In 2025, the trading volume of Solana's decentralized exchange (DEX) increased significantly by 17% week-on-week, with the cumulative DEX trading volume surpassing $1.4 trillion. The daily average traffic remained strong, indicating a high frequency of use and trading depth within its DeFi network. This suggests that Solana has become an important force in the core camp of DeFi, both in terms of trading frequency and capital scale.
Several key DeFi protocols on Solana have shown outstanding performance in driving ecological value and capital lock-up:
Kamino Finance acts as a "black hole" for capital, absorbing a large amount of funds while reducing the amount of tradable SOL in the market, thereby enhancing its value.
Jito and Marinade provide liquid staking, allowing users to stake SOL and receive tokens JitoSOL or mSOL, while still participating in DeFi applications, including using these tokens on Kamino and Jupiter, greatly enhancing capital efficiency.
Jupiter is Solana's DEX aggregator, processing approximately $266.12 million in trading volume over 24 hours, with fee revenue reaching $3.49 million, reflecting the network's interaction dynamics and liquidity concentration.
Institutional accumulation and frequent fund layouts have enhanced Solana's visibility and confidence in the capital market:
Galaxy Digital, Multicoin Capital, and Jump Crypto have teamed up to raise $1 billion by September 2025 to establish a publicly traded Solana treasury fund. This initiative will reduce the circulating supply of SOL in the market while providing new investment channels for institutional investors.
Sharps Technology successfully completed a $400 million financing round, which will be used to build an enterprise-level Solana treasury, drawing on Bitcoin's "big storage" strategy to introduce high-density capital support for the Solana network.
DeFi Development Corp. announced a $125 million stock financing, which will accelerate the expansion of its treasury storage layout on Solana.
BIT Mining Ltd. announced an investment of $200-300 million to build Solana inventory, which has doubled its stock price and clearly conveyed Solana's appeal in the digital asset investment field.
These actions not only enhance the capital lock-up of Solana but also highlight mainstream capital's emphasis on its development prospects.
Solana is no longer just a "unicorn" in the crypto world; it is being adopted by traditional finance:
Several large banks and financial institutions have accessed Solana through the UK R3 platform, including HSBC, Bank of America, Euroclear, and the Monetary Authority of Singapore (MAS). This agreement allows these institutions to choose to use the public chain Solana to mark assets, optimize settlement processes, and reduce transaction costs, reflecting the trend of public chain compliance.
The United States launched the first Solana ETF (SSK), allowing investors to participate in holding and staking Solana through regular brokerage accounts, offering an annualized return of about 7.3%, marking Solana's recognition in traditional investment channels.
These trends demonstrate significant breakthroughs for Solana in terms of compliance, acceptability, and asset structure innovation.
In terms of application ecology, Solana also showcases frequent highlights:
Pudgy Penguins launched a large-scale airdrop token $PENGU on Solana in 2025, in conjunction with Abstract Network Layer-2, providing NFT, gaming, and virtual scene interaction support, strengthening community and application stickiness.
The Solana Name Service (SNS) made an active appearance at the SuperTokyo 2025 event, promoting the international promotion of .sol domain names, enhancing infrastructure and community interaction, thereby driving up on-chain ecological activity.
The Graph protocol continues to enhance the Solana development experience, including no-code rapid indexing, Token API, cross-chain query capabilities, and GRC-20 knowledge graph structure standards, further accelerating Solana dApp development innovation.
These ecological tools and applications have driven developer and community participation, providing comprehensive support for Solana from public chain infrastructure to application layer.
As the ecology expands, security issues cannot be ignored:
Tools like SolPhishHunter have been developed to identify new types of "SolPhish" phishing behavior on Solana, detecting 8,058 attack incidents with losses nearing $1.1 million, indicating the urgent need to enhance platform security construction.
Security research has also revealed security blind spots when developers write contracts, but frameworks like Anchor have significantly reduced the occurrence of vulnerabilities, ensuring that the actual security performance of smart contracts remains at a low-risk level (less than 0.3%).
Research also points out that security analysis tools for Solana smart contracts still need improvement. Unlike Ethereum's ecosystem, Solana's security tools and practices are still in the development stage.
These efforts reflect the ongoing investment in security and developer support behind ecological expansion.
In summary, the Solana ecosystem is experiencing multiple growth drivers in 2025, including deepening DeFi applications, institutional capital support, traditional financial acceptance, rich ecological tools, and diverse community applications. In the future, if it can continue to optimize security mechanisms, enhance development convenience, and strengthen compliance construction, Solana is expected to further consolidate its leadership position in the Web3 ecosystem and become a long-term growth engine in the public chain track.
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Original article: “Soaring the Solana Ecosystem: Growth Fueled by DeFi, Institutional Capital, and Real-World Adoption”
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