The Total Value Locked (TVL) in decentralized applications (dApps) on the Solana blockchain has more than tripled since the beginning of the year, reaching over $6.6 billion and closing in on the metrics of the Tron ecosystem.

For comparison, Ethereum’s TVL grew by 136% over the same period. Over the past 30 days, the total locked funds in Solana’s ecosystem have increased by 22.23%, according to DeFi Llama. The peak TVL for Solana was recorded in November 2021, when it briefly exceeded $10 billion.

The largest applications in the Solana ecosystem include Jito, Kamino, and Jupiter.

Solana’s Growth Prospects

In an interview with Decrypt, CoinSwitch executive Balaji Srihari expressed optimism that resolving regulatory uncertainty could allow Solana to fully realize its potential.

He noted: “Donald Trump’s victory signals a potentially more favorable regulatory environment for the crypto industry. This could ease the SEC’s stringent stance on assets like Solana.” Srihari added that approval of an ETF based on Solana, the fourth-largest cryptocurrency by market cap, would depend on “a complex interplay of regulatory and market dynamics.” At the end of October, crypto investment firm Canary Capital filed a corresponding application with the SEC.

At the time of writing, Solana is trading around $194, 25.6% below its all-time high. The asset has risen by 14.2% over the past seven days, according to CoinGecko.

It’s worth noting that technical analyst Peter Brandt has forecast Solana’s potential growth to $4,500, which would represent a 27x increase.