Solana TVL hits new all-time high of $12.1B amid rising institutional interest
Solana (SOL) registered a new all-time high of $12.11 billion in whole worth locked (TVL) on Sept. 9, surpassing its earlier report of practically $12 billion set on Jan. 23.
According to DefiLlama data, the milestone represents a 15% improve over the previous 30 days, pushed by broad-based development throughout the ecosystem’s largest DeFi protocols.
Seven of the eight protocols with over $1 billion in TVL posted double-digit month-to-month positive factors, with solely Kamino recording modest development of 3%.
Jupiter leads Solana’s DeFi panorama with $3.3 billion in TVL, adopted by Jito at $3.2 billion and Kamino at $3.1 billion. Sanctum holds $2.894 billion, whereas the liquid staking SOL supplied by Binance instructions $2.5 billion.
The remaining protocols above the $1 billion threshold embody Raydium at $2.4 billion, Marinade at $2.2 billion, and Drift at $1.3 billion. All demonstrated sturdy momentum with month-to-month positive factors starting from 12.2% to 33.6%.
The TVL restoration positions Solana among the many high blockchain ecosystems by locked worth, particularly amongst Ethereum layer-2 (L2) blockchains. Base is the biggest Ethereum L2, with $4.8 billion in TVL, which is lower than half of Solana’s measurement.
Institutional interest probably driver
Corporate treasury adoption and regulatory readability are driving renewed institutional interest in Solana.
Forward Industries officially announced its funding of $1.6 billion in SOL as half of a strategic treasury diversification. It secured personal placement commitments in money and stablecoins from Multicoin Capital, Galaxy Digital, and Jump Crypto.
Additionally, SOL Strategies started buying and selling on Nasdaq on Sept. 9, after securing approval on Sept. 5. The funding agency goals to focus solely on Solana ecosystem alternatives and supply institutional traders with direct publicity to the blockchain’s development.
Furthermore, massive establishments intention to launch staking-enabled crypto exchange-traded funds (ETFs) within the US tied to Solana. In May 2025, Canary filed for a Solana ETF powered by liquid staking in partnership with Marinade.
Since then, the US Securities and Exchange Commission (SEC) issued a statement on Aug. 5 concluding that liquid staking tokens are usually not securities by default however receipts. The transfer is the last regulatory hurdle earlier than the approval of staking-enabled ETFs.
On Aug. 22, VanEck and Jito filed for an ETF backed by JitoSOL. The product is the primary within the US to be solely backed by a liquid staking token.
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