DefiLlama.

What happened

Most Solana DeFi tokens slid for a full week. Jito ($JTO) fell about 26% over seven days. Raydium ($RAY), Orca DEX ($ORCA) and Jupiter Exchange ($JUP) each lost between 23% and 29%, across two CoinGecko readings taken minutes apart.

$SOL fell about 9% over the same week and was nearly flat over the last 24 hours, at $101.61. On Sunday alone, $PUMP dropped 8.2%, the largest daily move among the ten Solana-ecosystem coins we track. Jupiter’s own price feed showed a 7.9% drop, close to CoinGecko.

One token went the other way. Kamino Finance ($KMNO) ended the week roughly flat: one CoinGecko reading showed a 0.6% loss and another a 1.1% gain.

Why it moved

We found no single announcement behind the slide, so the cause is not confirmed. The losses were broad, which points to selling across the sector rather than news from one project.

The apps tell a calmer story. Between Oct. 11 and Oct. 18, DefiLlama shows Raydium’s main AMM down 8.5% to $1.14 billion and Jito’s liquid staking down 7.9% to $1.06 billion. PumpSwap fell 6.9% to $341.9 million, and Orca DEX fell 4.9% to $295.3 million.

Kamino Lend slipped 2.9% to $1.29 billion, the smallest drop of the group. Much of the value locked in these apps is held in $SOL, which itself fell about 9%. So part of each drop comes from lower prices, not only from users taking money out.

Total value locked on Solana fell 5.4% over the week, from $6.18 billion to $5.85 billion, per DefiLlama’s daily readings. Its latest reading was $5.87 billion.

Who’s buying and selling

Trading has not dried up. Solana’s decentralized exchanges handled $1.25 billion in DefiLlama’s latest 24-hour reading. PumpSwap led with $194.5 million, ahead of Orca DEX at $177.6 million.

In the largest $PUMP pool on DexScreener, a PUMP/SOL pool on Orca with $1.7 million in liquidity, buys outnumbered sells 35,239 to 30,436 over 24 hours. Pump.fun earned $1.14 million in revenue in 24 hours and $9.8 million over seven days, per DefiLlama.

Larger coins were calm on Sunday. LiveCoinWatch showed Bitcoin ($BTC) up 0.2% and Ethereum ($ETH) down 0.3% over 24 hours.

What to watch next

Watch whether deposits keep holding up if token prices stay low. A steady fall in the amount locked, not just in prices, would be a clearer sign of users leaving. A project update from Pump.fun, Jito or Raydium would be the first sign of a cause tied to one app.

Also watch $KMNO. It held flat while its peers fell, and Kamino Lend lost the least value of the apps above.

Bottom line: Most Solana DeFi tokens lost more than a fifth of their value in a week, while the money locked in their apps fell far less.

Sources

CoinGecko: prices, 24-hour and 7-day changes for $SOL, $PUMP, $JTO, $RAY, $ORCA, $JUP and $KMNO (21:40 and 21:44 UTC)
DefiLlama, Solana: total value locked and DEX volume (Oct. 11 to Oct. 18, latest reading 21:40 UTC)
DefiLlama protocol pages: Raydium AMM, Jito Liquid Staking, PumpSwap, Orca DEX, Kamino Lend, Pump.fun revenue (21:44 to 21:50 UTC)
Jupiter price API: price cross-check by token address (21:40 UTC)
DexScreener: PUMP/SOL pool on Orca (21:40 UTC)
LiveCoinWatch: market context for $BTC and $ETH (21:40 UTC)