Solana (soil) recorded a new summit of $ 12.11 billion of total locked value (TVL) on September 9, exceeding its previous record of almost $ 12 billion on January 23.
According to Defilma data, the milestone represents an increase of 15% in the last 30 days, driven by wide growth in the largest most important DEFI protocols in the ecosystem.
Seven of the eight protocols with more than a billion dollars on TVL displayed two -digit monthly gains, with only Kamino recording modest growth of 3%.
Jupiter leads Solana’s DEFI landscape with $ 3.3 billion on TVL, followed by Jito to $ 3.2 billion and Kamino at 3.1 billion dollars. Sanctum holds $ 2.894 billion, while the liquid implementation soil provided by Binance commands $ 2.5 billion.
The remaining protocols higher than the $ 1 billion threshold include Raydium at 2.4 billion dollars, the marinade at 2.2 billion dollars and derives at $ 1.3 billion. All have demonstrated a strong dynamic with monthly gains ranging from 12.2% to 33.6%.
TVL recovery positions Solana among the higher blockchain ecosystems by locked value, especially among Ethereum Layer-2 blockchains (L2). Base is the largest Ethereum L2, with 4.8 billion dollars on TVL, which represents less than half of Solana’s size.
Institutional interest probable driver
The adoption of the business treasury and the regulatory clarity arouse a renewal of institutional interest for Solana.
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Forward Industries officially announced its $ 1.6 billion investment on the ground as a strategic diversification of the Treasury. He obtained private investment commitments in species and multicoin capital, Galaxy Digital and Jump Crypto.
In addition, Sol Strategies began to negotiate the Nasdaq on September 9, after obtaining approval on September 5. The investment company aims to focus exclusively on the opportunities of the Solana ecosystem and to provide institutional investors with a direct exhibition for blockchain growth.
In addition, large institutions aim to launch funds (ETF) negotiated in exchange for crypto (ETF) in the United States linked to Solana. In May 2025, Canary filed an ETF Solana propelled by an exercise in liquid in partnership with Marinade.
Since then, the Securities and Exchange Commission of the United States (SEC) has published a declaration on August 5 concluding that liquid shyckets are not by default of titles but receipts. This decision is the last regulatory obstacle before the approval of the ETFs compatible with jauntes.
On August 22, Vaneck and Jito asked for an ETF supported by Jitosol. The product is the first in the United States to be entirely supported by a liquid token.
