Solana TVL has officially passed Arbitrum for the first time in the post-FTX era.

This is impressive not just because of the comeback, but because Solana utilizes their TVL much more efficiently than other chains as well. With <$1B DEX TVL, Solana has done ~4x Ethereum’s DEX volume and ~7x Arbitrum’s over the past week.

With Circle’s CCTP coming in just over a week we should start to see more stables being minted on-chain as well. Stables on Solana sit at just $2.6B.