Solana February 2025 Update

Momentum Metrics

Solana registered $131M in net bridge inflows from other ecosystems in February 2025. This figure was only surpassed by Arbitrum, which saw $484M in net inflows. Arbitrum's top spot marks an inflection point from six consecutive months of registering net outflows. Notably, most of Arbitrum's inflows in February came from Base. 

Zooming out, February broke a streak of three consecutive months with MoM growth in net bridge flows for Solana. Net inflows were down 64% compared to January, marking the worst month since August 2024. The decrease in net flows coincided with decreased economic activity on the chain.

Despite the negative price performance, market positioning reflects bullish sentiment, especially onchain. SOL collateral deposited on Kamino hit a new all-time high of 3.91M SOL ($675M), while USDC borrows reached a new all-time high of $224M. As of March 2nd, 2025, there is $181M worth of stablecoins borrowed against SOL collateral on Kamino, suggesting that investors are leveraged long SOL on the money market.