Solana’s ecosystem strengthened across major verticals in Q3 2025, led by a 32.7% rise in DeFi TVL to $11.5 billion and a record $14.1 billion in stablecoins. Kamino and Jupiter continued to anchor DeFi activity, while RWAs grew 41.9% to $682.2 million on the back of Ondo’s USDY and BlackRock’s BUIDL. Network liquidity deepened through new products like Jupiter Lend and tokenized Galaxy Digital shares, signaling Solana’s growing role in institutional-grade finance. Network fundamentals remained strong despite lower activity metrics. Average daily fee payers fell 29.1% to 2.8 million, but non-vote transactions dipped just 3.3% to 95.9 million. SOL’s market cap reached $113.5 billion, and staked SOL climbed 4.7% to 409.6 million, as total stake value surged 42.4% to $85.5 billion. The launch of the first U.S.-approved Solana staking ETF underscored deepening market legitimacy. Ecosystem sentiment was notably positive as the launch of the Solana Mobile Seeker phone, new gaming integrations, and a vibrant summer of consumer apps reinforced Solana’s position as a hub for onchain experimentation. Projects like Helium, Hivemapper, and Jito showcased the diversity of Solana’s DePIN and infrastructure base. Looking ahead, Breakpoint, the premier Solana conference, will bring builders and enthusiasts together to discuss the network’s next phase of growth in December 2025. To stay up-to-date with all things Solana, visit Messari's Solana Portal.