Top Solana DeFi Players: Jito, Marinade, and Raydium Lead the $4.27 Billion TVL Charge

Solana’s DeFi ecosystem is showing remarkable activity, with a Total Value Locked (TVL) of $4.27 billion. The platform’s financial metrics reveal a dynamic landscape driven by stablecoins, which have a market cap of $2.966 billion. Daily fees amount to $1.43 million, generating revenue of $712,857. 

Solana’s robust market presence is evident with a 24-hour trading volume of $1.498 billion. The platform has raised $315.76 million to date. At press time, Solana’s native cryptocurrency, SOL, is priced at $143.33, contributing to a market cap of $66.171 billion and a fully diluted valuation (FDV) of $82.863 billion.

As per defillama data, Jito, is leading player in liquid staking, with a TVL of $1.581 billion. Despite holding substantial value, Jito has seen a 1.87% decline recently, contributing to a 9.40% decrease over a longer period. Additionally, it has experienced a further 7.87% decline in an extended timeframe. 

Marinade, another key player in liquid staking, has a TVL of $1.168 billion. However, it has faced steeper declines: 2.69% recently, 12.46% over a longer period, and a significant 27.78% in an extended period. 

Kamino, with a TVL of $1.066 billion, also focuses on liquid staking. It has seen a 1.51% recent decline, 8.22% over a longer period, and 9.60% in an extended timeframe. Raydium, a decentralized exchange (Dexes), holds $917.96 million in TVL. Notably, Raydium is one of the few platforms showing growth, with a 4.55% increase recently, despite a 2.47% decrease over a longer period. 

Sanctum, another liquid staking service, has $831.96 million in TVL. It experienced a 2.77% recent decline and 11.50% over a longer period but managed a 22.47% increase in the extended timeframe. Marginfi, holding $416.22 million in TVL, has seen declines of 3.71%, 11.97%, and 13.08% over varying periods.

Jupiter Perpetual Exchange, specializing in derivatives, has a TVL of $387.41 million. Its trends show minor fluctuations: a 0.39% recent decrease, 2.39% over a longer period, but a 9.77% increase in the extended timeframe. Drift, another derivatives platform with $337.15 million in TVL, has experienced declines of 3.17%, 6.47%, and 0.28% over different periods. 

BlazeStake, a liquid staking platform, holds $317.93 million in TVL but has seen significant declines: 3.17%, 12.79%, and 24.39% over varying periods. Solend, focusing on lending, has a TVL of $234.7 million. It has experienced declines of 2.28%, 15.25%, and 14.36% over different periods.