# Solana DeFi — X 热门讨论 (2026-09-17 09:31 UTC)
## @Tanaka_L2 (Tanaka) · 09-17 07:59 · ♥90 ↻3 💬27 Last cycle, liquid staking was supposed to be the king of DeFi.
The thesis was simple, stake the native asset → receive an LST → keep earning yield while using that capital across DeFi.
Then the market changed.
Restaking absorbed most of the attention. Points became more attractive than base staking yield.
More recently, capital moved toward perps, stablecoins, RWAs and high-revenue applications.
LSTs stopped being a major narrative, but they did not stop growing.
The current numbers show nearly $285B staked across the 5 ecosystems listed here:
– @Ethereum: $226B – @HyperliquidX: $38.2B – @BNBCHAIN: $18.7B – @avax: $1.73B – @0xPolygon: $350M
Meanwhile, liquid staking protocols still hold around $52.6B TVL and generate roughly $28.8M in weekly fees. Lido alone manages more than $24B.
What has changed is the competition.
During the previous season, I mostly compared APY, fees and withdrawal liquidity.
Now I look at a mix of data:
– lending-market support
– collateral efficiency & DEX liquidity
– Pendle integration
– institutional custody and validator distribution
– smart-contract and slashing risk
The sector is also expanding beyond Ethereum.
Solana now has over $6.2B in liquid staking TVL, while Hyperliquid already has $38B+ in total staked value.
Ethereum still dominates, but newer ecosystems have enough native stake to create their own LST competition.
Institutions are entering too. @Anchorage added support for @LidoFinance, and @Sharplink allocated $200M in ETH through the protocol.
LSTs are becoming core collateral for onchain finance.
LSTs will become widely accepted across lending, trading, structured yield and institutional products imho.
Less attention, but much stronger infra iykyk. https://x.com/Tanaka_L2/status/2100494727628071197
## @Okada_DeFi0x (Okada_Research) · 09-17 08:22 · ♥78 ↻3 💬17 Now that more ppl than ever are holding RWAs, ppl start asking what happens after it gets tokenized.
Because earning stocks by holding memes is nice. Turning that asset into collateral while it keeps earning its original return changes the entire capital stack.
The entire RWA universe is ~$708.8B when combining represented assets, distributed RWAs and stablecoins.
But that number is kinda misleading for what can actually be productive in DeFi.
Only $38.82B is distributed RWAs that can potentially move through lending, margin, reserves or yield markets.
– that pool was only ~$21.35B in January
– grew ~82% in 8 months, 34% since March
Inside it we have ~$15.65B tokenized Treasuries, $7.96B credit, $4.85B commodities, $3.8B active strategies and $2.92B tokenized stocks.
– $35B of the $38.82B is at least economically plausible collateral.
Still tiny compared with the $305B stablecoin base, but most stablecoins are economically dead for the holder.
1/ Tokenized Treasury yields are around 3.74% rn.
So instead of parking $100M of idle stablecoin collateral, $100M of Treasury collateral can theoretically keep producing ~$3.74M/year while still backing a loan or trading position.
This is why I think yield-bearing collateral is the actual primitive here, not tokenization itself.
2/ Private credit takes this even further.
The @Securitize / @MorphoACRED loop is basically ACRED → borrow USDC → buy ACRED → redeposit → repeat.
Using 8% underlying yield + 3.5% borrowing cost, 2x exposure gives ~12.5% before fees while 3x gets ~17%.
That's exactly why collateral matters. Once the asset becomes borrowable, a passive yield product becomes raw material for balance sheet construction.
3/ Same thing is starting on the trading side.
BUIDL and USYC can already sit as cross-collateral on exchanges with ~2% haircuts while still earning the underlying yield.
Exchanges used to monetize the trade. Now they can monetize the yield of the collateral supporting the trade too.
4/ Then equities are what take most of the mindshare rn.
Tokenized stocks are ~$2.92B, +17.3% in 30d, with ~$13.01B monthly transfer volume.
Meme holders are already earning stocks at 3-digit yields through platforms like @LaunchOnSF.
Then SPYx, QQQx and NVDAx are already entering @kamino strategies, while some platforms let eligible users borrow against names like AAPLx, TSLAx, NVDAx and GOOGLx.
That loop is something TradFi never really imagined before, and it’s about to scale in DeFi.
I know the hard part is making all of this actually work at scale, but that’s also where the real RWA infra stack gets built.
Stuff like NAV/oracle systems, curators, specialist liquidators, market makers, identity rails, custody and legal wrappers are all developing somewhere.
At the current speed of the market rn, we might be underestimating what happens when this expands beyond Treasuries.
Stocks, private credit, gold, invoices, funds, maybe eventually almost any cash-flowing asset can become something we hold, earn from and borrow against at the same time. > 引用 @Okada_DeFi0x: .@Solana is not the biggest RWA vault. It is the busiest RWA market.
The chain only holds ~12% of onchain RWA market cap, but it already does 32% of all RWA spot volume and 47% of every RWA trade.
That’s $14.7B of the $46B traded across chains + 42.6M of 91M trades over the last 12 months.
the gap between 12% of assets and 32% of volume is the whole Solana thesis here: capital doesn’t just sit, it moves.
Solana traders point to that:
– 374K RWA traders averaging 114 trades each
– median trade is only $29
– 20% of RWA-owning wallets
– average position is ~$14K vs $27K elsewhere → ~1.8x more owners per dollar of assets
The deeper insight is there are two different RWA economies forming on the same chain.
1/ Institutional side
– @BlackRock has $741M BUIDL on Solana, 27% of the whole BUIDL fund (4x in 2026)
– @Securitize has another $252M of fixed income
– Ctrl Alt carries ~$701M of private-fund assets
– @onrefinance’s tokenized reinsurance fund went 3x this year to $269M
– @humafinance’s PayFi strategy grew from $139M in January to $217M, +56%
Solana now does 74% of all onchain fixed-income volume, mostly because Maple did $4.0B and Hastra another $1.4B.
2/ Retail side
Equities are where the GTM starts getting really interesting.
– tokenized stocks/ETFs are now 56% of all Solana RWA volume
– Solana captures 31% of global tokenized-equity spot volume
– @xStocksFi did $5B volume with 274K wallet-product holdings
– @Backpack did $1.5B in its first two months after launching
The cleanest proof that putting these assets onchain is creating a different market.
– 63% of Solana tokenized-equity volume happens while US exchanges are closed.
– 17% happens on weekends.
Wallet-product holdings across Solana RWAs are now 5x higher than a year ago, and tokenized stocks generated 98% of the growth since April.
I’m starting to think all the stock-paired memes, launchpads and trench activity around Solana RWAs are less of a distraction than they look.
@LaunchOnSF contributed $43M RWA volume to the trenches.
The weak point is concentration rn. Five issuers generate ~90% of Solana RWA volume.
But maybe that’s exactly what an early market is supposed to look like.
First a few products prove ppl actually want to trade RWAs onchain, then exchanges, launchpads, lending, collateral, perps, stock-paired memes and 24/7 markets start composing around them. https://x.com/Okada_DeFi0x/status/2100500581030977910
## @Hyperliquid_Hub (HL HUB (Community)) · 09-17 06:40 · ♥61 ↻12 💬5 HYPERLIQUID JUST FLIPPED SOLANA IN USDC.
Hyperliquid now holds $6.72B USDC, edging past Solana at $6.71B.
But that’s not even the crazy part.
That USDC liquidity on Hyperliquid is generating roughly $200M per year in yield, which can be funneled back into HYPE buybacks.
Solana has the USDC.
Hyperliquid has the USDC + the cash-flow flywheel.
This is what vertically integrated DeFi looks like. > 引用 @Hyperliquid_Hub: gHypurr, Most USDC on Ethereum and Solana does not generate yield that buys back ETH or SOL.
On Hyperliquid, ~$6.8B in USDC currently routes up to 90% of its reserve yield into HYPE buybacks via the AQAv2 mechanism — an estimated $135–200M annually. https://t.co/lTsULEG5T0 https://x.com/Hyperliquid_Hub/status/2100475053968441819