Solana DeFi total value locked (TVL, assets deposited in protocols) has climbed more than 38% in two months to $6.5 billion, its highest level since the Drift Protocol hack, which saw $285 million leave the network and damaged confidence in DeFi security. The recovery has coincided with a 63% rise in SOL, from $73 to $118, although SOL-denominated TVL fell 15.9% from 65.1 million SOL to 54.7 million SOL. The decline suggests participants have been shifting liquidity from yield-generating applications toward more volatile onchain trading. Monthly Solana DEX volume has also returned to levels last seen in February, driven largely by renewed memecoin activity. Sanctum now leads the network’s TVL rankings with more than $2.24 billion, up 19.9% in 30 days, and its SOL-denominated TVL has risen above 18.78 million SOL despite a decline in the network’s liquid-staking rate from more than 15.7% in January to 12% today. Raydium leads Solana’s decentralized exchanges, with just over $683 million in TVL versus $332 million for Meteora and $303 million for Orca. Its deep memecoin liquidity, role as a destination for tokens graduating from Pump launches before PumpSwap, and support for Stonk-launched tokens have reinforced its position. Raydium’s concentrated liquidity market maker (CLMM) has also become a venue for tokenized stocks, commodities and other Foreign L1 assets. About 46% of Raydium’s trading revenue now comes from tokenized assets, according to 0xInfra.