Solana Recent Updates: Strong Growth Across Aggregators, DeFi, and Institutional Adoption

Solana has seen significant growth across multiple areas in recent weeks, including decentralized exchange aggregators, DeFi total value locked (TVL), and institutional integrations. The network’s data shows deeper liquidity, rising user activity, and more structured participation from both retail and institutional players.

Aggregators Drive Majority of Solana’s DEX Volume

In early October, Solana aggregators routed 70% of all decentralized exchange (DEX) trading volume — the highest level in seven months. Total routed volume reached $29 billion, per SolanaFloor data.

This sustained dominance shows how integral these platforms have become in routing trades efficiently across Solana’s liquidity pools.

Jupiter Maintains Lead as Competitors Emerge

Among Solana’s four primary aggregators, Jupiter continues to lead by a wide margin. Over the past week, Jupiter accounted for 81.6% of aggregator activity, though this is a decline from its 99.9% share in March. The reduction marks the steady rise of new entrants such as OKX, DFlow, and Titan.

• OKX gained traction in July, routing more than $1.5 billion and securing a 10.7% share that week.
• DFlow followed in August, capturing 12.2% of total DEX volume.
• Titan expanded rapidly by October, routing $1.9 billion and taking a 6.5% share.

Despite new competition, Jupiter reached a seven-month high of $25.8 billion in routed trades during the week of October 6.

Proprietary AMMs Replace Legacy DEXs

A key trend is the shift from legacy automated market makers (AMMs) such as Raydium and Orca to proprietary AMMs (Prop AMMs).

On Jupiter:

• SolFi accounts for 21.1% of routed volume.
• Humidifi follows with 16%.
• Raydium ranks third at 10.7%.

On DFlow, Humidifi leads with 33.2%, followed by Tessera at 18.9%, as of Oct. 20. Titan also shows similar behavior, with Prop AMMs collectively handling over 61% of routed trades.

The only major exception is OKX, where legacy AMMs still dominate. There, Raydium and Meteora hold 25.7% and 20% shares, while Prop AMMs trail behind.

This data illustrates a clear technical evolution on Solana — liquidity routing now favors newer, more efficient AMM designs over legacy pools.

Solana DeFi Hits Record 62.3 Million SOL Locked

DeFi on Solana has surged to new highs. Total value locked (TVL) reached 62.5 million SOL, the highest level since June 2022, representing a 15% increase over the last 30 days.

Seven of Solana’s top eight DeFi protocols, each with over $1 billion in TVL, posted positive growth.

According to DefiLlama, leading DeFi protocols by TVL include:

• Jupiter – $3.3 billion
• Kamino – $3.26 billion
• Jito – $2.775 billion
• Sanctum – $2.42 billion
• Raydium – $2.211 billion

This broad-based expansion places Solana among the top blockchain ecosystems globally by total locked value. For comparison, Base, Ethereum’s largest Layer-2, has $4.8 billion in TVL — less than half of Solana’s in native terms.

Gemini Launches Solana Credit Card with Auto-Staking Rewards

Gemini has introduced a Solana-branded credit card that lets users earn and stake SOL directly. The card, part of the Mastercard network, offers up to 4% back in SOL and automatically stakes rewards at up to 6.77% APY.

Reward categories include:

• 4% back on gas, EV charging, and rideshare
• 3% on dining
• 2% on groceries
• 1% on other purchases

Through Gemini’s Vault Rewards program, select merchants can offer up to 10% back based on spending tiers.

A standout feature is auto-staking, which eliminates manual transfers. Users can opt in to have earned SOL automatically staked on Gemini’s platform, with the ability to unstake anytime.

Gemini reports that users holding SOL rewards since 2021 have seen around 300% appreciation as of July 2025. Card sign-ups have risen from 8,000 in August 2024 to nearly 31,000 in August 2025, reflecting increased adoption of crypto reward programs.

Jupiter to Launch ICO Platform for $JUP Stakers

Jupiter Exchange contributor, Kash Dhanda, revealed that the platform will launch its ICO platform in November. The new feature will allow $JUP stakers to participate in early-stage token sales for Solana-based projects.

The ICO platform will offer permissioned capital-raising tools aimed at supporting community-funded initiatives, reinforcing Jupiter’s position as both a trading hub and an enabler of project formation.

Fidelity Digital Assets Adds Solana Trading and Custody

In a major institutional move, Fidelity Digital Assets, a subsidiary of Fidelity with over $4 trillion in assets under management, has added Solana (SOL) to its trading and custody services.

The rollout extends across Fidelity’s retail, IRA, wealth management, and institutional platforms. Transactions are commission-free, with a spread of up to 1% per trade.

This addition places Solana alongside Bitcoin, Ethereum, and Litecoin in Fidelity’s crypto suite. It also represents one of the first large-scale integrations of a non-Ethereum blockchain by a major traditional finance institution.

BTQ Technologies Achieves Post-Quantum Cryptography Milestone on Solana

BTQ Technologies, a Nasdaq-listed quantum security company, has partnered with BonSol Labs to complete the first NIST-standardized post-quantum cryptography signature verification on Solana.

The milestone introduces ML-DSA (Module-Lattice Digital Signature Algorithm), a NIST-approved standard, offering protection against future quantum computer threats.

As the quantum threat to current encryption systems grows, this integration strengthens Solana’s readiness for post-quantum security standards. 

Conclusion

Solana’s recent developments underline its growing maturity as a blockchain ecosystem. Aggregators now handle the majority of DEX volume, DeFi protocols are locking record amounts of SOL, and institutional players like Fidelity are integrating Solana into their operations.

At the same time, consumer-facing innovations such as Gemini’s credit card and Jupiter’s upcoming ICO platform show that Solana’s reach now spans both institutional and retail use cases. Collectively, these updates establish Solana as one of the most technically active and diversified ecosystems in the current digital asset landscape.

Resources:

1. SolanaFloor weekly updates: https://solanafloor.substack.com/p/solana-weekly-news-cd9

2. Solana TVL data by DefiLlama: https://defillama.com/chain/Solana

3. Gemini’s announcement about Solana Credit card: https://www.gemini.com/blog/gemini-releases-solana-edition-of-the-gemini-credit-card-and-automatic

4. Press release - BTQ Technologies Announces Quantum-Safe Bitcoin Using NIST Standardized Post-Quantum Cryptography: https://thequantuminsider.com/2025/10/16/btq-technologies-announces-quantum-safe-bitcoin-using-nist-standardized-post-quantum-cryptography/

5. Fidelity Crypto adds Solana support, extending its lineup beyond Bitcoin, Ethereum and Litecoin - report by The Block: https://www.theblock.co/post/307049/coinbase-files-motion-to-compel-the-sec-and-chair-gensler-to-hand-over-documents-related-to-its-case