Deep Dive: Solana DeFi - February 2026

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Syndica Deep Dive: Solana DeFi - February 2026

Solana Spot DEXes

Solana led DEX volume for 17 straight months despite broad contraction.

Aggregate spot DEX volume fell 15% MoM to $260B.

Prop AMM BisonFi led Solana DEX volume at a record 22% share.

Total spot volume on Solana settled at $98B in February.

Prop AMMs went from near zero to 71% of Solana DEX volume.

The category crossed 50% in late 2025 and continued climbing through February.

Solana Lending & Borrowing

RWA and BTC emerged as Kamino's fastest-growing collateral categories.

Together they accounted for 36% of Kamino's $1.6B collateral base. PRIME led all assets at $304M (+55% MoM) while cbBTC surged 69% MoM to $200M.

Jupiter Lend added native staking as collateral, broadening its asset base.

TVL scaled to $1B within months of launching, with JLP at 37%. Native staking as collateral unlocked over $30B in natively staked SOL, the largest idle capital pool on Solana.

Solana Pegged Assets

Solana's stablecoin base grew while most DeFi metrics shrank.

Stablecoin supply printed a new ATH of $16.8B, with USDC holding a 53% share.

Alternative stablecoin supply grew ~8x in 12 months to an ATH of $4.4B.

USDG led the field at 23% of the non-USDC/USDT total, reshaping what was a two-issuer market a year ago.

dzSOL overtook jitoSOL to become Solana's largest individual LST.

DoubleZero's LST reached 13.3M SOL in under a year, capturing 22% of total supply. The protocol announced Phase II of its delegation program, redirecting 2.4M SOL to validators in underrepresented regions.

Solana quietly became a major venue for Bitcoin liquidity.

Wrapped BTC hit an ATH of 9.3k. Coinbase's cbBTC captured 48% of supply, overtaking Wormhole's WBTC.

Tokenized US equities arrived as a new Solana DeFi vertical, reaching $200M in AUM.

TSLAx led for an eighth consecutive month, holding 25% share.