6 Solana protocols crossed $1b TVL 

For the first time since Solana’s launch, over $1 billion in user deposits were held across six SOL-based platforms.

Jito (JTO), Kamino, Jupiter (JUP), Raydium (RAY), Marinade, and Sanctum have all surpassed $1 billion or more on layer-1 blockchain network Solana (SOL), according to DefiLlama data.

October 1 marked the first time in SOL’s four-year history that its top six protocols had a total value locked of nearly $9 billion. Liquid staking provider Jito has pioneered other smart contract projects with over $2 billion in TVL.

Solana lender Kamino ranked second in TVL with $1.58 billion, followed by decentralized exchanges Jupiter and Raydium, which had $1.26 billion and $1.24 billion in user deposits, respectively. Liquid stakers Marinade and Sanctum rounded out Solana’s big six, with users parking $1.21 billion on Marinade and nearly $1 billion on Sanctum.

Bitget: $180 possible for Solana in October

Interest in Solana’s Jito, Kamino, Jupiter, Raydium, Marinade and Sanctum has accelerated, as has the appetite for SOL. The native token grew over 547% last year, with one token cost almost $150 at press time, according to CoinGecko.

Members of the crypto community have applauded SOL chain features like Actions and Flashes as retail adoption funnels. Others argue that fast transactions and memecoin speculation fuel much of SOL’s on-chain activity.

Bitget Research principal analyst Ryan Lee agreed with the memecoin thesis in a note shared with crypto.news, saying SOL could trade at $180 in October due to the excitement. Support from Franklin Templeton and Citibank could also boost SOL’s institutional appeal, Lee added.

During market downturns, the $110 support level has been extremely strong, and during each recovery, SOL has been one of the strongest performing high-cap tokens. The meme sector of the Solana ecosystem has also consistently been one of the strongest sectors during the recovery.

Ryan Lee, principal analyst at Bitget Research

24-hour SOL price chart – October 1 | Source: crypto.news