Solana’s DeFi space is seeing an overall increase in BTC flows, DEX volumes, LST adoption, and stablecoin innovation.

The amount of BTC on Solana has grown rapidly since 2024, reaching a new high of 7,300 BTC ($770 million).

Wormhole and Coinbase are leading the BTC wrapping efforts on Solana, while BitGo introduced native $WBTC support for the network in May.

Solana DeFi May Report: BTC holdings break 7,300, a new high, and DEX transaction volume continues to exceed 100 billion

The balance sheet of public companies, SOL, has tripled.

These companies now control 0.33% of the SOL supply, with Upexi leading the way with 680,000 SOL.

DeFi Dev Corp. partnered with sanctumso to launch dfdvSOL and integrated this LST with Kamino’s lending market and Multiply Vaults.

Solana DeFi May Report: BTC holdings break 7,300, a new high, and DEX trading volume continues to exceed 100 billion

Solana’s liquidity staking TVL has hit a new high for three consecutive months .

As more and more participants adopt liquidity staking, the LST TVL on Solana reached 49 million SOL in May, accounting for 12.5% of all staked SOL.

Solana DeFi May Report: BTC holdings break 7,300, a new high, and DEX trading volume continues to exceed 100 billion

Solana’s LST universe is diversifying.

New LSTs such as jupSOL, bnSOL, bbSOL, and vSOL have significantly increased their market share in recent months.

Although existing LSTs like jitoSOL are experiencing a decline in market share, their LST TVL is still growing as the overall market expands.

Solana DeFi May Report: BTC holdings break 7,300, a new high, and DEX transaction volume continues to exceed 100 billion

sanctumso TVL hit a new high.

Sanctum has streamlined the launch of LST in the ecosystem and now holds 23% of the total LST TVL, or 11 million SOL.

Solana DeFi May Report: BTC holdings break 7,300, a new high, and DEX trading volume continues to exceed 100 billion

Solana DEX trading volume hits a new record.

Solana DEX’s cumulative trading volume exceeded $1 trillion in 2024, and in the first five months of 2025 alone, trading volume is expected to be on par with last year’s total .

Solana DeFi May Report: BTC holdings break 7,300, a new high, and DEX transaction volume continues to exceed 100 billion

Solana DEX’s trading volume rose to $151 billion in May.

Monthly trading volume exceeding $100 billion becomes the new normal in 2025, a threshold that the Solana DEX will never reach until November 2024.

Solana DeFi May Report: BTC holdings break 7,300, a new high, and DEX trading volume continues to exceed 100 billion

Jupiter has now moved to 58 swaps, a 38% increase year-over-year.

With the addition of new AMMs such as Ellipsis Labs’ Gavel and Boopfun, Jupiter continues to maintain its superior pricing advantage by expanding its advantage in execution quality.

Solana DeFi May Report: BTC holdings break 7,300, a new high, and DEX transaction volume continues to exceed 100 billion

Solana perpetual swaps (Perps) trading is gearing up for the next wave.

Despite volumes falling to around $26 billion in May, protocol innovation continues, with Zeta building out its Bullet roll-up and Flash Trade integrating MagicBlock for ultra-low latency execution.

Solana DeFi May Report: BTC holdings break 7,300, a new high, and DEX trading volume continues to exceed 100 billion

Pump.fun remains the leading Memecoin launchpad for Solana.

Despite three new platforms entering the market in the past six weeks, Pumpfun still accounts for an average of 85% of daily asset issuance.

Solana DeFi May Report: BTC holdings break 7,300, a new high, and DEX transaction volume continues to exceed 100 billion

Solana DeFi May Report: BTC holdings break 7,300, a new high, and DEX trading volume continues to exceed 100 billion

USDC dominates the Solana stablecoin space .

Despite a decline since January, USDC still holds 78% of the market share.

Circle’s recent listing on the New York Stock Exchange ($CRCL) with a market cap of $30 billion highlights the growing institutional confidence in stablecoins.

Solana DeFi May Report: BTC holdings break 7,300, a new high, and DEX trading volume continues to exceed 100 billion

Solana’s stablecoin supply saw a pullback in May.

The $1.8 billion USDC outflow caused the supply to drop by 15%, from $12.5 billion to $10.7 billion.

While USDC’s supply took a hit, all other stablecoins saw their supply rise month-over-month.

Solana DeFi May Report: BTC holdings break 7,300, a new high, and DEX trading volume continues to exceed 100 billion

Perena’s Numéraire AMM has already processed over $1 billion in stablecoin trading volume in 2025.

Numéraire aims to address liquidity fragmentation and capital inefficiency in the stablecoin market.

In May alone, the platform processed $154 million in stablecoin swaps.

Disclaimer: This article is for readers' learning reference only and is not intended as any investment advice. Please remain cautious and objective.

Data: Solana's on-chain DEX processed over $8 billion in trading volume in today's massive liquidation event

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