SOL Returns Over $200, Aave Deposits Hit Record $33.4B: Finance Redefined

In the year The beginning of 2025 brought new joy to crypto investors, raising the price of Solana above the psychological mark of $200, despite the selling pressure from Pamp.fun for $55 million.

In the broader crypto space, investor enthusiasm is growing in anticipation of the upcoming inauguration of US President-elect Donald Trump, and Aave lending platform's net deposits have surpassed record highs from the 2021 bull market.

Solana price recovers over $200 following Pamp.fun's $55 million SOL sale

Solana's price rose nearly 10% to $200 following the transfer of $55 million from a Pamp.fun payment account to cryptocurrency exchange Kraken.

Solana (SOL) made a recovery after falling to $189 at 5:00 PM UTC on January 1st.

The price started to rise at 6:00 pm UTC after the payment account associated with the memecoin startup platform Pump.fun transferred $55 million SOL to the Kraken exchange.

Pump.fun made two deposits to Kraken on January 1st. The first transfer of $22.8 million worth of SOL was made at 4:37 UTC, while the second transfer of $32.7 million occurred at 5:45 pm, according to Solscan data.

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Aave net deposits reached 33.4 billion dollars, which exceeded the levels of 2021

Net deposits on decentralized finance (DeFi) platform Aave reached $33.4 billion, a new all-time high for the lending protocol and the highest level seen during the 2021 bull market.

The protocol expanded its presence in 2024 by adding BNB Chain, Scroll, ZKsync Era and Ether.fi to the list of supported markets.

Ave may add several new markets by 2025, pending community approval, including Sonic, Mantle, Ethereum Layer-2 scaling solution Linea, Bitcoin Layer-2 solution BOB, Spider Chain and Aptos.

Diffie has experienced total value lock and volatility following Trump's US election victory on November 5 as a friendly regulatory environment and pro-crypto policies are expected.

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Solana added $1 billion worth of stablecoins in December.

Solana added an additional $1 billion in stablecoin total value in December, primarily in USD Coin (USDC), according to data from Defillama.

The flow highlights the acceleration of stablecoin adoption and the increasing popularity of the Solana network in 2024, especially with DeFi.

Solana now hosts nearly $5 billion in stablecoin total value locked (TVL), of which nearly $4 billion includes USDC, according to the data.

Tether's USDt (USDT) is Solana's second most popular stablecoin with nearly $1 billion in TVL.

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Despite the slow pace of Memecoin, Pump.fun's revenue is close to $400 million

The total revenue of Solana memecoin generator Pump.fun is approaching $400 million in December, despite a decrease in the total market capitalization of memecoins.

Blockchain analytics platform Lookonchain reports that Pump.fun has acquired 2,016,391 SOL tokens to date, bringing its total revenue to $398 million. Pump.fun has reportedly invested more than $300 million in SOL tokens into Kraken and exchanged $41 million in USD Coin (USDC).

Pump.fun's impressive start to the year follows a record-breaking performance in November, as the platform generated $106 million in decentralized app revenue, making Solana the first app to surpass $100 million in monthly revenue.

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California man charged with 3 Asian banks in crypto scam, killing more than $1 million in pork

A California resident is suing three Asian-based banks, alleging that they failed to conduct basic checks that could have prevented crypto fraudsters from defrauding him of nearly $1 million.

In a lawsuit filed in California District Court on December 31, 2024, attorneys for Ken Lim said their client was the victim of a pork scam after they met on LinkedIn in June 2023 about a cryptocurrency investment opportunity.

Lim's lawyers have been pressured to transfer funds to suspected crypto fraudsters for several months under the guise that their clients will invest on his behalf.

The lawyers said the money went into Hong Kong banks Fubon Bank and Chong Hing Bank and Singapore-based DBS Bank, and the fraudsters sent them to third-party accounts.

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Overview of the DeFi market

According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.

Among the top 100, the DeXe (DEXE) artificial intelligence startup token was the biggest gainer of the week, rising more than 68%, followed by the SPX6900 (SPX) coin, on the weekly chart. It has risen to over 53%. December 10 futures

Thanks for reading this week's roundup of the most impactful DeFi developments. Join us next Friday for more stories, insights and lessons about this dynamic and evolving space.