TokenTerminal research shows SOL trades at 2.95x ecosystem TVL, down from 14x a year ago.
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.
Solana Ecosystem TVL and FDV Multiple“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.
SOL ChartTokenTerminal 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.
Source: https://thedefiant.io/news/blockchains/solana-ecosystem-tvl-grows-to-usd35-billion
