Solana weekly report 1
Solana DeFi Overview
Solana DeFi has cooled significantly since the September 2025 peak, with TVL now around $6B, roughly 53% below ATH.
But underneath the slowdown, the ecosystem still looks active and the composition has shifted. Capital is moving away from lending and speculative DeFi, and into structurally stickier categories.
A few things still stand out:
-RWA crossed $2.5B
-SOL ETFs reached roughly $1B cumulative inflows
-Stablecoin liquidity remains above $13B
The Alpenglow upgrade expected in Q3 2026 is becoming the next major narrative
Rather than capital fully leaving Solana, the market looks more selective and defensive, with RWAs and ETFs becoming the strongest support for the ecosystem.
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Where Solana Inflows Are Coming From
Key takeaway
Institutional flows are accelerating even as DeFi activity cools.
One of the strongest signals right now is ETF demand. SOL ETFs crossed roughly $1B cumulative inflows, while BTC also saw a sharp comeback in May with a massive $622M single-day inflow on May 11. Even with DeFi activity slowing down, institutional appetite for crypto still looks strong.
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Stablecoins are rotating, not disappearing
Stablecoin liquidity has definitely cooled off since March, but it has not disappeared.
Supply dropped from roughly $15B at peak to around $13B+, with USDC still representing about 75% of the balance.
After the Drift exploit, Tether stepped in proposing to help the ecosystem, implying a possible stablecoin dominance shift toward USDT.
The bigger change is that stablecoin capital is becoming more selective. Lower yields and weaker lending opportunities pushed a lot of liquidity away from traditional DeFi strategies. That is very different from a full loss of confidence in Solana itself.
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RWA on Solana
Key takeaway
Some of the largest contributors right now include:
-Hastra PRIME at roughly $322M
-BlackRock BUIDL at roughly $321M
Growth has slowed compared to last month, but it’s still positive even while the broader market weakened.
read our full report here : https://open.substack.com/pub/0dotxyz/p/weekly-report-1?r=1nyijl&utm_campaign=post-expanded-share&utm_medium=web
