The Solana Blockchain registered a steep drop in turnover in the second quarter of 2025, even as the decentralized financial ecosystem expanded.
A recent report Messari shows that although the total value locked (TVL) on the network has increased, the income of the application, referred to as Solana’s ‘KetenBBBP’, fell sharply during the reporting period.
According to the report, the total income from Solana fell by 44.2% quarter-over quartaal, sliding from $ 1 billion in Q1 to $ 576.4 million in Q2. The recession was bound by reduced profitable in important decentralized applications.
Pumpfun, the leading contribution to Solana’s turnover, generated $ 156.9 million during the three months. However, that figure marked a quarterly decrease of 43.9%, which reflects a weaker memecoin activity.
In the meantime, Axiom went in the opposite direction and rose 641.3% to $ 126.6 million in income. Jupiter, a large Defi -aggregator, raised $ 66.4 million, although this represented a decrease of 15.6% compared to the previous quarter.
In addition, Phantom Wallet also placed $ 53.5 million, a decrease of 65.4%, while Photon dropped 72.4% to $ 32.5 million.
Defi TVL rises
Despite the income contraction, the Defi sector of Solana showed resilience during the period.
According to the report, the total value of the locked assets (TVL) climbed 30.4% quarter-over quartaal to $ 8.6 billion, so that Solana’s position was confirmed on the second largest Defi network after Ethereum.
The turnout has continued, with the TVL from the sector to more than $ 11 billion, according to Defillama facts.
Kamino Finance expanded its dominance with a TVL increase from 33.9% to $ 2.1 billion, giving it a market share of 25.3%. This increase followed on the launch of Kamino Lend V2 in May, which within the first three weeks attracted more than $ 200 million in deposits and $ 80 million in loans.
Raydium also organized a comeback and caught up with Jupiter to reclaim second place. Raydium’s TVL grew by 53.5% to $ 1.8 billion, while Jupiter expanded 13.2% to $ 1.6 billion. As a result, Raydium now recommends 21.1% of the market share of Solana, compared to the 19.4% of Jupiter.
Trade volume is lagging behind
However, the growth in TVL did not translate into higher trading activity.
The average daily spot -DEX volume on the Solana Ecosystem fell by 45.4% in Q2 to $ 2.5 billion.
Messari attributed the sinking to the fading of Memecoin -Momentum, which had managed record trading activities in the first quarter.