Solana lending market TVL surpasses $3.6 billion, with RWA and institutional investment expansion as key growth drivers

Source: TokenPost Original Title: Solana Lending Market TVL Breaks $3.6 Billion… RWA and Institutional Investment Expansion Key Drivers Original Link: The total value locked (TVL) in the Solana(SOL) lending market surpassed $3.6 billion (about 5.3 trillion KRW) as of December 2025, reaching an all-time high. This growth is attributed to protocol expansions supporting various on-chain financial experiences such as stablecoins, derivatives, and real-world asset tokenization (RWA).

According to a report published by RedStone(RedStone), Solana maintained a 100% uptime over the past 12 months, achieving notable results in network stability and scalability. The average transaction confirmation time is around 400ms, and the daily decentralized exchange (DEX) trading volume reached up to $35.9 billion (approximately 52.8 trillion KRW).

Top lending protocols by TVL include Kamino Lend(Kamino Lend), which upgraded in May 2025 and received $3.5 billion (about 5.1 trillion KRW) in deposits on a single platform. Jupiter Lend(Jupiter Lend) has rapidly expanded, attracting $1.65 billion (around 2.4 trillion KRW) within a few months of launch. Other competitors in the market include Drift(Drift), Loopscale(Loopscale), Save(SAVE), Solend(Solend) (formerly), and Marginfi(marginfi), each offering unique features and strategies.

Drift announced a v3 upgrade that integrated derivatives trading and lending, significantly boosting transaction execution speed. Loopscale operates with a sophisticated order book model, managing deposits of $124.9 million (about 1.84 billion KRW) and a lending volume of $40 million (approximately 588 million KRW).

Solana’s next growth drivers are ‘Real-Asset Tokenization’ and the influx of institutional capital. Various issuers are launching tokenized funds and bond products on Solana, including BlackRock’s ‘BUIDL Fund,’ VanEck’s ‘VBILL,’ Apollo’s ‘ACRED,’ Ondo Finance(Ondo), and Securitize(Securitize). The on-chain investment platform ‘Keel(Keel),’ linked with Sky Protocol, is promising algorithmic asset allocation up to $2.5 billion (about 3.68 trillion KRW).

Gauntlet(Gauntlet), responsible for governance and risk management, currently manages over $140 million (about 206.1 billion KRW) across Kamino and Drift, and is involved in the operation strategy for the stablecoin ‘CASH,’ based on national currencies. This stablecoin is reported to be jointly issued by Phantom(Phantom), Bridge(Bridge), and Stripe(Stripe).

Such active protocol adoption and financial product evolution indicate that the Solana ecosystem is evolving beyond a simple high-performance public blockchain into an intricately structured ‘Digital Asset Financial Infrastructure.’

Market Analysis

The rapid growth in Solana’s TVL results from not only network scalability but also sophisticated financial structures supported by derivatives integration, RWA issuance, and institutional investment attraction.

Strategic Points

Focus should be placed on developing protocols specialized for RWA and institutional-grade products. Tokenized funds and bonds on Solana could become key catalysts for future price movements and trading volume.

Terminology

TVL(Total Value Locked): The total assets deposited in DeFi services

RWA(Real World Assets): Assets such as real estate and bonds tokenized on blockchain

Vault Layer: Smart contract structures that aggregate and manage assets in a secure, vault-like manner