Overview of Solana Ecosystem DeFi Projects

Recently, the overall performance of the Solana ecosystem has been strong, with the price of SOL approaching 100 USD at one point. Against this backdrop, various DeFi projects on Solana have also shown signs of recovery to varying degrees.

Liquid Staking Projects Lead Growth

Liquid staking has become an important growth point in the Solana ecosystem. Marinade Finance and Jito, as the main representatives, have locked a total value of $1.05 billion and $626 million, respectively. Although Marinade's USD-denominated TVL has declined compared to its peak, the amount of SOL staked has reached a historic high of 11.15 million. Jito has rapidly increased its staking volume to 6.42 million SOL thanks to its MEV infrastructure and incentives.

Divergence in Decentralized Exchange Performance

In the DEX space, Raydium and Orca continue to dominate, but their positions have reversed. Although current liquidity is far below historical peaks, recent trading volume on Solana's DEX has briefly surpassed that of Ethereum. Data shows that the total 24-hour trading volume of major DEXs on Solana reached $1.55 billion, while the major DEXs on Ethereum stood at $1.18 billion. Notably, the capital utilization rate of DEXs on Solana is significantly higher than that of Ethereum, which may attract more capital into the Solana ecosystem.

The New and Old Changes in the Lending Market

The decentralized lending sector has experienced significant changes. Although the TVL of traditional large protocols like Solend has declined, it still remains at $187 million. Meanwhile, emerging projects like marginfi and Kamino have performed outstandingly, with TVLs reaching $348 million and $204 million respectively, showing rapid growth. These new projects have attracted substantial funds through their points system and potential airdrop expectations.

Decline of Yield Aggregators

The overall performance of the yield aggregator track has been poor. Once flourishing Sunny has seen its TVL drop from a peak of $3.4 billion to just $4.02 million. Other projects offering lending and leveraged mining features, such as Francium and Tulip, have also experienced similar declines.

The potential of the perpetual contract market is yet to be explored

Compared to the Ethereum ecosystem, Solana's performance in the perpetual contract field is relatively mediocre. Drift, as the leader in this area, has reached a TVL of $105 million, setting a new high. Jupiter's JLP has also performed well, with a 24-hour trading volume of $101 million. However, traditional projects like Mango have seen a significant decline in TVL.

Development of Decentralized Stablecoins is Limited

Solana has always lacked prominent performance in decentralized stablecoins. The UXD Protocol was once valued at nearly $2 billion, but its TVL peaked at only $42 million and has now dropped to $11.19 million. Other projects using an over-collateralized model, such as Parrot Protocol and Hubble, are also showing a downward trend.

Overall, the DeFi projects within the Solana ecosystem are showing a complex development trend. Liquidity staking and emerging lending platforms are performing well, while DEX trading activity is high; however, yield aggregators and stablecoin projects are facing challenges. The perpetual contract market has potential, but still lags behind the Ethereum ecosystem. The future development of the Solana DeFi ecosystem is worth ongoing attention.