Solana Decentralized Finance ecosystem fully rises: BTC liquidity hits a record high, DEX volume continues to climb

The Solana ecosystem is experiencing comprehensive growth in the DeFi sector, covering BTC liquidity, decentralized exchange volume, liquid staking Token (LST) adoption rate, and stablecoin innovation.

Since the beginning of 2024, the number of BTC on the Solana network has rapidly increased, reaching a historical high of 7,300 coins (approximately $770 million). Several institutions have promoted the development of BTC wrapping services on Solana, with a certain cross-chain protocol and a large exchange playing a leading role. Another well-known institution also introduced native $WBTC support for the network in May.

Publicly traded companies hold a significant amount of SOL assets, currently controlling 0.33% of the SOL supply. One company, named Upexi, ranks first with a holding of 680,000 SOL.

A development company has collaborated with a liquid staking platform to launch a new LST, integrating it with the lending market and leverage vaults, further enriching Solana's DeFi ecosystem.

The total value locked (TVL) in Solana's liquid staking has set a record for three consecutive months. With the increasing acceptance of liquid staking by participants, the LST TVL on Solana reached 49 million SOL in May, accounting for 12.5% of all staked SOL.

The LST market of Solana is diversifying. In recent months, the market share of several emerging LSTs has significantly risen. Although the market share of some existing LSTs has decreased, their actual locked amount is still increasing with the overall market size expanding.

The TVL of a certain liquid staking platform has reached a new high, accounting for 23% of the total LST TVL, approximately 11 million SOL. This platform has simplified the issuance process of LST in the ecosystem.

The trading volume of Solana's Decentralized Exchange (DEX) continues to set new records. For the entire year of 2024, the cumulative trading volume of Solana DEX exceeded $1 trillion. In just the first five months of 2025, the trading volume is expected to reach last year's total.

In May, the monthly volume of Solana DEX reached $151 billion. A monthly trading volume exceeding $100 billion has become the new norm for 2025, a milestone that had never been achieved before November 2024.

A leading DEX aggregator has currently integrated 58 trading projects, with a year-on-year growth of 38%. As new Automated Market Makers (AMMs) join, the platform continues to maintain its pricing advantage by enhancing execution quality.

Solana perpetual contract trading is preparing for the next round of rise. Although the volume in May dropped to about $26 billion, protocol innovation continues. Some platforms are developing new technological solutions to achieve lower latency in trade execution.

In terms of Memecoin issuance, a certain platform remains the leader in the Solana ecosystem. Despite three new platforms entering the market in the past six weeks, this platform still averages 85% of the daily asset issuance volume.

USDC dominates the stablecoin market on Solana. Despite a decline since January, USDC still maintains a 78% market share. The issuer of USDC recently went public on the New York Stock Exchange, with a market capitalization reaching $30 billion, highlighting the growing confidence of institutional investors in stablecoins.

In May, the supply of Solana's stablecoin experienced a pullback. An outflow of $1.8 billion USDC led to a 15% decrease in total supply, dropping from $12.5 billion to $10.7 billion. Despite the decrease in USDC supply, the supply of other stablecoins increased on a month-over-month basis.

In terms of stablecoin trading, the Numéraire AMM of a certain emerging platform has processed over $1 billion in volume by 2025. The platform aims to address the issues of liquidity fragmentation and capital inefficiency in the stablecoin market. In May alone, the platform handled $154 million in stablecoin exchange transactions.