Solana enters 2025 with a robust ecosystem driven by its fast transaction speeds, low fees, and increasing adoption among retail traders and investors. The network’s prominence has been further bolstered by the launch of high-profile memecoins such as TRUMP, the official token of former U.S. President Donald Trump, and PENGU, the memecoin of Pudgy Penguins. These projects have not only driven network activity but also contributed to Solana’s sustained position as a top Layer 1 blockchain, trailing only Ethereum [1].
Among the most notable developments in the Solana ecosystem are its decentralized exchange (DEX) platforms. Jupiter has emerged as a DeFi hub, expanding beyond its initial role as a DEX aggregator to offer perpetuals trading, token launches, and portfolio management. It has become the top fee-generating protocol on the network, with over $2 million in daily fees. Meteora, closely linked to Jupiter, has gained traction with its Dynamic Liquidity Market Maker (DLMM) and is currently the second-largest DEX on Solana with over $500 million in total value locked (TVL). Raydium, the largest DEX on the network, continues to innovate with features such as concentrated liquidity pools and a new token launchpad, “LaunchLab,” signaling a direct competition with Pump.fun. Pump.fun itself, known for its role in the memecoin boom, has launched PumpSwap, a native DEX offering lower fees and enhanced liquidity [1].
Lending protocols on Solana have also seen significant growth, with Kamino Finance leading the pack. From a TVL of $200 million in 2024, it has surged to over $2 billion in 2025. Innovations like the Lend V2 program and “Scam Wick Protection” highlight Kamino’s focus on optimizing risk-adjusted returns and enhancing user safety. Meanwhile, staking platforms like Solayer and Sanctum are streamlining liquid staking. Solayer has evolved from a restaking protocol into a DeFi infrastructure provider, launching its own stablecoin and governance token. Sanctum’s Infinity Pool unifies liquidity across multiple staking providers, aggregating rewards and reducing slippage for users [1].
The NFT space on Solana remains vibrant, with collections like Mad Lads and Lifinity Flares gaining renewed attention. Mad Lads, an xNFT collection with integrated programmable features, saw a price floor increase in late 2024, driven in part by the acquisition of FTX Europe by Backpack, its parent company. Lifinity Flares, the NFT collection of the Lifinity DEX, has also experienced a resurgence in 2025, with its floor price tripling due to the platform’s increased revenue and buyback strategy [1].
Memecoins continue to dominate Solana’s narrative, with PENGU and TRUMP setting precedents for both success and controversy. PENGU, launched in late 2024 by Pudgy Penguins, quickly became Solana’s largest memecoin with a market cap exceeding $2.5 billion. TRUMP, launched in early 2025, outperformed PENGU, reaching a market cap of over $13 billion within two days. The TRUMP launch also pushed the price of SOL to an all-time high of $293. However, the success of these projects has led to the proliferation of other speculative and potentially exploitative memecoins, drawing criticism from investors and regulators [1].
Looking ahead, Solana is poised for further growth with the upcoming “Firedancer” performance upgrade, expected to enhance network efficiency and throughput. The ecosystem’s expansion into new financial and NFT infrastructure, combined with the rise of memecoins, positions Solana as a key player in the evolving blockchain landscape. However, the network must navigate the challenges posed by speculative activity and ensure that innovation is balanced with user protection [1].
Source: [1] https://www.coingecko.com/learn/top-solana-projects
