The total value locked (TVL) in the decentralized finance (DeFi) ecosystem of Solana (SOL) has finally surpassed $6 billion, a level last reached almost three years ago.

The uptick in TVL reflects an increase in the network's DeFi activity. Over 40 million $SOL tokens are locked into various DeFi protocols, accounting for roughly 8.66% of the total supply currently circulating on the markets. This already excludes native SOL staking and therefore underlines a more substantial participation in lending protocols, decentralized exchanges (DEXs), and liquid staking initiatives.

The resurgence in DeFi on Solana is happening on Raydium, the pioneering DEX in Solana. Once the dominant force during the 2021 DeFi boom, Raydium has again emerged as the second-largest protocol by TVL on the Solana network. This is due to the increasing prominence of Solana within on-chain activity, with particular growing action in the expanding meme coin sector. In particular, the total market capitalization of Solana-based meme coins has jumped past $11 billion and is driving a great deal of TVL growth.

Furthermore, the dominance of Solana in DEX volume has increased significantly compared to other blockchain networks. The platform now commands 31% of global DEX volume, the highest in two months.

Solana's liquidity staking token market has also contributed significantly to the TVL. Even top CEXs like Bybit and Binance have launched their LSTs on the network, adding to the momentum. Additionally, the growing number of restaking protocols, spearheaded by Jito and Solayer, has further helped the ecosystem's measurements.

Jito, the leader in Solana's liquid staking space, is back above $2 billion in TVL, the only Solana protocol over the threshold. Having pivoted and rebranded itself as a restaking giant in the Solana ecosystem, Solayer, a layer-1 restaking protocol and the first on Solana, continues to grow above $200 million in TVL, further diversifying the network's DeFi offerings.