Solana (SOL) registered a new all-time high of $12.11 billion in total value locked (TVL) on Sept. 9, surpassing its previous record of nearly $12 billion set on Jan. 23.
According to DefiLlama data, the milestone represents a 15% increase over the past 30 days, driven by broad-based growth across the ecosystem’s largest DeFi protocols.
Seven of the eight protocols with over $1 billion in TVL posted double-digit monthly gains, with only Kamino recording modest growth of 3%.
Jupiter leads Solana’s DeFi landscape with $3.3 billion in TVL, followed by Jito at $3.2 billion and Kamino at $3.1 billion. Sanctum holds $2.894 billion, while the liquid staking SOL provided by Binance commands $2.5 billion.
The remaining protocols above the $1 billion threshold include Raydium at $2.4 billion, Marinade at $2.2 billion, and Drift at $1.3 billion. All demonstrated strong momentum with monthly gains ranging from 12.2% to 33.6%.
The TVL recovery positions Solana among the top blockchain ecosystems by locked value, especially among Ethereum layer-2 (L2) blockchains. Base is the largest Ethereum L2, with $4.8 billion in TVL, which is less than half of Solana’s size.
Institutional interest likely driver
Corporate treasury adoption and regulatory clarity are driving renewed institutional interest in Solana.
Forward Industries officially announced its investment of $1.6 billion in SOL as part of a strategic treasury diversification. It secured private placement commitments in cash and stablecoins from Multicoin Capital, Galaxy Digital, and Jump Crypto.
Additionally, SOL Strategies began trading on Nasdaq on Sept. 9, after securing approval on Sept. 5. The investment firm aims to focus exclusively on Solana ecosystem opportunities and provide institutional investors with direct exposure to the blockchain’s growth.
Furthermore, large institutions aim to launch staking-enabled crypto exchange-traded funds (ETFs) in the US tied to Solana. In May 2025, Canary filed for a Solana ETF powered by liquid staking in partnership with Marinade.
Since then, the US Securities and Exchange Commission (SEC) issued a statement on Aug. 5 concluding that liquid staking tokens are not securities by default but receipts. The move is the last regulatory hurdle before the approval of staking-enabled ETFs.
On Aug. 22, VanEck and Jito filed for an ETF backed by JitoSOL. The product is the first in the US to be entirely backed by a liquid staking token.
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