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- Bitcoin and Ethereum have been touching new grounds recently, with a new ATH of $124K and ETH coming close to its $4800.
- Solana hasn’t been left behind in all this, with its Q2 report revealing that its TVL increased to $8.6 billion with a market of over $100B.
In the past month, Solana (SOL) has added 8% to its value and another 4% in the past week. Currently, SOL is sitting 36% below its all-time high with a price of $187.
As CNF reported, analysts are throwing in ambitious targets for SOL: $200, $250, and even more boldly, $300.
Messari, the crypto data analytics firm, has just released its Q2 2025 report on Solana, and the numbers highlight just how far the network has come in DeFi, the Application Revenue Capture Ratio, and real-world asset (RWA) adoption.
One detail in their tweet stood out above everything else: Solana has officially kicked off community governance discussions around the SIMD 326 “Alpenglow” proposal. If approved, this upgrade would overhaul the blockchain’s consensus mechanism to slash block finality times down to just 150 milliseconds, which is about 100 times faster than the current system.
On top of the speed boost, Alpenglow would replace Solana’s current TowerBFT protocol, making it easier for smaller validators to participate and streamlining how the ledger grows.
Messari’s Q2 2025 Report
According to Messari, Solana’s circulating market cap grew 29.8% quarter-over-quarter (QoQ), hitting $82.8 billion by the end of June 2025. This solid increase allowed SOL to maintain its rank as the 6th-largest cryptocurrency by market cap, behind the giants, Bitcoin (BTC), Ethereum (ETH), Tether (USDT), XRP, and Binance Coin (BNB).
This steady growth shows that Solana isn’t just surviving the competition; it’s thriving in a market that continues to reward strong fundamentals and network adoption.
The real-world asset (RWA) tokenization market is shaping up to be one of the biggest stories in finance, with some projections putting its potential value at a staggering $30 trillion by 2030. Solana is already carving out its share of that future, closing Q2 with $390.6 million in tokenized assets, marking a 124.8% increase year-to-date.
At the front of the pack is Ondo Finance, whose USDY, launched in August 2023, has become the largest yield-bearing RWA on Solana with nearly 7,000 holders and a market cap of $175.3 million. Ondo’s OUSG isn’t far behind, taking the second spot with $79.6 million in market cap.
BlackRock’s BUIDL, a tokenized U.S. dollar money market fund that expanded to Solana in March 2025, has already built momentum with $25.2 million in market cap. These projects highlight just how quickly RWAs are gaining traction on Solana, and why the network is becoming important in bridging traditional finance with blockchain.
Solana’s DeFi ecosystem has a total value locked (TVL) soaring 30.4% in Q2 to $8.6 billion. That growth cements Solana’s status as the second-largest DeFi network, and what makes this rise even more impressive is how it’s being fueled by real utility.
Solana’s ultra-low fees, lightning-fast transaction speeds, and growing integration of real-world assets (RWAs) are giving DeFi users fewer reasons to look elsewhere.
At the protocol level, Kamino dominates the field, closing the quarter with $2.1 billion locked, a 25.3% market share, and impressive 33.9% QoQ growth. Raydium, one of Solana’s most trusted DEX and AMM platforms, claimed second place with $1.8 billion in TVL, up 53.5% in just one quarter.
Despite all these improvements, Solana’s stablecoin market cap took a step back in Q2, slipping 17.4% quarter-over-quarter to $10.3 billion. A big part of Solana’s stablecoin momentum this year actually came from the launch of the TRUMP token on January 17.
Breaking down the numbers, Circle (USDC) closed the quarter with a $7.2 billion market cap, down 25.2% QoQ, but still dominating with a 69.5% market share while Tether (USDT) held steady in second place with $2.3 billion.
