Top 5 DeFi Tokens on Solana in 2025

1. Jupiter (JUP)

Jupiter, with a market cap of approximately $1.4 billion in July 2025, leads as Solana’s premier decentralized exchange (DEX) aggregator, optimizing token swaps by sourcing liquidity from multiple DEXs for the best prices and minimal slippage. Offering advanced features like limit orders, dollar-cost averaging (DCA), and perpetual contracts, Jupiter is a cornerstone of Solana’s DeFi ecosystem.

The JUP token enables governance, allowing holders to shape platform development. With a TVL of $180.79 million and daily fees exceeding $2 million, Jupiter’s high growth potential is driven by its robust infrastructure and ownership of Meteora, enhancing liquidity for meme coins and new launches. Its strong market hype, fueled by a large-scale airdrop and deep DeFi integrations, solidifies its top position.

To check JUP’s Shariah compliance, visit Sharlife’s JUP analysis.

2. Raydium (RAY)

Raydium, holding a market cap of $723 million in July 2025, is a leading DEX and automated market maker (AMM) on Solana, uniquely integrated with Serum’s central limit order book for superior trading efficiency and liquidity. Its TVL of $2.65 billion, up from $128 million in early 2024, highlights its dominance in Solana’s DeFi space.

The RAY token powers governance, staking, and rewards, with a circulating supply of 290.81 million out of a 555 million maximum. Raydium’s high growth potential stems from its fast, low-cost transactions and strong user adoption, though competition from other DEXs moderates its hype. Its pivotal role and technical strengths make it a standout.

For RAY’s Shariah status, see Sharlife’s RAY analysis.

3. Jito (JTO)

Jito, with a market cap of $620 million in July 2025, is a standout liquid staking protocol on Solana, distinguished by its integration of Maximum Extractable Value (MEV) strategies to boost staking rewards. Users stake SOL to receive JitoSOL, a liquid token that accrues both traditional staking rewards and MEV profits, offering higher yields.

The JTO token powers governance, enabling votes on fee structures and treasury management. With a TVL of $2.6 billion, Jito is Solana’s largest liquid staking protocol, surpassing competitors in 2023. Its validator client, used by over 40% of Solana’s stake, mitigates MEV-related issues like spam transactions, enhancing network efficiency. JTO’s high growth potential is driven by its TVL and a 30% price spike following its Upbit listing in 2025, though regulatory uncertainties temper its hype.

Check JTO’s Shariah compliance at Sharlife’s JTO analysis.

4. Orca (ORCA)

Orca, with a market cap of $150 million in July 2025, is a user-friendly DEX on Solana, leveraging an AMM model with innovative liquidity pools like “whirlpools” and “double dip pools” to maximize returns for providers. Its intuitive interface attracts both novice and experienced users, driving adoption within Solana’s DeFi ecosystem.

The ORCA token supports governance, liquidity mining, and trading fee discounts, fostering community engagement. Orca’s moderate to high growth potential is fueled by Solana’s low-cost, high-speed infrastructure and its seamless trading experience. While its hype is steady, it trails larger DEXs like Jupiter in market buzz.

For ORCA’s Shariah status, visit Sharlife’s ORCA analysis.

5. Solend (SLND)

Solend, with a market cap of $26.6 million in July 2025, is a leading algorithmic lending and borrowing protocol on Solana, enabling users to earn interest on deposits or borrow against collateral. The SLND token powers governance and staking rewards, with strong demand driven by its role in enhancing DeFi liquidity.

Solend’s integration with liquid staking protocols, allowing assets like mSOL to be used for staking and borrowing, strengthens its ecosystem synergy. Its moderate growth potential is supported by Solana’s growing DeFi adoption, but regulatory risks and competition from other lending platforms limit its hype. Solend’s practical use case and backing from Coinbase Ventures make it a solid contender.

Learn about SLND’s Shariah compliance at Sharlife’s SLND analysis.

Comparison of Top DeFi Tokens on Solana

 

Token	Market Cap (2025)	Growth Potential	Hype	Key Use Case
JUP	$1.4B	High	High	DEX aggregator
RAY	$723M	High	Moderate	DEX and AMM
JTO	$620M	High	Moderate	Liquid staking with MEV
ORCA	$150M	Moderate to High	Moderate	User-friendly DEX
SLND	$26.6M	Moderate	Low	Lending and borrowing

Conclusion

Solana’s DeFi ecosystem in 2025 is a vibrant hub of innovation, with tokens like JUP, RAY, JTO, ORCA, and SLND leading advancements in decentralized exchanges, staking, and lending, while MNDE stands out for its robust liquid staking solution. Each project offers unique strengths, from Jupiter’s liquidity aggregation to Solend’s lending capabilities, but they also face risks like competition and regulatory uncertainties. This ranking and highlight, based on market cap, growth potential, and hype, serve as a guide to Solana’s top DeFi tokens, not a buy recommendation. For Shariah compliance details, refer to the Sharlife links provided. Investors should conduct thorough research, balancing opportunities with risks, before engaging with these projects in this rapidly evolving market.