Solana DeFi TVL Hits Record $8.6B But Low Fees Raise Growth Questions

2h ago•

bullish:

bearish:

According to recent research, Solana DeFi TVL climbed to about $8.6 billion in Q2 2025, marking a sharp 30% jump from the previous quarter.

The network processes nearly 100 million daily transactions and hosts billions in trading volumes. Yet, fees and stablecoin supply tell a more cautious story. This contrast between liquidity and monetization has fueled the ongoing debate about Solana TVL vs fees.

Liquidity Strength Keeps Solana in Second Place

The latest data shows that Solana DeFi TVL continues to expand, making Solana the second-largest DeFi chain after Ethereum.

Analysts note that “Solana’s growth in locked value signals strong confidence in its infrastructure, even during market slowdowns”.

Stablecoin supply, however, fell by more than 17% to approximately $10.3 billion, indicating that liquidity depth is not evenly distributed across all assets. Even with this decline, DEX volumes remained strong, averaging around $2.5 billion per day.

Also read: Solana DeFi Just Hit $10.4B: Is $220 SOL Next?

Solana TVL vs Fees: The Revenue Question

While Solana DeFi TVL is growing, fees remain muted compared to Ethereum. The network generates approximately $21 million in weekly revenue, comprising fees and priority tips.

Observers highlight that “Solana processes huge volumes, but fee capture is still small in relation to capital locked”.

This Solana TVL vs fees gap underlines how the network prioritizes efficiency and user cost savings over revenue intensity.

Solana TVL vs fees

Transaction Activity at Record Levels

Daily usage paints a clear picture of growth. Solana now processes nearly 99 million non-voting transactions per day. This scale is unmatched in DeFi, demonstrating that adoption extends far beyond speculation.

Analysts believe that low costs are a key driver, with one report noting, “transaction efficiency makes Solana a favorite for retail and micro-payments.”

Even so, without stronger fee growth, Solana TVL vs fees remains a dividing line in its long-term sustainability debate.

Key Metrics Snapshot

Metric	Latest Data (Q2 2025)
Solana DeFi TVL	~$8.6 B
Daily Fees / Revenue	~$21 M weekly
Daily Transactions	~99 M
DEX Volume (24h)	~$2.5 B
Stablecoin Supply	~$10.3 B

Solana DeFi TVL dominates liquidity share while fees stay minimal in Q2 2025

What Analysts Are Saying

Analysts describe Solana’s approach as “volume over margin.” Low fees keep activity high, but some warn that limited fee capture may weaken validator incentives without new revenue streams.

The debate centers on whether growth in usage can make up for weaker fee income.

Conclusion

Solana’s DeFi TVL has climbed to $8.6 billion, reinforcing its position as a leading chain with heavy on-chain activity. Still, fees lag behind liquidity, raising questions about long-term sustainability. If Solana can align revenue with its strong liquidity, it could shape the next phase of DeFi growth.

Also read: Solana Outpaces Ethereum? DEX Volumes and DeFi TVL Tell a Wild Story

Summary

Solana DeFi TVL reached $8.6 billion in Q2 2025, a 30% increase, while weekly revenue stands at $21 million. With nearly 99 million daily transactions and $2.5 billion in DEX volumes, Solana’s activity remains strong.

However, the Solana TVL vs. fees gap highlights a weak monetization strategy compared to Ethereum. Stablecoin supply dropped to $10.3 billion, yet confidence in Solana’s DeFi ecosystem remains steady. The challenge is turning liquidity into sustainable revenue.