Core Insights - The total value locked (TVL) in Solana's ecosystem has increased by 198% over the last 12 months, reaching $38.5 billion, indicating strong user conviction and potential future cash flows for the platform [2][4][7] - The TVL metric serves as a useful barometer for measuring sustained on-chain activity and demand for Solana's native token, as it reflects the capital deposited into decentralized finance (DeFi) applications and smart contracts [5][6] - Persistent growth in locked capital creates a self-reinforcing cycle, attracting more liquidity, developers, and users to the network, which enhances its overall utility and reduces fees per user [7][8] Industry Dynamics - The rise in Solana's ecosystem value suggests a growing demand for its native coin, driven by increased user engagement and capital inflow [8] - The stablecoin value on Solana's network has also seen significant growth, reaching $13.2 billion, further supporting the ecosystem's expansion [7]