WalletConnect processed $3.82B in Solana value during H1 2026, with Kamino and Jupiter accounting for 70% of activity.
DeFi & Yields ·
WalletConnect processed $3.82 billion in Solana value during the first half of 2026, with two protocols driving the majority of activity. Kamino and Jupiter accounted for 70% of the volume routed through the wallet infrastructure during that period, underscoring the concentration of liquidity and trading activity across a small number of Solana-based platforms.
Jupiter has evolved beyond its origins as a DEX aggregator into a full-stack onchain finance platform offering spot trading, perpetual futures, lending markets, stablecoins, and tokenized equity access through a single interface. The platform's growth reflects Solana's expansion as a trading and lending hub, with Jupiter serving as a central liquidity router that connects users to prices across multiple underlying sources.
The data points to concentration risk in Solana's infrastructure, with two platforms handling a substantial share of wallet-mediated transaction flow. What remains unclear is whether this concentration reflects natural market dominance, user preference for integrated platforms, or structural advantages afforded by each protocol's specific features and incentive mechanisms.