Solana’s TVL goes vertical after TRUMP token boosts DEX activity

Solana (SOL) reached a new record for its total value locked, driven by the recent rally of the Official Trump (TRUMP) token and other related assets. The inflow of funds into DEX boosted the total value locked. 

Solana carried more than $11.92B in total value locked, finally recovering to its 2021 levels and breaking new records. The chain got a boost after its three major DEX, Raydium, Meteora, and Orca, saw an inflow of activity after the launch of Official Trump (TRUMP) tokens. 

The increased value stemmed from the expansion of SOL to new all-time highs, but also from inflows on Raydium. The leading DEX expanded its pools by more than 38% in a single week, as it added a new class of tokens inspired by TRUMP. 

The growth on Meteora was even more dramatic, as the exchange drew in a total of $1.89B. In the past week, the exchange expanded its value by 393%. The last 24 hours of active trading expanded the DEX liquidity by another 37%. Meteora’s vertical rise in liquidity pairs added one of the biggest boosts to the total Solana TVL. The biggest effect for Meteora came from the TRUMP and MELANIA liquidity pools. 

Orca is still catching up, with 24% growth in liquidity for the past day, though only up to $350M. Most Solana apps and protocols expanded their TVL by roughly 40% in the past week, through an inflow of new SOL, as well as another $250M in newly minted USDC. 

The current peak TVL happens at SOL prices of $238.99, lower than the record above $270. The growth of TVL further underscored the strength of DEX inflows and a renewed meme cycle.

Orca and Meteora show different strengths

While Meteora was the leader in locked value and trading pairs, Orca was the leader in terms of trading volumes. 

Meteora achieved $259.34M in daily volumes, partially obstructed by the overload of Solana infrastructure. Orca, on the other hand, achieved peak volumes, breaking out from its baseline. 

Volumes on Orca reached $7.83B in the past 24 hours, as the DEX was one of the services easily connecting to Jupiter DEX aggregator. The exchange even displaced Raydium in the short term, as some of the new tokens were first available on Orca pools. 

After the trading peak, ORCA tokens also rallied above $4.60 over the weekend. Later, as TRUMP prices calmed down and trading slowed, ORCA retreated to $3.50, still near a one-week high.

The rally of Solana-based DEX also gave a boost to the Ethereum ecosystem. Daily DEX volumes on Ethereum reached a two-week peak, with funds flowing into niche markets. 

The ratio of DEX volumes to centralized exchanges is also rising, reaching a 12-month high at 19.5%. The recent ratio reflects the inflow of new classes of tokens that are not yet accepted on centralized exchanges or are more convenient for bot-driven DEX trading. All chains carried $47.48B in DEX trading as of January 20, after a growth streak in the past week. 

Is Solana preparing for a super cycle?

Solana has been increasing its metrics organically, with talks of a meme super cycle since the last quarter of 2024. However, the rally to a new activity level did not happen until last weekend and the launch of TRUMP. 

Searches for Solana rallied in the past few days, reflecting an expansion of mainstream demand. During the active days of TRUMP trading, Solana also moved ahead of Bitcoin in terms of social media mindshare. The January rally extends the accumulated influence of Solana as the go-to chain for easier meme launches. 

Solana continues to rely on bot traffic, carrying more than 86% of all bot transactions. On January 18, the day of the TRUMP token launch, Solana trading bots carried more than $681M in volumes. 

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