Solana’s DeFi ecosystem has seen explosive growth, nearing all-time high levels, but SOL continues to lag behind. Summary Solana’s DeFi TVL is at $11.725 billion, nearing its all-time high in January Despite that, SOL price is lagging behind, far from the January ATH DeFi metrics suggest that SOL may continue to lag behind its DeFi ecosystem Solana (SOL) is attracting near-record amounts of capital, but its price continues to lag behind. On Thursday, August 28, the total DeFi value locked on Solana reached $11.725 billion, near the record figures in January. At the same time, the total stablecoin market cap was at $12 billion, while bridged TVL amounted to $42 billion. Solana’s DeFi TVL and stablecoin market cap | Source: DeFiLlama Yet despite strong metrics, SOL’s price is still hovering around $200, far below its January ATH at $294.33. At the time, Solana’s DeFi TVL was near its current August peak, suggesting that DeFi TVL and the price have started to diverge. You might also like: U.S. starts GDP data to Bitcoin, Ethereum, Solana blockchains Why SOL price lags behind its DeFi ecosystem At the same time, the fees generated on Solana remain at a relatively modest $1.68 million daily. This is far from the record $28.89 million in January. Low on-chain revenue is the likely reason why SOL lags behind the growth of its DeFi ecosystem. On-chain fees on Solana | Source: DeFiLlama You might also like: Can Solana reclaim $200, retake its spot above BNB? Currently, much of Solana’s ecosystem activity goes through platforms that prioritize low cost. This includes DEX aggregators like Jupiter, which accounts for much of the trading activity on Solana. For these protocols, high TVL equals higher liquidity and better trading conditions. Still, this does not translate to higher revenue for the Solana network, which is one of the key metrics for Solana’s price performance. Higher revenue translates to higher staking rewards, making Solana more valuable. Due to gains in efficiencies, SOL will likely continue to lag behind its DeFi TVL, at least until fees pick up. Read more: Solana price prediction: Is SOL losing momentum after its explosive rally?