Solana Q2 2025: DeFi, RWAs, and Staking Fuel $8.6B TVL

• Solana DeFi locked value hit $8.6B, second to Ethereum.
• Real-world assets on Solana surged 124.8% YTD to $390.6M.
• Verified public firms now hold 1.03% of total SOL.

Solana remained among the most active blockchain networks in 2025. Messari’s Q2 2025 data highlighted Solana’s App Revenue Capture Ratio (RCR) at 211.6%, up from 126.5% in Q1. 

This showed that for every $100 in fees, applications earned $211.60 in revenue. The increase marked a 67.3% quarter-over-quarter rise. Pump.fun, a Solana-based memecoin platform, reached a six-month high with $13.48 million in weekly revenue.

DeFi activity expanded steadily, with Solana’s Total Value Locked (TVL) growing 30.4% to $8.6 billion. Kamino held $2.1 billion in TVL, rising 33.9%. Raydium gained 53.5% to $1.8 billion, securing 21% of Solana’s DeFi share. 

Jupiter added 13.2%, reaching $1.6 billion. Kamino’s launch of Lend V2 in May drew $200 million in deposits in just weeks.

Real-World Assets and Staking

Real-world assets became a major growth driver in 2025, rising 124.8% year-to-date to $390.6 million. Ondo Finance led with USDY at $175.3 million, followed by OUSG with $79.6 million. 

Apollo-backed ACRED reached $26.9 million, while BlackRock’s BUIDL product hit $25.2 million. Analysts noted these deployments highlighted institutional activity on Solana.

Staking continued to strengthen the network. More than 64% of SOL supply was staked, with 12.2% allocated to liquid staking, up from 10.4% in Q1. 

JitoSOL maintained the lead with $2.8 billion, or 38% of share, though it fell 6% from Q1. bnSOL followed at $1.4 billion, with 18.9% share, while jupSOL rose 7.4% to $783.6 million.

Infrastructure, Cross-Chain, and Corporate Adoption

On August 19, 1inch launched native cross-chain swaps between Solana and EVM networks, removing reliance on wrapped tokens or third-party bridges. That same day, Bullish exchange announced $1.15 billion in stablecoin reserves from IPO proceeds, mostly issued in USDC on Solana. 

Wyoming introduced its state-backed Frontier Stable Token across Solana, Ethereum, and other chains. In June, the SEC also approved Rex Osprey’s Solana Staking ETF (SSK).

Corporate treasuries increased SOL holdings. Upexi Inc. held 2 million SOL valued at $393 million. DeFi Development Corp held 1.29 million SOL worth $254.2 million, while Mercurity Fintech kept 1.08 million SOL at $211.3 million. 

Specimen Inc. reported 1 million SOL holdings at $195.1 million, and Sol Strategies Inc. held 392,000 SOL worth $76.6 million. Together, public companies now hold $1.15 billion in SOL, equal to 1.03% of total supply.

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