According to the latest data, Solana’s total DeFi value locked or TVL increased to $5.7 billion in the third quarter, reflecting a 26% improvement from the previous quarter.
Kamino, a crypto lending service, leads the pack with $1.5 billion TVL and impressive 7% QoQ growth, fueled by the additions of jupSOL and PYUSD. The latest data also shows that Solana’s market capitalization is now $3.8 billion, up 23%, helped by the PayPal PYUSD integration.
DeFI continues to drive Solana’s growth
Solana DeFi leads the network with $5.7 billion in total value locked. SOL’s latest data reflects strong growth of 26% compared to the previous quarter, making the blockchain the third largest by this metric, overtaking Tron.
According to the Messari report, Solana’s TVL increased due to increased activity on Camino, which accounted for $1.5 billion of the total contract value. Camino’s latest quarterly numbers are up 57% thanks to the recent integration of jupSOL and PYUSD.
In addition to Kamino Finance, $1.1 billion worth of Raydium and $749 million worth of Jupiter assets were locked on the Solana blockchain. Kamino Finance’s impressive results follow the launch of Kamino Lend V2, offering permission-free storage and market-grade capabilities.
Analysts expect Kamino Finance to continue its dominance by adding new projects such as spot leverage and lending order book.
Solana DEX shows signs of slowing down
Solana’s DEX activity declined 10% QoQ, but recovered slightly by October. The average daily volume on the blockchain exchange reached $1.7 billion, mainly due to the drop in meme coins.
Raydium maintains its dominance on Solana’s DEX with a 51% market share, although its average daily volume fell 13% to $852 million. Volume increased by $350 million with the release of Moonshot, a mobile app for cryptocurrency trading.
Jupiter also remained on top, occupying 43% of the total spot exchange volume. Recent developments, including the release of Jupiter Mobile and the integration of Google Pay and Apple Pay, have helped the platform.
SOL stablecoins get help from PYUSD
In the same Messari report, PayPal’s PYUSD raises the SOL stablecoin market. PYUSD was launched in May in Solana, which is largely responsible for its market capitalization, which now stands at $3.8 billion. With cool features like programmable transfers and transfer tools, PayPal PYUSD became an instant hit.
Apart from PYUSD, USDC also contributes to the Solana stablecoin market. Circle’s integration of Web 3.0 services for SOL provides enterprise-grade functionality such as sponsorships and programmable wallets, allowing developers to quickly integrate multi-chain solutions.
Featured image by StormGain, chart by TradingView
