Solana DeFi's total value locked (TVL) reached a new all-time high of $12.2 billion, driven by rising Sol prices and growing institutional interest. Despite the increase in USD-denominated TVL, Sol-denominated TVL remains 16.36% below its 2022 peak. Jupiter leads with $3.38 billion in TVL after launching its lending market, while PumpSwap demonstrates the highest capital efficiency among DEXs with a volume/TVL ratio of 14.775.