10 Most Famous Solana DeFi Projects

·

Solana has rapidly emerged as a leading blockchain for decentralized finance (DeFi), currently ranking as the fifth-largest DeFi ecosystem by total value locked (TVL). In just one month, its TVL surged by 117%, showcasing explosive growth and increasing user adoption. Built on a foundation of high throughput, low latency, and minimal transaction fees, Solana enables DeFi protocols to operate at unprecedented speed and efficiency—making it a prime environment for innovation.

This article explores the 10 most influential Solana DeFi projects shaping the ecosystem today. From decentralized exchanges and liquidity aggregators to lending platforms and liquid staking solutions, these protocols are not only driving utility but also offering potential future airdrop opportunities.

The following overview combines data from DeFiLlama and real-world usage metrics to highlight top-performing dApps across key categories: wallets, DEXs, staking platforms, and lending protocols.

Core Keywords

Top Solana Wallets

Before diving into financial protocols, users need secure and intuitive wallets to interact with the Solana ecosystem. Two standout options dominate the space: Phantom and Solflare.

1. Phantom – The Leading SOL Wallet

Phantom is the most widely used wallet in the Solana ecosystem, often compared to MetaMask for Ethereum. Available as a browser extension and mobile app, it supports multiple blockchains including Solana, Ethereum, and Polygon, enabling seamless cross-chain asset management.

Beyond basic storage, Phantom integrates native swap functionality and connects directly to decentralized exchanges (DEXs) and NFT marketplaces. Its clean interface and strong security model make it ideal for both beginners and advanced users.

Whether you're trading tokens or collecting NFTs, Phantom provides an all-in-one gateway to the broader Web3 experience on Solana.

👉 Discover how to securely manage your DeFi portfolio today.

2. Solflare – Native Solana Wallet

While Phantom supports multiple chains, Solflare focuses exclusively on Solana, aligning closely with the network’s rapid evolution in performance and security.

Solflare offers built-in features like token swapping, staking, and direct integration with dApps. One of its standout innovations is MetaMask Snap for Solana, allowing Ethereum users to access Solana DeFi using their familiar MetaMask interface.

This bridge between ecosystems lowers entry barriers and encourages wider participation in Solana’s growing financial landscape.

Decentralized Exchanges (DEXs) on Solana

Solana hosts some of the fastest and most efficient DEXs in crypto. These platforms enable trustless trading with near-instant settlement and negligible fees.

3. Orca – Largest DEX on Solana

Orca stands out for its user-first design and commitment to fair pricing. It uses a unique “fair price” indicator that aligns trades with CoinGecko’s reference rates, minimizing slippage and improving execution accuracy.

Users can swap tokens or provide liquidity to earn yield. Orca’s pools support a wide range of SPL tokens, making it a go-to destination for retail traders seeking reliability and simplicity.

With over $180 million in TVL, Orca continues to expand its offerings while maintaining a strong focus on user experience.

4. Raydium – AMM-Powered Exchange

Raydium is one of the most mature DeFi projects on Solana, ranking as the second-largest DEX by volume and TVL. As an automated market maker (AMM), it integrates with Serum’s centralized order book, giving users access to deeper liquidity pools.

This hybrid model allows Raydium to offer features typically found only on centralized exchanges—like limit orders—while preserving decentralization.

Liquidity providers earn trading fees and additional incentives through yield farming programs. The platform’s native token, RAY, was distributed via early airdrops, reinforcing community ownership.

5. Jupiter – Premier DEX Aggregator

Jupiter revolutionized Solana trading by acting as a liquidity aggregator, pulling order books and pools from multiple DEXs to find optimal swap routes.

Its intelligent routing system evaluates thousands of paths per second, often discovering better prices than single-exchange trades. This includes multi-hop routes involving intermediate tokens to maximize returns.

Jupiter launched its JUP token in early 2024, with a second airdrop round rewarding active traders based on volume share. The project emphasizes transparency in eligibility criteria, building long-term trust within the community.

👉 Learn how smart routing can boost your trading efficiency.

6. Drift – Perpetual Futures DEX

For advanced traders, Drift offers perpetual futures contracts with up to 10x leverage, alongside spot trading and lending—all executed on-chain.

Combining AMM mechanics with a decentralized orderbook, Drift delivers fast execution and deep liquidity. Traders can participate in weekly challenges and incentive programs to earn rewards.

Though it doesn’t yet have a native token, speculation around a future DRIFT airdrop has fueled user engagement across its platform.

Liquid Staking Platforms

Staking plays a crucial role in securing Proof-of-Stake networks like Solana. Liquid staking takes this further by allowing users to stake SOL while retaining liquidity through derivative tokens.

7. Jito – Maximize MEV Rewards

Jito leads the liquid staking race on Solana by enabling users to capture Maximum Extractable Value (MEV)—a form of profit generated during block production.

When users stake SOL via Jito, they receive JitoSOL, a liquid staking token that can be used across DeFi applications for yield generation. Additionally, users earn Jito points, which contribute to an ongoing airdrop campaign active until June 2025.

By reusing JitoSOL in lending or liquidity pools, users create compounding收益 strategies—a key driver behind Jito’s $574 million TVL.

8. Marinade Finance – Trusted Staking Provider

Marinade Finance is the largest DeFi protocol on Solana, with over $937 million in TVL. It distributes staked SOL across more than 100 audited validators, enhancing network decentralization and security.

Users receive mSOL, a liquid staking token, which can be deployed across various DeFi platforms for additional yield.

Marinade introduced its governance token MNDE in late 2021, but no official airdrop has occurred yet—leaving room for future distribution events that could reward long-term participants.

Lending & Borrowing Protocols

Lending markets unlock capital efficiency in DeFi by allowing users to borrow against collateral or earn interest on idle assets.

9. Solend – The Aave of Solana

Launched in 2021, Solend functions as a full-featured lending protocol supporting over 90 assets across 67 pools. Users can deposit assets as collateral to borrow stablecoins or other tokens, with dynamic interest rates adjusting based on supply and demand.

With $168 million in TVL, Solend ranks among the top seven DeFi apps on Solana. It features automated risk management tools and insurance mechanisms to protect against volatility.

Despite launching its SLND governance token, no public airdrop has been confirmed—keeping anticipation high among active users.

10. MarginFi – Reward-Powered Lending

Launched less than a year ago, MarginFi has rapidly climbed to become the third-largest DeFi app on Solana, with over $330 million in TVL.

It supports borrowing and lending for around 30 major tokens, including USDC, WBTC, ETH, and popular Solana-based assets.

In July 2023, MarginFi introduced an incentive program where users earn points through liquidity provision and borrowing activity—widely believed to be linked to a future token launch or airdrop.

Its clean interface and aggressive reward structure have attracted traders seeking high-yield opportunities.

👉 Start optimizing your asset utilization across top-tier DeFi protocols.

Frequently Asked Questions (FAQ)

Q: What is the total value locked (TVL) in Solana DeFi?
A: As of late 2023, Solana's DeFi ecosystem surpassed $1.5 billion in TVL, growing over 117% in a single month—driven by renewed developer activity and user adoption.

Q: Which Solana project offers the best chance for an airdrop?
A: Jito currently runs an active points program until mid-2025. Other strong candidates include Jupiter (already conducting multi-phase drops), MarginFi, and Drift—all rewarding early adopters through incentive campaigns.

Q: Can I use MetaMask with Solana DeFi?
A: Yes—thanks to Solflare’s MetaMask Snap integration, you can use MetaMask to interact with Solana dApps without switching wallets.

Q: What is liquid staking on Solana?
A: Liquid staking lets you stake SOL while receiving a token (like JitoSOL or mSOL) that represents your stake and can be used in DeFi for additional yields.

Q: How do I start using Solana DeFi?
A: Begin by setting up a wallet like Phantom or Solflare, fund it with SOL or USDC, then connect to platforms like Orca, Raydium, or Jito to start trading, staking, or lending.

Q: Are Solana DeFi transactions really cheaper than Ethereum?
A: Absolutely—average transaction fees on Solana are less than $0.01, compared to several dollars on Ethereum during peak times—making micro-transactions and frequent trading economically viable.