thedefiant.io
Layer 1 blockchain Solana’s on-chain ecosystem has grown sharply in recent years, with total ecosystem value locked (TVL) rising from $3 billion in December 2023 to $35 billion in 2025, according to research from TokenTerminal.
TokenTerminal defines ecosystem TVL as the “sum of funds deposited into the applications on the chain” – including from stablecoin issuers.
Over the same period, Solana’s fully diluted valuation (FDV) increased from $40 billion to $100 billion, meaning $SOL now trades at roughly 2.95 times the ecosystem’s TVL, down from 14 times a year ago.
“This measures how much $SOL is valued (assuming full dilution) relative to the capital deposited into the applications on the chain,” TokenTerminal’s report noted. $SOL is currently trading at $155, up from $98 in December 2023.
Stablecoins dominate, accounting for $13.45 billion, or 43% of the total Solana ecosystem TVL. Liquid staking protocols account for $7.1 billion, lending platforms $4.8 billion, and decentralized exchanges (DEXs) another $4.8 billion.
Most of the absolute growth has also been driven by stablecoins, the researchers explained, with Circle, Tether, and a small number of protocols holding most of Solana’s on-chain assets, though this could shift in the future.
This comes as the broader stablecoin sector has rapidly expanded to a market capitalization of $306 billion, up nearly $100 billion from the start of the year, according to DeFiLlama.
TokenTerminal found that Solana’s ecosystem remains about one-tenth the size of Ethereum’s, leaving significant room for growth. They added that “if TVL grows another 10x as more assets move on-chain, and FDV/ecosystem TVL trends toward Ethereum’s ratio and reaches 2x, $SOL’s FDV would sit at $700 billion.”
Last month, a report by investment firm RockawayX asserted that $SOL could hit $900 in the short term, $2,000 in the mid-term, and $6,000 in the long term. These predictions come alongside growing institutional interest – Solana-based ETFs attracted more than $293 million in their first six days of trading, per SoSoValue data.