The Solana decentralized finance ecosystem is demonstrating robust growth and concentration of liquidity, with its top 10 protocols collectively holding billions in Total Value Locked (TVL) and generating substantial fee revenues. Recent data highlights how liquidity is concentrated within a limited number of platforms that control trading, lending, staking, and yield optimization across the network.
Despite short-term macroeconomic fluctuations, long-term trends show increasing user activity and economic output. Solana's strengths—fast performance, low fees, and high throughput—continue to attract both retail and institutional users to its DeFi landscape.
Jupiter maintains the top position by TVL with approximately $2.76 billion locked. As Solana's primary liquidity aggregator, Jupiter is crucial for routing trades across decentralized exchanges to find the best prices. The platform also drives high daily fees, exceeding $1.9 million, underscoring its significance in Solana's trading infrastructure.
Kamino and Sanctum are driving lending and liquid staking growth. Kamino ranks second with about $2.66 billion TVL, supported by consistent daily, weekly, and monthly growth. This lending and liquidity management protocol meets the demand for better capital efficiency and yield strategies. Sanctum follows closely with roughly $2.21 billion locked, dedicated to liquid staking infrastructure. Its strong monthly growth indicates rising demand for staking products that maintain user liquidity while contributing to network security.
Jito and DoubleZero strengthen core infrastructure. Jito holds the fourth position with over $2.08 billion TVL, remaining central to validator economics and network performance through its MEV-oriented staking solutions. DoubleZero is fifth with about $1.89 billion locked, showing strong monthly expansion despite minor daily fluctuations.
Raydium and Binance Staked SOL reflect trading and staking demand. Raydium, Solana's sixth-largest DEX, has nearly $1.6 billion TVL and generates impressive daily fees, serving as a pillar of the network's liquidity system. Binance Staked SOL, also with approximately $1.6 billion, recorded one of the highest growth rates in the top 10, signaling renewed interest in staking solutions that enable SOL to be used across DeFi and consumer applications.
Marinade and Drift show mixed performance trends. Marinade, another liquid staking protocol, ranks eighth with about $1.19 billion TVL, showing positive weekly but slightly negative monthly growth, suggesting short-term rebalancing among staking providers. The derivatives and trading protocol Drift holds the ninth position with around $723 million locked. While still appealing to active traders, its declining monthly TVL may indicate shifting risk appetite in leveraged trading markets.
Meteora closes the top 10 with high fee generation. Despite a smaller TVL of about $545 million, Meteora stands out by generating over $3.6 million in daily fees, emphasizing that revenue efficiency isn't always proportional to capital size.
Separate data from OKX Wallet reveals the top DeFi protocols by total fee revenues generated in 2025. Fee revenue is a crucial indicator of a protocol's economic health and real-world utility, representing income collected from transactions, liquidity provision, and other DeFi functions.
Meteora topped the entire DeFi ecosystem in fee generation for 2025, amassing a massive $1.25 billion. This achievement showcases substantial on-chain business activity, sustained trading, deep liquidity, and high customer retention on the Solana-based DEX platform.
Jupiter followed as the second-highest fee generator, with $1.11 billion in revenue captured across spot and perpetual markets on Solana and other chains. High spot trading activity and diversified revenue streams from derivatives trading solidified its position.
Uniswap, the Ethereum-based DEX, generated $1.06 billion in fees, demonstrating strong user trust and robust trading activity as the second-leading DEX by volume over the past week.
Other notable fee generators included Pump.fun ($937 million), a Solana-based meme coin launchpad, along with Hyperliquid ($909 million) and Lido ($846 million). The report highlights that leading user engagement and investor demand are supported by respective technological innovations across these platforms.
