Solana has emerged as the leader in the 2025 blockchain total value locked (TVL) rankings, boasting a substantial $23.01 billion in decentralized finance (DeFi) assets. This significant milestone places Solana ahead of competitors such as BNB Chain at $3.89 billion, Base with $3.29 billion, Ronado at $3.22 billion, and NEAR Protocol at $1.89 billion.
The data, compiled by analytics firm Nansen, highlights the competitive landscape within the DeFi sector where both established and emerging platforms strive for prominence. Solana”s substantial TVL can be attributed to its rapid transaction speeds and low fees, which have made it a preferred choice for a wide range of users, from casual traders to major financial institutions.
One of the remarkable achievements for Solana this year is its ability to generate $1.4 billion in revenue while maintaining nearly 40 million active addresses on its network. The platform”s technical prowess is underscored by its capability to handle thousands of transactions per second with minimal costs, thus providing immense value to decentralized exchanges (DEXs) and yield farming protocols. Notable projects such as Jupiter and MarginFi have contributed to liquidity within the Solana ecosystem, further enhancing its appeal.
Looking forward, the anticipated regulatory approval for Solana”s ETFs on a spot basis by late 2025 signifies its transformation from a speculative market to a robust institutional platform. This evolution marks a pivotal moment for the blockchain and its users.
In the second position, BNB Chain has demonstrated its resilience with $3.89 billion locked in DeFi. This blockchain, underpinned by Binance”s extensive ecosystem, has quickly carved out a significant market share thanks to its combination of accessibility, speed, and security. Recent quarterly statistics reveal a notable uptick in BNB Chain”s activity, with 4.32 million daily active wallets and a robust 35.3% increase in daily transactions.
Base, the Layer-2 solution developed by Coinbase, has also made a significant impact, securing its position as the third-largest blockchain by TVL at $3.29 billion. This rapid ascent showcases the effectiveness of Layer-2 scaling solutions, as Base attracts developers and users seeking the security of Ethereum without the burden of high gas fees.
The rankings also bring attention to Ronado and NEAR Protocol, which, despite being less known, reflect strong investment and community support within the DeFi landscape. The varying TVL across these networks illustrates distinct trends in the DeFi sector and underscores the overall growth trajectory of decentralized finance.
While Ethereum continues to lead the ecosystem with a total value locked exceeding $93 billion, the emergence of Layer-1 and Layer-2 networks signals a promising multi-chain future. This diversification indicates a consumer and developer preference for a balance of security, speed, and cost-efficiency.
In conclusion, the latest findings from Nansen suggest a shift in blockchain economics that favors networks presenting unique value propositions. With Solana at the forefront with $23 billion in TVL, followed by BNB Chain and Base, the landscape is rich with opportunity for investors and developers who understand the strengths of each network and can effectively leverage them in the evolving DeFi space.
