Syndica - Deep Dive: Solana DeFi - February 2025

Source: https://ift.tt/SMfjEoF @Solana continues to lead all of Web3 in DeFi activity. DEX volume market share is double last year's figure, while cross-chain bridging volumes and stablecoin supply remain boosts to a healthy ecosystem. Dive into our thread and full report below. https://ift.tt/sNHJlSi Web3 DEX activity took a significant hit in February. Overall DEX volume across blockchains plummeted by 35% MoM, landing at $392B.https://ift.tt/jdgF8TO Despite the broader slowdown, Solana continued to lead DEX volume across all chains. It commanded a 40% share—double its level last year.https://ift.tt/25xJ3tj Memecoins remain the main driving force behind Solana DEX activity, even after the recent downturn. They account for 67% of last month’s spot DEX volume. A dip in memecoin speculation could ripple across broader DeFi markets.https://ift.tt/WrtMG9a @RaydiumProtocol dominates Solana’s spot DEX market with a share surpassing all others combined. The protocol boasts 54% market share YTD 2025. This cycle has catapulted Raydium ahead of even long-time leaders like Uniswap on Ethereum.https://ift.tt/eVQTWph @Pumpdotfun’s memecoin launch frenzy has cooled to pre-Trump figures. After hitting a record 1.7M new tokens launched in January, the pace has eased. The platform still boasts 8.2M unique memecoins launched to date.https://ift.tt/OflShDq Solana’s stablecoin supply has stabilized around $11B. A strong stablecoin base sets the stage for attracting more institutional players and businesses to the ecosystem.https://ift.tt/rkF2scL USDC dominates Solana's stablecoin market with 84% share. @Circle’s dominance on Solana stands out as a unique phenomenon in the global DeFi landscape. For instance, Tether's USDT leads on Ethereum with 54% and on BSC with 74%.https://ift.tt/75ayeD2 @deBridgeFinance has reclaimed the lead among Solana bridges. The bridge kicked off 2025 strong, hitting a new ATH record and overtaking Wormhole. Overall, its bridging volume soared 6x YoY, reaching $654M.https://ift.tt/exhpA0K SIMD-0228 came close but ultimately failed to pass. It secured only 61.4% of staked votes, missing the 66.7% threshold needed to pass.https://ift.tt/eOrLdMN Had SIMD-0228 succeeded, a wave of staked SOL could have surged into DeFi. By cutting staking rewards, the proposal was expected to push SOL stakers into higher-yield protocols, especially given that only 8% of SOL is currently in DeFi.https://ift.tt/Ec54F7t This table outlines how SIMD-0228, if passed, might have impacted different DeFi sectors on Solana:https://ift.tt/wvmkpCS Subscribe to our email newsletter here to receive our reports directly in your inbox: https://ift.tt/gdPWKqF via /r/solana https://ift.tt/iaCzdJw