Capital committed to Solana-based decentralized-finance protocols has climbed to about $11.8 billion, the highest level since January, according to on-chain data compiled on 28 August. The rebound in total value locked marks a return to levels last seen at the start of the year and comes as Solana’s share of overall decentralized-exchange volume has recovered to roughly 27% this month after sliding to 8% in June. The rise in locked collateral contrasts with a continued decline in user activity. Daily traders on Solana DEXs have stayed below 1 million for four straight days, well off the 4.8 million peak recorded in January, analytics platform Dune shows. Transactions have similarly fallen to about 29 million a day, from 45 million in July. Analysts attribute the pullback to a series of meme-coin scams and high-profile social-media account hijackings that have eroded retail confidence. “The collapse of extractive meme coins is a primary factor in the sharp drop in daily DEX traders,” said Ryan Lee, chief analyst at exchange Bitget. Max Shannon, senior associate at Bitwise Europe, added that Solana’s low fees and planned throughput upgrades should help the network remain competitive with Ethereum over the longer term. Despite the mixed signals on network usage, Solana’s native token has been resilient, trading around $215 on Thursday afternoon—up roughly 1.8% over the past 24 hours and 15% for the week.