Top 10 Solana Projects by TVL Reflect Network’s Expanding DeFi Ecosystem

In the latest update from Phoenix Group, the top ten Solana-based projects based on TVL highlight the network’s growth. As Solana keeps increasing its presence within the DeFi sector, the top projects in line with the TVL denote its expanding span across diverse DeFi sections. The on-chain analytics provider shared the list of these projects, including $JTO, $KMNO, $JUP, and so on.

TOP 10 #TVL ON #SOLANA
$JTO $KMNO $JUP $MNDE $RAY $CLOUD $DRIFT #Marginfi $MET $SLND pic.twitter.com/mEsHK02bx9

— PHOENIX – Crypto News & Analytics (@pnxgrp) November 5, 2024

$JTO Dominates the Solana Ecosystem Based on TVL

$JTO, a staking platform, leads the list of Solana-based projects in terms of total value locked. It has a total value locked touching $2.20B, accounting for 20.72% of Solana’s overall TVL (nearly $11.71B). Following this, $KMNO (a lending services provider) stands in the 2nd place with a $1.57B in its TVL. This figure represents 14.79% of the cumulative TVL of Solana.

The 3rd position is secured by the popular derivatives project $JUP which has obtained a $1.55B in TVL. With this amount, it accounts for 14.60% of Solana’s TVL. After that, $MNDE (a staking forum) occupies the 4th spot in the list as its TVL has reached $1.35B. This figure claims 12.72% of the cumulative TVL of Solana. Subsequently, $RAY (a decentralized exchange) secures the 5th place in the list with its TVL reaching $1.31B. With this figure, it claims a 12.34% share of the total value locked of Solana.

The list moves on to include $CLOUD, a decentralized exchange that also provides staking services, at the 6th spot. The project has $1.18B in its total value locked. As a result of this, it accounts for an 11.11% share of Solana’s TVL. The next project on the list is $DRIFT, a derivatives firm, which holds a total value locked of $490.03M worth. This amount stands for 4.62% of the total TVL of Solana.

$SLND Bottoms the List with $294.49M in Its TVL

According to Phoenix Group’s list of top TVL projects on Solana, $Marginfi (a lending forum) gets the 8th position. The project occupies $353.97M in the case of TVL, claiming 3.33% of Solana’s total value locked. $MET, a decentralized exchange, seizes the 9th spot as its TVL has touched $318.07M, representing 3.00% of the Solana ecosystem’s total TVL. The last entry in the list is $SLND which is a lending platform holding $294.49M. This figure denotes 2.77% of the overall TVL of Solana.

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