In recent months, Solana has emerged as a noteworthy player in the cryptocurrency landscape, achieving significant traction through strategic initiatives. The involvement of former President Trump in the cryptocurrency space has particularly amplified Solana’s prominence, leading to a surge in interest and engagement.
How Has Solana Developed Recently?
Solana experienced a notable breakthrough in the second quarter, gaining approval for the Rex-Osprey Solana Staking ETF. This approval marks Solana’s first entry into the crypto ETF space. Additionally, Solana’s DeFi Total Value Locked (TVL) surged, with a reported 30% increase, highlighting the network’s burgeoning potential.
What Are the Key Players in Solana’s Ecosystem?
The Kamino platform has been a significant contributor to Solana’s growth, accounting for 25.3% of the network’s total TVL. The launch of Kamino Lend V2 proved pivotal, contributing $2.1 billion. Meanwhile, Raydium’s growth has been remarkable, with an increase of 53.5%, securing its position with a $1.8 billion TVL. Jupiter also made impressive strides, reaching a TVL of $1.6 billion, bolstered by its fluid-supported Lend platform.
The overall TVL on Solana’s network reached an impressive $11.74 billion by the end of the second quarter, rivaling its performance during the meme coin surge earlier in 2025. This growth speaks to Solana’s ability to attract substantial liquidity, with notable influence from Trump’s involvement.
Significant shifts have occurred in Solana’s protocol rankings, with Jito taking the top position, followed by Jupiter and Kamino coming in third. Raydium now holds the sixth spot, reflecting changes in the competitive landscape.
As for the SOL Coin, it has shown resilience, testing the critical $214 mark against the USD. It has encountered resistance at this level multiple times but aims to rebound to a range between $224 and $261, given the supportive market sentiment.
“This phase marks a milestone for Solana as we expand our reach and solidify our position in the market,” a representative from the Solana network highlighted.
Together, these developments underscore Solana’s increasing momentum and the strategic efforts that have propelled it onto a promising trajectory in the cryptocurrency sphere.
