The Solana (SOL) ecosystem demonstrated notable growth in the second quarter (Q2) of the year, particularly in terms of Decentralized Finance (DeFi) total value locked (TVL).
The stablecoin market on Solana also faced headwinds, with its market cap decreasing by 17.4% to $10.3 billion, positioning it third among networks.
A significant portion of this growth earlier in the year was fueled by the launch of the official TRUMP token on January 17, which injected substantial liquidity into the ecosystem and created high-liquidity trading pairs utilizing Circle’s USDC stablecoin.
By the end of Q2 2025, USDC’s market cap stood at $7.2 billion, reflecting a 25.2% decline and a 69.5% market share. Meanwhile, Tether’s USDT maintained its position as the second-largest stablecoin on Solana, holding a steady $2.3 billion.
In terms of staking, Solana’s liquid staking rate rose to 12.2%, an increase of 16.8% from the previous quarter. With 64.8% of SOL’s circulating supply now staked, this growth in liquid staking enhances the DeFi ecosystem, supporting yield-bearing opportunities for SOL holders.
The non-fungible token (NFT) market, however, faced a downturn, with average daily trading volume plummeting by 46.4% to approximately $979,500 in Q2. Despite this decline, Solana’s NFTs continue to lead in creator royalties.
Network activity remained relatively stable, with average daily fee payers decreasing slightly by 1.4% to 3.9 million, while non-vote transactions rose by 4% to 99.1 million. The average transaction fee saw a significant drop of 59.6%, settling at just $0.01.
Messari’s analysis hints that while the Solana ecosystem is navigating through a phase of “adjustment,” its foundational metrics and continued development might signal a promising outlook for the future.
As of this writing, SOL’s price stands at $184.50, recording a 4.4% drop in the past 24 hours. When compared to its $293 record reached earlier this year, SOL’s price trades nearly 40% below.
Featured image from DALL-E, chart from TradingView.com
