Sep 12, 2025
Solana is pushing the boundaries of what blockchains can achieve.
Recently surpassing BNB, the native token of the BNB Chain ecosystem, Solana (SOL) has claimed the #5 spot by market cap and outpaced the broader crypto market by 46% since August.
What’s fueling this momentum isn’t just market speculation; it’s powered by a surge in real-world use cases in recent weeks. This adoption is reflected in Solana’s new record-breaking total value locked (TVL), showing a growing number of users actively depositing funds and signaling strong engagement.
Here are the key use cases for Solana, along with some recent notable developments:
Decentralized finance (DeFi)
Solana powers DeFi by combining speed, low fees, and scalability, allowing users and developers to trade, lend, stake, and build complex financial applications at scale. Platforms like Raydium and Jupiter allow users to trade tokens directly on-chain without intermediaries, with transaction speeds measured in milliseconds and fees under $0.01 per trade, perfect for high-frequency trading and instant swaps. Lending and borrowing protocols like Solend let users earn interest or access liquidity against their assets, while staking and liquidity provision offer additional opportunities to generate yield.
Digital asset Treasuries
Publicly traded companies are adopting Solana as part of their digital asset treasury strategies. By holding significant reserves of SOL, Solana’s native token, they can generate yield through staking, gain exposure to the network’s growth, and diversify beyond traditional assets, all while directly participating in Solana’s expanding ecosystem.
A notable example is Forward Industries (NASDAQ: FORD), which recently secured a $1.65 billion private investment in public equity (PIPE). The funding will support a Solana-focused digital asset treasury strategy, including acquiring SOL for working capital, facilitating future transactions, and building cryptocurrency treasury operations.
The PIPE was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, collectively contributing over $300 million, marking one of the largest corporate moves into Solana-based treasury management to date.
Stablecoin adoption and payments
Stablecoin adoption on Solana has skyrocketed, with more people and businesses using digital dollars like USDC and USDT for payments, trading, and other financial activities. In less than a year, total usage has grown nearly sixfold, climbing from $2 billion in early 2024 to over $12 billion by early 2025. The chart below illustrates this dramatic growth.
The surge is driven by Solana’s unmatched efficiency: near-instant transaction speeds and ultra-low fees that average just $0.004, even at peak demand.
And it’s about to get even faster. Earlier this month, the network approved the Alpenglow upgrade, which aims to slash transaction finality from roughly 12.8 seconds to just 150 milliseconds–an 85x improvement.
Tokenization
Solana is emerging as a leader in real-world asset (RWA) tokenization, bringing stocks, commodities, real estate, and more onto the blockchain. Earlier this month, Solana’s RWA total value locked hit a new all-time high of $500 million, underscoring accelerating adoption.
Crypto exchange Kraken has launched xStocks on Solana, offering tokenized US equities and expanding access to investors across the European Union. Building on that momentum, Galaxy Digital became the first Nasdaq-listed company to issue SEC-registered equity on a public blockchain, partnering with fintech firm Superstate to tokenize its Class A common stock ($GLXY) on Solana.
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