While Ethereum’s DeFi TVL has decisively broken above prior highs, Solana’s DeFi TVL is ranging around early 2025 levels.
The key question now: will Solana’s TVL break out like Ethereum’s, or consolidate around the current range?
Why Solana could break out ✔️Stablecoin cushion: $12.46B vs $25.7B TVL ⇒ ~48.5% of TVL as deployable float. ✔️Throughput: 30D DEX volume ~$118.4B and ~2.6M 24h active addresses support broad, recurring activity. ✔️Credit capacity: Lending TVL ~$3.63B is a fraction of total TVL, leaving room to lever and redeploy collateral.
Why it could stall ✔️Incentive reliance: $28.3M token incentives in 24h vs $1.49M chain fees in 24h ⇒ ~19× incentives to fees. ✔️Momentum cooling: 7D DEX volume down 8.3%, signaling softer near term activity.
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While Ethereum’s DeFi TVL has decisively broken above prior highs, Solana’s DeFi TVL is ranging around early 2025 levels.
The key question now: will Solana’s TVL break out like Ethereum’s, or consolidate around the current range?
Why Solana could break out
✔️Stablecoin cushion: $12.46B vs $25.7B TVL ⇒ ~48.5% of TVL as deployable float.
✔️Throughput: 30D DEX volume ~$118.4B and ~2.6M 24h active addresses support broad, recurring activity.
✔️Credit capacity: Lending TVL ~$3.63B is a fraction of total TVL, leaving room to lever and redeploy collateral.
Why it could stall
✔️Incentive reliance: $28.3M token incentives in 24h vs $1.49M chain fees in 24h ⇒ ~19× incentives to fees.
✔️Momentum cooling: 7D DEX volume down 8.3%, signaling softer near term activity.