Solana ecosystem全面rise：BTC Liquidity创新高 DEX volume破万亿

The DeFi sector of the Solana ecosystem is experiencing comprehensive growth, involving BTC liquidity, DEX volume, LST adoption rate, and stablecoin innovation.

Since 2024, the number of BTC on the Solana network has experienced explosive growth, reaching a historical high of 7,300 BTC (approximately $770 million). Several institutions have driven the development of BTC wrapping services on Solana, with a certain cross-chain bridge project and a well-known exchange in the leading position. Notably, a well-known digital asset custody service provider introduced native $WBTC support for the Solana network in May.

Publicly listed companies have also seen a significant rise in their SOL assets, increasing threefold compared to before. These companies currently control 0.33% of the total SOL supply, with one company named Upexi leading the way with a holding of 680,000 SOL.

In the field of Liquidity Staking (LST), the Solana ecosystem is also showing a thriving trend. A company named DeFi Dev Corp. has partnered with a certain LST platform to launch a new LST product and has integrated it with a certain lending platform's market and multiplier vault.

The total locked value (TVL) of Solana's liquid staking has reached a new high for three consecutive months, reflecting that more and more participants are starting to adopt this staking method. As of the end of May, the LST TVL on Solana has reached 49 million SOL, accounting for 12.5% of all staked SOL.

It is worth noting that the LST market of Solana is becoming diversified. In recent months, the market share of several emerging LST products has significantly increased, such as jupSOL, bnSOL, bbSOL, and vSOL. Although the market share of some existing LST products has declined, their actual TVL is still rising with the overall market expansion.

The TVL of a certain LST platform has also reached a new high. The platform has simplified the issuance process of the ecosystem LST and currently occupies 23% of the total LST TVL, equivalent to approximately 11 million SOL.

In terms of DEX trading, the Solana ecosystem has also performed impressively. In 2024, the cumulative trading volume of Solana DEX surpassed the $1 trillion mark. Even more remarkable is that in just the first five months of 2025, the trading volume is expected to match the total for the entire previous year. In May, the monthly trading volume of Solana DEX soared to $151 billion, with monthly trading volumes exceeding $100 billion becoming the new norm in 2025.

A leading DEX platform has currently connected to 58 swap projects, with a year-on-year growth of 38%. With the continuous addition of new AMMs, the platform maintains its competitive edge in pricing by enhancing execution quality.

In the perpetual contract trading sector, although the trading volume fell in May to around $26 billion, innovation in protocols continues. One perpetual contract platform is developing its Bullet roll-up technology, while another platform is achieving ultra-low latency execution through the integration of a certain infrastructure project.

In terms of Memecoin issuance, a certain platform remains a leader in the Solana ecosystem. Despite three new platforms entering the market in the past six weeks, this platform still averages 85% of the daily asset issuance volume.

In the stablecoin space, USDC continues to dominate within the Solana ecosystem. Although its market share has declined since January, USDC still maintains a 78% share. It is worth mentioning that the issuer of USDC recently went public on the New York Stock Exchange, reaching a market capitalization of $30 billion, highlighting the growing confidence of institutional investors in stablecoins.

In May, the supply of Solana's stablecoin experienced a pullback. Approximately $1.8 billion of USDC outflow led to a 15% decrease in total supply, dropping from $12.5 billion to $10.7 billion. However, aside from USDC, the supply of other stablecoins rose on a month-on-month basis.

In terms of stablecoin trading, an innovative AMM platform processed over $1 billion in stablecoin volume by 2025. The platform aims to address issues of liquidity fragmentation and low capital efficiency in the stablecoin market. In May alone, the platform completed $154 million in stablecoin swap transactions.