Summary
Solana’s ecosystem TVL surged from $3 billion in late 2023 to $35 billion in 2025, driven largely by stablecoins, while its fully diluted valuation rose to $100 billion, lowering the SOL‑to‑TVL multiple from 14× to about 3×. Stablecoins account for 43% of the TVL, with liquid staking, lending, and DEXs contributing the rest, and the chain still trails Ethereum at roughly one‑tenth its size, suggesting ample growth potential. Analysts project that if TVL expands tenfold and valuation multiples align with Ethereum, SOL’s market cap could approach $700 billion, supporting bullish price forecasts up to $6,000 in the long term.
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