Track market-moving stories before they get noisy

Japan's First Onchain Equity StrategySBI Global Asset Management and DigiFT have launched the JX Token on Solana, creating what both firms describe as a first for Japan's asset management industry. The product, formally named the SBI Japan High Dividend Equity Strategy Token, is designed to give accredited and institutional investors onchain access to a Japanese high-dividend equity fund strategy managed by SBI Asset Management, a subsidiary of SBI Global Asset Management.

The launch marks the first time a Japanese asset manager's listed-equity strategy has been brought onchain through DigiFT's regulated tokenization and distribution infrastructure. Ecosystem participants in the launch include Solana Company, Huma Finance and Plume.

DigiFT holds Capital Markets Services and Recognised Market Operator licences from MAS, as well as Type 1 and Type 4 licences from the Hong Kong SFC, a dual regulatory standing that has made it a tokenization and distribution partner for global and regional asset managers including UBS Asset Management, Invesco, BNY and Franklin Templeton. Its roster now extends into Japan through SBI GAM's participation, adding a Japanese listed-equity strategy to that lineup for the first time.

SBI's Broader Tokenization Push and the Growing RWA MarketThe launch comes as investor attention returns to Japanese equities, supported by the Tokyo Stock Exchange's continued push for listed companies to improve capital efficiency and demonstrate greater awareness of share-price performance. SBI Holdings itself brings considerable onchain credentials to the partnership. The group has taken direct stakes across the region's tokenization infrastructure, including leading a $50 million investment in Startale Group to build a blockchain purpose-built for tokenized securities, and holding a majority stake in Osaka Digital Exchange, operator of a secondary market for security tokens in Japan.

The JX Token's structure is also designed with the regulatory direction of travel in mind. Regulators are increasingly distinguishing tokenized securities developed with issuer or manager alignment from products that offer only indirect economic exposure. In a joint staff statement issued January 28, 2026, U.S. SEC staff drew a formal line between issuer-sponsored tokenized securities, which can represent true ownership, and third-party products that typically offer only synthetic exposure.

The launch also reflects a broader evolution in tokenization: the value of tokenized RWAs distributed on public blockchains grew from $5.9 billion to $21.9 billion globally in 2025, moving the category beyond cash-like instruments and into actively managed public-market strategies. According to a report by RedStone, Gauntlet and RWA(.)xyz cited by CoinDesk, the RWA tokenization market reached $24 billion having grown 380% in three years.

For $SOL, the deal adds another institutional use case. SBI Holdings recently announced that the Solana Foundation will take an equity stake in SBI R3 Japan, the joint venture it shares with Sumitomo Mitsui Financial Group, with the entity to be renamed SBI Solana Global. The JX Token launch now gives that broader strategic relationship its first live regulated product on the Solana network.

Sources:
The Manila Times: SBI Global Asset Management and DigiFT Launch JX
CoinDesk: SBI Holdings' Blockchain Initiative Pivots to Solana
CoinDesk: RWA Tokenization Market Has Grown Almost Fivefold to $24B in 3 Years

Altcoins

15 July 2026 | 00:18 Morgan Stanley Investment Management filed a third round of amendments with the U.S. Securities and Exchange Commission on July 14 for proposed exchange-traded funds holding ether and solana.

The Morgan Stanley Ethereum Trust and Morgan Stanley Solana Trust are designed to give investors spot exposure through ordinary brokerage accounts without requiring them to buy tokens or manage private keys. If the registration statements become effective, the shares are expected to trade on NYSE Arca under the tickers MSSE and MSOL.

The amended filings expand a crypto product line that already includes the Morgan Stanley Bitcoin Trust, which trades on NYSE Arca with the same 0.14% annual sponsor fee, and the Stablecoin Reserves Portfolio, launched in April to hold assets that meet the GENIUS Act’s reserve requirements. Unlike the passive Bitcoin fund, the proposed Ether and Solana trusts would also generate staking rewards, combining regulated brokerage access with potential onchain income. Together, the products show Morgan Stanley building a broader digital-asset strategy spanning token exposure, stablecoin reserve management and staking rather than treating Bitcoin as a standalone offering.

What the Funds Would Hold Both products are passive trusts that would track CoinDesk’s 4PM New York settlement benchmarks for ether and solana. They would not use leverage, derivatives or active trading strategies, so returns would primarily reflect movements in the underlying tokens, less expenses, together with any net staking income.

BNY and Coinbase Custody are named as custodians, while Morgan Stanley Investment Management would serve as delegated sponsor.

Under normal market conditions, the Ethereum trust intends to stake between 50% and 80% of its ETH, while the Solana vehicle may stake up to 100% of its SOL. Both would periodically keep assets unstaked to cover redemptions, expenses and distributions. The shared 0.14% sponsor fee therefore sits alongside different return mechanics: a larger portion of MSOL’s holdings could earn network rewards, but its liquidity management becomes more important when unstaking is delayed.

Figment, Galaxy Blockchain Infrastructure and Coinbase Canada are listed as staking providers for both products. The providers and custodians would collectively receive 5% of gross staking rewards, leaving 95% for the trusts. Net rewards would initially increase net asset value before being converted into cash for distributions expected monthly, but no less frequently than quarterly.

The prospectuses do not promise a fixed yield. Returns would depend on network conditions and the proportion of assets staked, while validator failures, penalties and unstaking delays could reduce income or complicate redemptions. Morgan Stanley may also suspend staking if it creates material legal, regulatory or tax risks. Retail investors would not be able to exchange shares directly for ETH or SOL. Only authorized participants could create or redeem 10,000-share baskets, meaning the products would remain regulated brokerage wrappers rather than substitutes for holding transferable tokens.

A 0.14% Sponsor Fee Each trust carries a proposed annual sponsor fee of 0.14% of net asset value, accrued daily and paid monthly in arrears. Morgan Stanley would cover ordinary operating costs from that fee, while litigation and other extraordinary expenses could still be charged to the trust. Investors may separately incur brokerage commissions when trading shares.

The July 14 submissions are Amendment No. 3 to the registration statements, not approvals. The SEC must declare the filings effective before shares can be sold, and the documents remain subject to further changes. The trusts would also not be registered under the Investment Company Act of 1940, meaning shareholders would not receive the protections attached to conventional registered investment companies.

The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. 

Author

Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.

Nobody hacked anything. No smart contract failed, no private key leaked, no phishing link fired. On July 6, the treasury of BonkDAO, the community organization behind one of Solana’s flagship memecoins, transferred roughly $20 million worth of BONK to a wallet controlled by an attacker, and every step of the transfer was a valid transaction executed exactly as the DAO’s own rules prescribed.

Summary

An attacker spent about $4.4 million to gain enough BONK voting power and passed a proposal that transferred nearly $20 million from the BonkDAO treasury. The incident exposed how low voter participation, no timelock, and automatic proposal execution left the DAO vulnerable to governance capture. The treasury drain has renewed calls for stronger DAO safeguards as exchanges, investigators, and the broader crypto industry assess the aftermath. The attacker did not break the governance system. They bought it, for about $4.4 million, at an implied return of nearly five to one, in a vote where seven wallets participated and more than 18,000 members did not. The episode is the cleanest proof to date of an uncomfortable truth the industry has spent years politely ignoring: a treasury governed by token-weighted voting is worth exactly the cost of assembling a temporary majority, and for most DAOs, that cost is a fraction of the prize.

The mechanics deserve a careful walkthrough because the details are what turn a crime story into a design lesson. And the aftermath, exchanges freezing deposits, law enforcement notified, a philosophical fight over whether this was theft at all, will shape how every treasury-holding DAO on every chain rewrites its rules over the next year.

Six days in the open The attack was not fast, and it was not hidden. On June 30, an anonymous wallet submitted a proposal to BonkDAO’s governance system, which runs on Realms, Solana’s standard DAO tooling. The proposal carried the title BIP #76, styled itself as a governance renewal plan, and dressed the theft in the language of turnaround management: install new leadership, restructure the council, monetize treasury holdings, stop the bleeding. It even included a line noting that yes-voters would be eligible to receive tokens, a detail that reads in hindsight like a dark joke about incentive design. Beneath the rhetoric sat the only clause that mattered: an instruction to transfer 4.43 trillion BONK, the bulk of the treasury, to a wallet the proposer controlled.

The proposal stayed live for six days. During that window, the attacker methodically accumulated voting power, spending approximately $4.4 million buying BONK through exchange wallets, an amount equal to just over 1% of total supply but decisive against the DAO’s quorum arithmetic. On-chain researchers, including Yu Xian of security firm SlowMist and the analyst Yu Jin, later reconstructed the accumulation pattern: purchases sized to clear the quorum threshold with minimal excess, executed while the proposal sat in plain sight and no meaningful opposition organized. On July 6, the attacker cast the assembled stake. The final tally showed 882.38 billion BONK in favor against a quorum threshold of 879.95 billion, a margin so narrow it amounts to the attacker buying the exact number of votes required and almost nothing more.

Turnout was 2.9%. The yes share was 99.9%, which is what unanimity looks like when a single voter agrees with itself.

Then the system worked as designed, which is the entire problem. Realms-based governance executes passed proposals automatically. No human signed off, no council reviewed the transfer, no delay separated approval from execution. The treasury moved to an address ending in JHvQ, which investigators traced to funding from a Bybit account, and portions began flowing toward exchanges within hours.

The anatomy of the failure Three missing safeguards converted a bad proposal into an executed one, and each is a standard control the DAO simply did not have. The first is a timelock: a mandatory delay between a proposal passing and its instructions executing. Even a 48-hour window would have given the community, or the core team, time to see a treasury-draining transfer queued and organize a response. The second is a multisig or council veto: an emergency brake allowing designated signers to freeze anomalous executions. The third is quorum and participation design: a system where 1% of supply can constitute a passing majority against 2.9% turnout has set its security budget equal to the apathy of its members.

The deeper failure sits above all three: the treasury’s size bore no relationship to the cost of controlling it. BonkDAO held roughly 15% of all circulating BONK, a war chest accumulated through the token’s boom years, governed by a mechanism whose capture cost floated with the token’s price and its holders’ attention. The attacker’s arithmetic was public information. Anyone could compute that quorum, multiplied by market price, cost about $4 million to satisfy, against a treasury worth five times that. The only surprising thing about the attack is that it took until 2026.

The pattern has a canonical ancestor. In 2022, an attacker used a flash loan to seize voting control of Beanstalk, a DeFi protocol, and drained about $180 million in the same block. The industry’s response then was to treat flash-loan governance as the flaw: protocols added voting delays that made borrowed tokens useless for instant capture. BonkDAO’s attacker needed no flash loan. They used patient capital, real purchases held across days, which defeats the flash-loan defenses entirely and shows that the vulnerability was never the loan. It was the market for votes itself.

The market for votes was always there The uncomfortable context is that vote buying in DAO governance is not a fringe exploit; it is an industry with infrastructure. Bribe markets, where protocols openly pay token holders to vote for emissions and incentives, have operated for years around the largest DeFi governance systems and are treated as legitimate yield. Vote-lending and delegation markets let holders rent their governance power without selling their tokens. The line between that accepted economy and what happened to BonkDAO is intent, not mechanism: the machinery for converting money into votes was built, normalized, and liquid long before someone aimed it at a treasury instead of an emissions gauge.

That normalization is why the security framing has to be economic instead of technical. Auditors evaluate smart contracts against code exploits and can certify a system bug-free while it remains trivially capturable, because capture is not a bug. The relevant metric, which security researchers have urged for years under the name cost of corruption, compares the expense of acquiring decisive voting power against the value extractable by wielding it. For a healthy system, the first number exceeds the second with a wide margin. BonkDAO’s ratio, roughly $4.4 million against $20 million, was not marginal. It was an arbitrage with a six-day settlement period, advertised on a public governance forum. Any DAO that has never computed its own ratio should assume an attacker has.

The turnout side of the ratio deserves equal weight, because the attacker’s capital did not defeat 18,000 members; it defeated their absence. Governance participation across the industry has decayed for years, from the double-digit turnout of early experiments to the low single digits typical today, as token holders rationally conclude that reading proposals is unpaid labor with diluted influence. Every percentage point of apathy directly lowers the capture price. In that sense, the $4.4 million was not the cost of beating BonkDAO’s community. It was the market-clearing price of its indifference, and comparable prices are computable for hundreds of treasuries right now.

The tooling default problem A quieter thread of the postmortem concerns Realms, the standard governance stack on Solana, and by extension the defaults every DAO platform ships. Nothing in the incident involved a flaw in the tooling: Realms executed a validly passed proposal, which is its job. But defaults are policy, and the configuration this DAO ran, automatic execution, no timelock, a static quorum set long ago, is the path of least resistance the tooling made easy. The same critique applies across ecosystems, where governance frameworks expose timelocks and councils as optional modules that busy launch teams skip. The predictable industry response is already forming: platforms moving protective defaults from opt-in to opt-out, warning surfaces that flag treasury-moving instructions in plain language, and simulation tools that show voters exactly what a proposal executes before they approve it. None of that required new research. It required a $20 million proof that someone would actually pull the trigger.

Theft, or the rules working The philosophical fight broke out immediately and is more consequential than it sounds. One camp, including a notable contingent of on-chain observers, argues that nothing was stolen: the attacker followed every rule, won a vote the rules recognized, and executed a transfer the rules authorized. Code was law, the law was bad, and the losses are tuition. The proposal was public for six days; 18,000 members who could not be bothered to vote against their own treasury made a governance decision by omission. On this reading, the term “attack” launders negligence into victimhood, and law enforcement involvement sets a precedent that undermines the entire premise of on-chain governance: if valid votes can be criminal, then governance outcomes are subject to off-chain veto, and the system’s guarantees mean nothing.

The opposing camp, which includes BonkDAO itself, the analytics firms tracking the funds, and figures like Ripple’s chief technology officer emeritus David Schwartz, who compared the maneuver to corporate fraud, argues that legality is not defined by protocol validity. A proposal that misrepresents its purpose, transfers assets to its author, and relies on engineered low turnout is fraud in any legal system humans have built, regardless of how faithfully the machinery executed it. Corporate law developed exactly these doctrines for exactly these reasons: shareholder votes procured through deception are voidable, and control acquired to loot a treasury is a breach the courts unwind. The wrapper being a DAO does not repeal centuries of fiduciary reasoning.

The debate matters practically because it decides where defense happens. If this is theft, then exchanges freezing funds, as Upbit did when it suspended BONK deposits and withdrawals, and law enforcement tracing the Bybit-funded wallet are the immune system working. If this is the rules working, then every defense must live on-chain, in timelocks and vetoes and quorum design, and off-chain recovery is itself the attack on the system. The industry visibly believes both things at once, which is why the response has been both a law enforcement referral and a wave of emergency governance reviews at other DAOs.

What BONK was, and what the treasury was for The scale of the loss only registers against what the DAO had built. BONK launched in December 2022 as Solana’s answer to its darkest hour, airdropping half its supply to the ecosystem’s users, developers, and artists in the weeks after the FTX collapse had cratered confidence in the chain. The distribution strategy worked beyond any reasonable expectation: the token became the community flag of Solana’s recovery, integrated across hundreds of applications, listed on every major venue, and eventually the anchor of an ecosystem spanning launchpads, exchanges, and grant programs. The treasury at the center of this month’s attack was the accumulated war chest of that run, holding roughly 15% of supply and funding the buybacks, integrations, and community programs that separated BONK from the thousands of memecoins that mint, spike, and vanish.

That history is why the governance failure stings beyond the dollar figure. The DAO structure was not decoration; it was the mechanism by which a token with no product and no cash flows coordinated thousands of contributors for three years. The treasury was the proof that memecoin communities could accumulate and steward real resources. Its draining through a seven-wallet vote is therefore an attack on the category’s best argument for itself, and every project that pitched community treasuries as the moat now answers for the moat’s price tag.

The damage, priced The market’s verdict was swift but contained. BONK fell between 8 and 10% on the disclosure, trading around levels that left its market capitalization near $400 million, and stabilized within days. Several factors capped the damage. The stolen tokens, more than 4.4 trillion BONK, represent supply that was already outside the market in a treasury, so the theft’s mechanical effect is a transfer of overhang rather than new emission, though overhang in hostile hands is worth less than overhang in friendly ones. Exchange coordination raised the realistic prospect of partial recovery or at least slowed liquidation. And the token’s price had already absorbed a brutal year alongside the whole memecoin complex, whose aggregate value sits more than 50% below its level of twelve months ago even after a July bounce, leaving less speculative premium to destroy.

No user wallets were touched, and the BONK token contract itself was never at issue, distinctions that matter for the asset’s survival. The loss is concentrated in the commons: the treasury that funded ecosystem grants, marketing, and the buyback programs that gave the DAO its purpose. For a memecoin, whose entire value proposition is community coordination, draining the coordination budget through the coordination mechanism is a uniquely poetic wound, as crypto.news noted in its report on the treasury raid. The token survives; the question is whether the institution does.

The recovery race Recovery, if it happens, will happen at the choke points, and the first week showed both their power and their limits. Stolen tokens moving toward centralized exchanges triggered the standard playbook: BonkDAO identified the exchange wallets used to accumulate BONK before the vote, notified law enforcement, and coordinated with exchanges, bridges, and the Solana Foundation. Upbit’s suspension of BONK deposits and withdrawals closed one of the deepest liquidity venues to the attacker, and the wallet trail through a Bybit-funded account gives investigators a potential identity thread, since major exchanges hold verified customer records behind funded accounts.

The limits are equally real. On-chain funds that stay on-chain remain beyond freezing, and an attacker with $20 million of patience can wait out attention, launder through decentralized venues, or drip supply into liquidity over months. Security analysts examining the movement patterns flagged infrastructure choices that complicate tracing, and the history of comparable incidents suggests recoveries are partial when they happen at all, often arriving through negotiated returns, the white-hat conversion, where an attacker keeps a bounty-sized fraction, more often than through seizure. The realistic best case is not restoration but attrition: enough friction at every exit that liquidation becomes slow, discounted, and legally dangerous, which changes the attacker’s arithmetic retroactively and, more importantly, changes it prospectively for the next one running the same computation against another treasury.

The regulatory shadow The episode also lands in the middle of a live legislative fight, and lawmakers hostile to DeFi could not have commissioned a better exhibit. The CLARITY Act’s most contested sections concern exactly this territory: what obligations attach to decentralized systems, who bears responsibility when autonomous code moves other people’s money, and whether governance token holders or developers stand behind the structures they launch. A $20 million treasury vanishing through a valid vote, followed by an appeal to the very law enforcement the system was designed to route around, hands skeptics their argument in a single anecdote: the industry wants code to be law until code loses, at which point it wants law to be law. Advocates will answer that the failure was one badly configured DAO, not the model, and that the response, exchanges, analytics firms, and police cooperating within hours, shows the accountability layer functioning. Both arguments will be quoted in committee, and the regulation debate will price the incident long after the market has forgotten it.

There is a subtler legal exposure inside the DAO structure itself. If courts or regulators conclude that governance token voting constitutes control, then large holders who do vote may carry duties toward the treasury they direct, an outcome that would make participation more dangerous than apathy and invert the incentive problem the industry is trying to fix. The unresolved status of DAO legal personhood, patched in a few jurisdictions through wrapper statutes and ignored in most, means every treasury of size is now a test case waiting for its plaintiff.

What every other DAO does now The practical legacy of BIP #76 is a checklist already circulating through governance forums across Solana and every other ecosystem. Timelocks on treasury-affecting proposals move from best practice to table stakes, with delays scaled to transfer size. Emergency veto councils, unfashionable for years because they reintroduce trusted parties into trustless systems, return to favor with sunset clauses and narrow mandates as the compromise. Quorum design gets rethought around adversarial math: thresholds set as a function of treasury value and float cost, not as static%ages chosen at launch when nobody imagined the treasury would be worth stealing. Proposal screening adds friction, deposit requirements, and mandatory review windows for any instruction that moves funds. And delegation programs attempt to fix the underlying disease, the 2.9% turnout, by concentrating voting power in accountable delegates who show up.

Each fix carries its own cost, and the honest version of the checklist admits it. Timelocks slow legitimate operations and give markets time to front-run treasury actions. Vetoes recreate the trusted committee that DAOs were invented to remove, and committees can be captured too, or become liability magnets under exactly the legal theories the theft camp invoked. High quorums can freeze governance entirely in low-attention projects, converting treasuries into unspendable monuments. The design space has no free choices, only tradeoffs between capture resistance and operational capacity, and every DAO is now pricing those tradeoffs under deadline.

The DeFi sector’s broader security picture sharpens the urgency. The same week brought a $9 million oracle exploit on a Hedera lending protocol and an active drain at a yield platform flagged mid-attack by security monitors, part of a first half that set records for incident count. Governance capture now joins oracle manipulation and bridge compromise on the standing threat list, with one distinction that makes it worse: it scales with legitimacy. The more valuable and decentralized a DAO becomes, the more its governance token trades freely, and the more liquid the market for its own capture.

The watchlist for holders and builders For anyone holding BONK or tokens governed by similar structures, the incident reduces to observable signals. On the recovery track: movement from the JHvQ-linked wallets, exchange announcements about frozen or returned funds, and any communication suggesting a negotiated settlement, each of which reprices both the treasury and the overhang. On the reform track: the text of the DAO’s emergency proposals, whether they include timelocks and a veto council, and crucially the turnout they attract, since a reform vote that passes with the same 2.9% participation has fixed the paperwork and not the disease. On the contagion track: whether other large-treasury DAOs disclose their own capture math and patch it publicly, or wait for their own BIP #76.

Builders face a starker version of the same list. Compute the cost of corruption for your own system today: quorum threshold times token price against extractable treasury value, adjusted for realistic turnout. If the ratio is unfavorable, every day it stays public is a day the trade is live for someone else. The defenses are neither novel nor expensive, which is exactly why their absence will stop being forgivable. Before July 6, an unprotected treasury was a theoretical risk that governance forums debated in the abstract. After it, the exploit is documented, the playbook is public, the return profile is proven, and the next attacker does not need to innovate. They need to search.

There is also a quieter question for the Solana ecosystem specifically, which had, by most measures, its strongest institutional month on record even as the attack unfolded: whether the maturity narrative absorbs the incident or gets dented by it. The honest answer is that the two stories are about different layers. The chain performed flawlessly throughout; the failure lived entirely in one organization’s configuration of one governance application. Institutions doing diligence understand that distinction. Retail sentiment, which still drives the memecoin complex that BONK anchors, often does not, and the gap between those two readings will be visible in the relative performance of governance-token projects for quarters.

The bill for cheap governance comes due For BONK itself, the path from here runs through three questions. Whether exchange and law enforcement coordination claws back a meaningful share of the 4.4 trillion tokens, where each recovered tranche is both treasury restoration and supply certainty. Whether the DAO can pass its own emergency reforms through the very mechanism that just failed, a live experiment in whether a captured system can vote itself better armor. And whether the community that made BONK one of the defining tokens of the meme coin era treats the episode as a death knell or a founding trauma; communities have rallied around less. The token has survived worse markets than this news.

For everyone else, the lesson costs nothing and is therefore priceless. Every DAO treasury on every chain now has a public quote for what its governance is worth: the market price of its quorum. If that number is smaller than the treasury, the treasury is not owned, it is rented, and the rent is whatever an attacker pays for the votes.

BonkDAO’s members learned the rent on a Monday in July. The rest of the industry gets to learn it from the outside, which is the only cheap way the lesson is ever taught.

Disclaimer: This article is information, not investment advice. Figures, on-chain attributions, and recovery prospects reflect reporting available as of July 14, 2026, and can change as investigations proceed. Characterizations of the incident as theft or as valid governance are contested. Nothing here is a recommendation to buy or sell BONK or any other asset. Verify current developments from primary sources and consider your own circumstances before making any decision.

Circle, the company behind USD Coin (USDC), minted nearly $750 million worth of USDC on the Solana blockchain on July 13, bringing the total USDC issued on Solana in 2026 to approximately $68.26 billion, according to Onchain Lens. This significant activity highlights Solana’s growing role as a major platform for dollar-backed crypto liquidity.

USDC issuance and Solana’s positionUSDC serves a vital function in the digital asset ecosystem, facilitating trade settlement, acting as collateral in lending and derivatives, and powering tokenized real-world asset transactions. Increased minting volumes often signal shifts in capital allocation and investor sentiment across the market.

Onchain Lens reported that the latest batch of tokens was sent to the Solana address 7VHUFJHWu2CuExkJcJrzhQPJ2oygupTWkL2A2For4BmE. The growing trend of USDC issuance on Solana has been evident throughout 2026. For example, in April, Circle minted $3.25 billion of USDC on the network within a single week, executed across thirteen separate tranches of 250 million tokens each.

Circle, a global financial technology firm, is known for issuing stablecoins and providing blockchain-based payment solutions. Solana is a high-performance blockchain recognized for its speed and low-cost transactions, making it a preferred venue for both projects and traders seeking fast settlements.

Mini dictionary: Onchain Lens, a blockchain tracking and analytics platform that monitors major activity and trends in cryptocurrency networks.

Gross issuance, supply, and liquidity flowWhile $68.26 billion represents the total USDC minted on Solana this year, much of this amount does not remain on the network. According to DefiLlama, the current USDC supply on Solana is about $7.3 billion. Industry data shows that across all blockchains, total USDC supply stands near $73.5 billion.

MetricSolanaAll Blockchains2026 Gross USDC Issuance$68.26 billionn/aCurrent USDC Supply$7.3 billion$73.5 billionThis means only 10.7% of the USDC issued on Solana remains on the chain, with the remainder likely redeemed, burned, or moved to other blockchain networks as market participants adjust their strategies. Far from suggesting lost assets, these numbers indicate that liquidity is actively recycled, confirming that Solana operates as an efficient settlement layer for large-scale dollar flow.

Circle has consistently emphasized the importance of measuring USDC issuance alongside redemptions and circulating supply. The company’s transparency reports specifically distinguish between new minting, redemptions, and total supply, suggesting that issuance alone is not a complete indicator of market dynamics.

USDC is a digital dollar backed 100% by highly liquid cash and cash-equivalent assets and is always redeemable 1:1 for US dollars.

— Circle

As the ecosystem continues to evolve, these transparency measures are designed to provide greater clarity for market participants and institutional users.

Key drivers behind Solana’s USDC activitySolana remains a leading hub for digital asset trading activity, which helps explain Circle’s heavy USDC issuance on the network. Earlier this year, USDC accounted for 52% of all stablecoins held on Solana, reaching $14.7 billion in reserves. Major decentralized exchanges on Solana, including Raydium, Jupiter, and Orca, support high transaction volumes that rely on a robust stablecoin reserve for liquidity.

Circle’s expansion into institutional finance further drives USDC issuance on Solana. In June, BNY became the first institutional partner to offer direct custody and minting of USDC. The company also collaborates with global banks such as Standard Chartered, reinforcing its broader mission to integrate traditional finance with blockchain infrastructure.

The USDC reserve is primarily composed of cash and short-term US Treasury instruments, maintaining full backing and allowing users to redeem USDC 1:1 for U.S. dollars. This model has helped USDC retain its position as the world’s second-largest stablecoin by market capitalization, trailing only Tether’s USDT.

Going forward, observers are likely to focus on the speed and frequency with which newly minted USDC either stays on Solana or transitions off the chain. Solana’s prominence is increasingly measured by the scale of dollar volumes moving through its network, rather than any fixed snapshot of circulating supply.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

SBI and Solana Foundation Join Forces on On-Chain FinanceJapanese financial conglomerate SBI Holdings has announced a strategic partnership with the Solana Foundation to jointly develop an on-chain financial market in Japan. The collaboration will see the Solana Foundation join SBI R3 Japan, working alongside existing shareholders SBI Holdings and Sumitomo Mitsui Financial Group (SMFG) to pursue a new growth strategy.

As part of the agreement, the Solana Foundation will acquire a stake in SBI R3 Japan, and the company plans to change its name to SBI Solana Global Co., Ltd.

SBI highlighted the rapid global expansion of stablecoins and real-world asset (RWA) tokenization, describing on-chain finance as the next generation of financial infrastructure, where the issuance, distribution, and settlement of financial assets all occur on the blockchain. The firm cited Solana's appeal directly: "Solana is regarded as one of the core infrastructures for on-chain finance, based on its high processing performance, low costs, and global ecosystem," adding that its goal is "to connect Japan's financial assets and institutional foundation with Solana's global network."

Scope of the Deal: Stablecoins, RWAs, and Cross-Border PaymentsThe partnership combines SBI's experience in operating permissioned networks through its R3 Corda platform with Solana's high-performance blockchain technology, with the main objective being to accelerate blockchain adoption among traditional financial institutions and facilitate the onboarding of tokenized real assets.

Specific focus areas include yen-backed stablecoins, the tokenization of bonds, funds, and real estate as real-world assets, cross-border payment infrastructure, and on-chain financial services for institutional investors. The two parties aim to expand products developed in Japan first across Asia, and then into global markets.

The announcement is the latest in a series of moves by SBI to deepen its presence in the digital asset space. SBI Holdings' subsidiary B2C2, a core market maker for firms including Robinhood, recently designated Solana as its primary network for routing and settling large-scale stablecoin transactions for institutional clients. SBI Holdings took a majority ownership position in B2C2 in 2020.

The deal also reflects Japan's broader push to position itself as a hub for on-chain finance in Asia, with government support playing a role. Japanese Prime Minister Sanae Takaichi has announced a policy to expand funding from the government and financial institutions for startups, including those in the Web3 sector, introducing a Total Support Package for Startups established in May 2025 at the WebX 2026 conference.

Sources:
CoinNess: SBI Holdings and Solana Foundation Strategic Partnership
The Block: SBI Holdings' B2C2 Designates Solana as Primary Stablecoin Network

https://www.investopedia.com/solana-5210472

Sanctum (@sanctumso), a Solana-native liquid staking protocol, has demonstrated notable resilience amid the ongoing bear market by achieving a 10% increase in its Total Value Locked (TVL) over the past month. This growth, reported by @SolanaFloor, positions Sanctum as the strongest performer among Solana’s top five protocols in terms of TVL. The protocol now ranks second on Solana by TVL, contributing over 20% of the chain’s total decentralized finance (DeFi) TVL. This development appears to reflect strong capital retention and increased demand for liquid staking tokens (LSTs) within Solana’s DeFi ecosystem.

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Key Takeaways Sanctum’s TVL growth appears consistent with increased demand for LST liquidity, despite broader market challenges. The protocol’s performance suggests a potential positive sentiment shift for Solana within the DeFi sector. The 10% TVL increase could indicate a favorable outlook for Solana’s ecosystem resilience and growth prospects. What to Watch Market participants may observe whether Sanctum’s growth influences broader confidence in Solana’s DeFi landscape. Key indicators to monitor include potential upgrades or innovations within Solana, such as the Alpenglow upgrade, and macroeconomic factors like ETF inflows and interest rate changes. Additionally, closely following Solana’s price movements and any regulatory developments could provide further context to Sanctum’s impact on the market.

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Term Structure

Contract Odds Δ since publish Volume 24h August 1 2026 18.5% — — View market → August 1 2026 0.5% — — View market → August 1 2026 0.1% — — View market → August 1 2026 1.5% — — View market → August 1 2026 0.9% — — View market → August 1 2026 0.8% — — View market → August 1 2026 4.5% — — View market → August 1 2026 0.7% — — View market → August 1 2026 11.5% — — View market → August 1 2026 0.1% — — View market → August 1 2026 1.6% — — View market → August 1 2026 0.1% — — View market → August 1 2026 46.5% — — View market →

The real-world asset (RWA) ecosystem of Solana has quadrupled in value during the first half of 2026. 

It grew from $873 million in January to a record $3.62 billion in July. The surge was driven by rapid growth in tokenized stocks, rising institutional adoption, and record trading activity.

According to the latest ecosystem data, Solana is now the third-largest blockchain for tokenized RWAs, with a 10.39% market share. The network hosts 2,119 tokenized assets across 295,853 holders. Its RWA ecosystem has also grown 20.91% over the past 30 days.

Meanwhile, Solana’s stablecoin supply has surpassed $16 billion, making it the second-largest among all blockchains. The large stablecoin base has provided deep dollar liquidity for tokenized asset trading.

Solana RWA Data Tokenized Asset Trading Reaches New Highs Notably, Solana recorded its strongest quarter for tokenized assets in Q2 2026. Spot trading volume climbed to $5.77 billion, up 7.4 times from the $775 million recorded during the second half of 2025.

June alone generated more than $2 billion in tokenized asset trading. That marked the highest monthly volume ever recorded on any blockchain.

The network also led global tokenized equity trading during the week of June 15–21. It processed $1.298 billion of the $1.324 billion traded worldwide, accounting for roughly 97% of the market.

SpaceX Listing Boosts Tokenized Stock Activity Solana’s tokenized stock ecosystem received a major boost after SpaceX’s June 12 Nasdaq listing. Tokenized SpaceX shares launched on the blockchain the same day.

SpaceX-related tokens generated $1.19 billion in June trading volume, accounting for 31% of the month’s total. Backpack Securities’ SPCX contributed $1.08 billion, while xStocks’ SPCXx added $852 million.

On June 24, Solana’s tokenized stock market reached a record $644 million in daily trading volume. The milestone highlights the network’s shift from a memecoin-focused blockchain toward a hub for tokenized financial assets.

Institutional Offerings Continue to Expand The ecosystem has continued to attract institutional issuers and infrastructure providers.

Backed Finance’s xStocks platform now offers 134 tokenized stocks. It has surpassed $3 billion in cumulative on-chain trading volume and attracted more than 57,000 unique holders. 

Solflare, which reports 4 million monthly active users, has integrated all xStocks assets and added a Google Pay on-ramp.

Ondo Global Markets has also launched more than 200 tokenized U.S. stocks and ETFs. At launch, those assets represented roughly 65% of all Solana RWAs.

Meanwhile, Jupiter Lend has added tokenized SPYx, QQQx, NVDAx, and TSLAx as collateral. Users can now borrow against tokenized equities within DeFi.

Institutions Deepen Solana Adoption Institutional participation has accelerated across the network. BlackRock’s BUIDL fund has deployed $615 million on-chain through Securitize. It is now the largest individual RWA position on Solana.

Citigroup completed a tokenized Bill of Exchange settlement pilot with PwC in February. Institutional market maker B2C2 has also chosen Solana as its primary stablecoin settlement network.

Financial firms, including SoFi and R3, have expanded their enterprise banking and tokenization initiatives on Solana. The moves reinforce the blockchain’s growing role in institutional-grade digital asset infrastructure.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Circle's $USDC now accounts for just 46% of Solana's stablecoin supply, its lowest share in more than 2 years.

According to DefiLlama data, $USDC's share has fallen to 46.13%, while $USDT's share has risen to 16.42%. Other stablecoins now collectively account for more than 26% of Solana's stablecoin market, highlighting broader liquidity diversification across the network.

Drift Fallout Changed Community Sentiment The shift follows the April 1 Drift exploit, which sparked widespread criticism of Circle across the Solana ecosystem. After attackers reportedly moved more than $230M via Circle's Cross Chain Transfer Protocol (CCTP), many ecosystem participants urged DeFi users to swap $USDC for $USDT. Critics argued that Circle should have frozen the stolen funds.

When challenged on the decision, Circle CEO Jeremy Allaire said the company would not intercept funds without legal precedent, describing the situation as a "moral quandary." Meanwhile, Tether earned goodwill across parts of the Solana community after supporting Drift during its recovery efforts, strengthening $USDT's standing among many users.

Fresh Legal Challenges Add to Pressure Circle now faces renewed scrutiny following a July 8 report by the International Consortium of Investigative Journalists. According to the report, law enforcement authorities in Wisconsin and New York accused Circle of refusing to assist in freezing or recovering $USDC linked to scams. Wisconsin prosecutors filed a criminal complaint alleging that Circle failed to comply with a court order requiring the recovery of stolen assets.

Although the complaint involves a single misdemeanor count, former FBI financial crime expert Karen Greenway noted that criminal charges against a major financial firm are highly unusual.

Circle rejected the allegations, calling the complaint meritless. The company argued that it lacked the technical ability to comply with the order and maintained that the Wisconsin court lacked jurisdiction.

Stablecoin issuers such as Circle also face pressure from a changing regulatory landscape. Polymarket now places the odds of the CLARITY Act passing in 2026 at 40%, down from 82% in February.

Senator Cynthia Lummis recently warned that failure to pass the CLARITY Act could delay meaningful U.S. stablecoin legislation until 2030, turning what could have been a 1-year delay into a 4-year setback.

Solana's Stablecoin Economy Continues to Expand The decline in $USDC's market share comes even as Solana's stablecoin economy continues to grow at a record pace. During the first half of 2026, Solana recorded $1.12T in peer-to-peer stablecoin volume, up 72%, alongside 83.6M peer-to-peer transactions, up 37%. Active wallets reached an all-time high of 4.3M.

Retail transfers between $100 and $1,000 totaled a record $13.5B. Institutional transfers above $20,000 reached $1.07T, while micropayments between $0.50 and $100 climbed to an all-time high of $1.50B.

Circle has continued to expand its infrastructure despite a decline in market share. Gateway, launched in July 2025 and integrated with Solana in January 2026, allows users and businesses to access a unified $USDC balance across supported blockchains without manual bridging or third-party liquidity. The stablecoin giant recently reported that lifetime Gateway volume has now surpassed $4.5B.

Circle Scores a Major Regulatory Win Despite mounting competitive and legal challenges, Circle recently secured one of its biggest regulatory milestones. The U.S. Office of the Comptroller of the Currency granted final approval for Circle to establish Circle National Trust, a national trust bank operating as First National Digital Currency Bank, N.A.

The approval strengthens $USDC infrastructure through federally regulated custody, with reserve management planned as a future capability, while placing Circle's trust operations under direct federal oversight.

Investors welcomed the development, sending Circle's stock, $CRCL, more than 15% higher to around $71 following the announcement before retracing to its current price of $66.

While $USDC remains Solana's largest stablecoin by a wide margin, its share has fallen below 50% for the first time in more than 2 years. With growing competition, evolving regulation, and changing community sentiment, the battle for stablecoin dominance on Solana appears far from over.

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Por Que a B3 Está Ampliando os Derivativos de Cripto? A bolsa brasileira B3 expandiu sua oferta regulada de derivativos de criptoativos com opções sobre futuros de bitcoin, ether e solana, oferecendo a traders locais e gestores de ativos mais um ambiente para gerenciar exposição a ativos digitais sem precisar migrar para mercados de cripto no exterior.

Os novos contratos passaram a ser negociados em 6 de julho, de acordo com um comunicado da B3. O lançamento inclui opções de compra e venda sobre futuros de bitcoin denominados em reais, enquanto os futuros de ether e solana são denominados em dólares americanos.

O lançamento adiciona mais uma camada à crescente estrutura do mercado regulado de cripto no Brasil. Em vez de oferecer custódia de cripto à vista ou liquidação direta de tokens, a B3 está construindo derivativos listados vinculados a benchmarks de cripto. Essa abordagem permite que participantes institucionais negociem exposição a preços, volatilidade e estratégias de hedge por meio de instrumentos negociados em bolsa, permanecendo dentro de um ambiente de mercado regulado.

O momento também é relevante. O Brasil já é um dos mercados de cripto mais ativos da América Latina, com forte demanda por stablecoins, produtos de investimento em cripto e acesso regulado à negociação. Ao expandir as opções vinculadas a futuros, a B3 está se posicionando como um provedor de infraestrutura local para gestão de risco em cripto, em vez de deixar as atividades de negociação mais avançadas para plataformas no exterior.

Como Funcionam os Novos Contratos? As opções são liquidadas nos contratos futuros subjacentes, não em bitcoin, ether ou solana propriamente ditos. A B3 informou que os produtos não envolvem custódia, transferência ou administração de criptoativos à vista.

Essa distinção é central para o desenho do produto. A liquidação em futuros permite que a bolsa ofereça exposição vinculada a cripto evitando os problemas operacionais associados à posse direta de tokens. Isso também dá a corretoras, gestores de ativos e traders profissionais um framework mais claro para margem, compensação e gestão de risco.

Os contratos são negociados de forma independente das 9h às 18h30, horário local, de acordo com o cronograma de negociação de derivativos da B3. O exercício é automático no vencimento quando a opção está dentro do dinheiro (in the money), a menos que o titular bloqueie o exercício.

Os 3 produtos referenciam índices de cripto da Nasdaq, segundo o anúncio. O contrato futuro de bitcoin da B3 é denominado em reais, enquanto seus futuros de ether e solana são denominados em dólares americanos. Essa divisão dá à exposição em bitcoin uma estrutura em moeda local, enquanto ether e solana permanecem vinculados à precificação em dólares.

Resumo para Investidores As novas opções de cripto da B3 dão aos investidores brasileiros uma forma regulada de negociar volatilidade e proteger exposição sem precisar tomar custódia dos tokens. A estrutura mantém os produtos mais próximos dos mercados de derivativos tradicionais do que da negociação de cripto à vista no exterior.

O Que Isso Significa Para Traders e Gestores de Ativos? Para os traders, a principal mudança é o acesso a opções listadas localmente vinculadas aos principais futuros de cripto. Isso facilita a construção de posições direcionais, o hedge de exposição em futuros, a negociação de volatilidade implícita e a estruturação de estratégias mais complexas envolvendo bitcoin, ether e solana.

Para gestores de ativos, os produtos podem ajudar a gerenciar o risco de portfólio sem depender de plataformas de opções de cripto no exterior. Um mercado listado local também pode reduzir o atrito operacional para empresas que enfrentam restrições internas sobre custódia, risco de contraparte ou negociação fora de bolsas reguladas.

O recurso de exercício automático também aproxima os produtos das práticas padrão do mercado de derivativos. Quando uma opção vence dentro do dinheiro, ela é exercida no contrato futuro subjacente, a menos que o titular bloqueie o exercício. Isso pode simplificar a execução para usuários profissionais, embora também exija gestão ativa de margem e posição próximo ao vencimento.

O desenho do produto pode atrair principalmente participantes que já compreendem a exposição a cripto baseada em futuros. Como as opções são liquidadas em futuros, e não em tokens, os usuários precisam gerenciar os riscos dos contratos futuros subjacentes, incluindo alavancagem, chamadas de margem, base e denominação em moeda.

Por Que Isso Importa Para o Mercado de Cripto do Brasil? O lançamento amplia a aposta da B3 em produtos regulados de cripto, após movimentos anteriores de listar opções de bitcoin, futuros de ether e solana, e preparar contratos de evento vinculados ao bitcoin. A bolsa está construindo um conjunto de ferramentas mais amplo em torno de ativos digitais, mantendo os produtos dentro da estrutura de derivativos listados.

Essa estratégia reflete uma tendência mais ampla na adoção institucional de cripto. Plataformas reguladas não estão apenas oferecendo exposição direta aos preços de cripto. Elas também estão construindo os instrumentos necessários para hedge, negociação de volatilidade e alocação estruturada. As opções são uma parte importante desse mercado porque permitem que os investidores gerenciem o risco de queda, expressem visões sobre volatilidade e criem posições de risco definido.

O mercado brasileiro é especialmente relevante porque a demanda local por exposição a cripto tem crescido junto com os esforços regulatórios para trazer a atividade de ativos digitais para canais financeiros formais. A expansão da B3 dá aos participantes domésticos mais ferramentas, mas também aumenta a importância da liquidez, da precificação transparente e dos controles de risco.

As novas opções não eliminam a volatilidade subjacente das criptomoedas nem a incerteza regulatória. Elas, no entanto, oferecem aos investidores profissionais uma forma mais familiar de gerenciar essa volatilidade dentro da infraestrutura de bolsa do Brasil. Para a B3, o lançamento fortalece seu papel como o principal portal regulado do país para derivativos vinculados a cripto.

Stripe subsidiary Privy has partnered with Solana infrastructure firm Jito Labs on a new transaction certainty tool called FullSend, which will help ensure that transactions sent from Privy wallets are included in Solana blocks "as fast as the network allows," according to an announcement shared with The Block.

FullSend was co-developed by Privy and Jito, one of the most prominent Solana infrastructure firms, and has reportedly been running unannounced in production inside Privy since the beginning of the year. Since January, FullSend has achieved 99.999% landing reliability across millions of transactions.

"Transaction landing on Solana became more complicated than it ever needed to be — tips, priority fees, picking the right endpoint. We wanted to make that entire decision disappear for developers,” Privy CTO Asta Li said in the statement.

FullSend works by automatically routing every transaction signed in a Privy wallet directly to the current and upcoming Solana leaders through Jito’s low-latency network. Solana rotates block building leaders roughly every 400 milliseconds per slot, following a predetermined schedule based on stake.

In addition to helping ensure inclusion, the system also bypasses any Maximal Extractable Value (MEV) risks, like bots front-running, sandwiching, or censoring transactions.

According to the announcement, FullSend cuts Privy’s inclusion latency for transactions to 50 milliseconds, “putting transactions in front of leaders before the competition.” Traditionally, Solana wallets send transaction information to a public or hosted RPC node, which then broadcasts it to the network — a process that takes at least 200 ms.

"The best applications on Solana win or lose on how fast and reliably their transactions land — that's the whole game,” Jito Labs CEO Lucas Bruder said. “FullSend is our answer at the infrastructure layer: straight to the leader, standard priority fees, MEV protection by default.”

The announcement notes the solution is especially geared toward fintechs, market makers, and other institutional Solana users who need speed and certainty when transacting on a blockchain.

Earlier this year, Privy partnered with Alchemy on an institutional onboarding solution. Privy counts fintechs like Klarna, Ramp, and Deel as users, as well as Hyperliquid, and claims 140 million accounts that process billions of dollars in monthly volume.

Stripe, which is also co-developing the stablecoin-focused Layer 1 blockchain Tempo, acquired Privy in 2025 following its $1.1 billion acquisition of Bridge.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

@OndoFinance has extended its 24/7 on-chain minting and redemption service for tokenized US equities to @Solana, completing a multi-chain rollout that began on Ethereum and BNB Chain in late June 2026. The move brings always-on liquidity to a growing suite of tokenized stocks and ETFs, allowing users anywhere in the world to settle positions outside traditional market hours.

What the Upgrade Actually Does Prior to this rollout, Ondo's platform already permitted around-the-clock transfers of tokenized securities, but minting and redemption, the creation and cancellation of positions, were still tied to US market hours. The Defiant reported that the upgrade removes that constraint, allowing eligible users to mint or redeem tokenized equities at any hour, including weekends and public holidays, at the prevailing market price.

The assets covered include $SPYon, $QQQon, $NVDAon, and $TSLAon, among others. Crypto Times noted that these are among the most actively traded tokenized names on the platform, with additional assets expected to be added in the weeks ahead.

The system is powered by Ondo's Nexus infrastructure, which handles on-demand, price-linked creation and redemption of tokens backed by real securities held at broker-dealers. Chainlink price feeds provide the real-time pricing data that makes continuous redemption technically viable.

Scale and Competitive Context Ondo Global Markets now lists more than 430 tokenized stocks and ETFs across Ethereum, Solana, and BNB Chain. The platform states it was the first in the tokenized-stock sector to surpass $1 billion in total value locked, exceeding the combined TVL of competing platforms. Beyond trading, tokenized stocks on the platform are also being used as collateral within DeFi applications including Ondo Perps, Morpho, and Euler.

@OndoFinance has also highlighted a distinction that separates this launch from rival offerings. Competitors claiming 24/7 trading have generally confined continuous access to secondary-market transfers on centralized and decentralized exchanges, while actual issuance and redemption remained restricted to market hours. Ondo's upgrade addresses that gap directly at the protocol level.

The Solana integration reflects the network's appeal for high-throughput, low-cost on-chain activity and continues Ondo's broader strategy of expanding institutional-grade tokenized assets across multiple chains.

Sources:
The Defiant: Ondo Finance 24/7 Minting and Redemption for Tokenized Stocks and ETFs
Crypto Times: Ondo Launches Industry-First 24/7 Tokenized Stock Minting
Crypto Briefing: ONDO Finance Enables 24/7 Minting and Redemption for Tokenized Stocks and ETFs

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Alvarez & Marsal, a global restructuring advisory firm, has reportedly accepted its first client payment in USDC using the Solana blockchain, according to a social media post. This development marks a significant milestone for Solana, which has been gaining traction as a network for high-volume USDC transactions. Solana processes over 31% of global USDC transactions, and with fees averaging under $0.001, it is recognized for its speed and cost-efficiency. The move by Alvarez & Marsal could suggest increased institutional adoption of Solana for financial transactions.

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Key Takeaways The acceptance of USDC payments by Alvarez & Marsal on Solana appears to indicate growing institutional adoption of the network. Solana’s network processes a significant share of global USDC transactions, which may be viewed as supportive of increased network utility. Market participants might see this development as consistent with scenarios where Solana’s price could rise, although the source’s reliability as Tier 3 could moderate impacts. What to Watch Market observers should monitor whether other institutions follow Alvarez & Marsal’s lead in adopting Solana for USDC transactions, which could further influence market sentiment. Additionally, any announcements by major financial entities, such as Visa or Mastercard, regarding their use of Solana for settlements could impact the market. As the end of July approaches, the behavior of Solana’s price and transaction volumes will be critical indicators of the market’s response to this development.

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Term Structure

Contract Odds Δ since publish Volume 24h August 1 2026 30% — — View market → August 1 2026 0.7% — — View market → August 1 2026 0.1% — — View market → August 1 2026 4.2% — — View market → August 1 2026 1.8% — — View market → August 1 2026 0.8% — — View market → August 1 2026 10% — — View market → August 1 2026 1% — — View market → August 1 2026 15% — — View market → August 1 2026 0.2% — — View market → August 1 2026 2.8% — — View market → August 1 2026 0.1% — — View market →

https://www.investopedia.com/solana-5210472

Pump.fun, a Solana-based memecoin launchpad, has reportedly sold an additional 122,498 SOL tokens, equivalent to approximately $10.08 million. This sale adds to Pump.fun’s cumulative sales, which now total 4.656 million SOL, worth around $794.8 million at an average selling price of $170.7 per token. The transaction occurred as SOL trades near $80.30, considerably below the historical average sale price, indicating ongoing structural selling pressure. This activity is part of Pump.fun’s strategy to convert fee revenue into stablecoins, impacting market sentiment for Solana.

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The consistent selling from Pump.fun, the largest single recurring seller of SOL, may exert downward pressure on Solana’s price. This development coincides with various prediction markets that are assessing Solana’s potential price movements in July, including whether it will reach $90. Current market pricing suggests a decrease in the likelihood of Solana hitting this target, as indicated by the adjusted probabilities in related prediction markets.

Key Takeaways The recent sale by Pump.fun suggests ongoing structural selling pressure on Solana. Market pricing implies a lower probability of Solana reaching $90 in July, consistent with the latest sales data. Pump.fun’s activities appear to reflect a strategy of treasury rebalancing, impacting market sentiment. What to Watch Observers should monitor any further sales by Pump.fun, as additional large transactions could continue to influence Solana’s market sentiment. Key developments in Solana’s ecosystem, such as technological upgrades or regulatory changes, could also impact price predictions. Additionally, market participants will be watching for any broader crypto market shifts that could affect Solana’s price trajectory in July.

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Term Structure

Contract Odds Δ since publish Volume 24h August 1 2026 38.5% — — View market → August 1 2026 0.8% — — View market → August 1 2026 0.1% — — View market → August 1 2026 4.2% — — View market → August 1 2026 2.4% — — View market → August 1 2026 0.8% — — View market → August 1 2026 11.5% — — View market → August 1 2026 1.1% — — View market → August 1 2026 15% — — View market → August 1 2026 0.2% — — View market → August 1 2026 3.6% — — View market → August 1 2026 0.1% — — View market →

South Korea-based Toss has announced a new initiative to assess whether blockchain technology can support regulated payment and settlement systems without compromising on security or customer data protection. The fintech company is setting out to evaluate the feasibility of integrating public blockchain networks into the financial sector, addressing long-standing concerns over transparency and compliance.

Focus of the Proof of ConceptThe proof of concept (PoC) will center on three primary objectives: enabling financial institutions to retain direct control over payment and settlement processes, ensuring compliance with know-your-customer (KYC) and anti-money laundering (AML) regulations, and safeguarding transaction data on public blockchain networks.

According to Toss, this approach could allow blockchain-powered financial services to operate within the well-established standards that govern the banking space. The company underscores the importance of reconciling regulatory compliance with robust data privacy, which remains a critical concern for financial institutions.

Toss is aiming to test whether blockchain technology can support regulated payment and settlement systems without weakening security or customer data protection.

Seeking Privacy on Public NetworksOne of the main hurdles to widespread blockchain adoption in finance has been the inherent transparency of public blockchain networks. Because transactions are typically visible to all, banks and payment providers have been hesitant to transition sensitive customer operations onto such open infrastructure.

This project will therefore evaluate whether public blockchains can meet stringent privacy standards required for banking applications. Protecting transaction data is seen as a decisive factor for integrating blockchain into regulated financial services.

Memorandum with Solana Foundation for Settlements and RemittancesTo advance its blockchain-enabled settlement and cross-border transfer capabilities, Toss Bank has signed a memorandum of understanding with Solana Foundation. This collaboration marks a significant step in bridging traditional banking with next-generation crypto infrastructure.

Solana has earned a reputation as a high-performance blockchain network, while Toss Bank operates as the digital banking arm of the Toss ecosystem—one of South Korea’s leading fintech brands.

Mini glossary: “Settlement” refers to the process of finalizing and reconciling financial transactions between parties. A “proof of concept” is a limited-scale trial to test if a specific technology works in a given use case.

The memorandum between Toss Bank and Solana Foundation focuses on exploring blockchain-driven remittance and settlement services.

This partnership is expected to examine how regulatory obligations in banking can be balanced with the technical possibilities of public blockchain networks. The outcomes of the project could provide vital new insights into the role of public blockchains in the regulated finance sector.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

The total value of real world assets (RWAs) tokenized on the Stellar network has surpassed 3 billion dollars, according to the latest figures released by the RWA Foundation. This new milestone not only highlights the rising institutional interest but also points to increased on-chain adoption of the Stellar blockchain in bringing traditional assets to digital platforms.

A new threshold in institutional adoptionCrossing the 3 billion dollar threshold marks one of Stellar’s most significant breakthroughs to date. Data shows that this figure covers both the value of assets actively distributed on-chain and those represented digitally. The surge reflects a sharp acceleration in the tokenization of traditional financial products on Stellar, reinforcing the platform’s appeal as a blockchain of choice for major players seeking to digitize real-world assets.

Stellar, often compared to XRP Ledger, has carved out a strategic position by focusing on payment infrastructure, asset issuance, and tokenization. This technical direction has made Stellar a favored network for financial institutions aiming to bridge conventional assets with blockchain innovations. The growth is further supported by the Stellar Development Foundation, a nonprofit committed to advancing the platform’s capabilities globally.

Data from the RWA Foundation revealed that the value of on-chain real world assets on the Stellar network has breached the 3 billion dollar mark, representing a pivotal moment in the ecosystem’s evolution.

Rising to the top in tokenized investment strategiesStellar’s boom isn’t limited to overall RWA value. The network now holds the top spot in the category of value distributed in tokenized active investment strategies, reaching 620 million dollars. This reflects not only asset representation but a growing adoption of digital investment vehicles on the Stellar blockchain.

Setting itself apart from the competition, Stellar’s distributed value in this space outpaces leading rivals. Ethereum, for instance, claims second place with 342.9 million dollars, while Mantle and Avalanche lag behind at 113 million and 108.6 million dollars, respectively. These figures underscore Stellar’s growing clout among both institutional and retail investors seeking blockchain-based investment products.

NetworkDistributed ValueStellar620 million dollarsEthereum342.9 million dollarsMantle113 million dollarsAvalanche108.6 million dollarsStellar pulls ahead of Ethereum and SolanaThe ranking continues with Polygon at 82.3 million dollars, Arbitrum at 70.8 million, Monad at 61.3 million, Base at 40.4 million, and Plume Network at 36.9 million dollars. Solana trails with only 26.7 million dollars in distributed value, occupying a lower position on the list.

This landscape reveals that Stellar has overtaken even larger ecosystems like Ethereum and Solana specifically within the sphere of tokenized investment products. The platform’s recent gains signal a changing dynamic in the pursuit to bring real world assets into the blockchain space, intensifying the competition among major networks.

Stellar has surged ahead of rival networks in tokenized active investment strategies, boasting a distributed value of 620 million dollars.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

PYTH gained more than 25% over the past week, outperforming most large-cap altcoins. The Pyth Core upgrade on July 31 ends free, permissionless access to the network’s price feeds. All subscription revenue flows to the Pyth DAO, which funds monthly open-market token buybacks. Santiment ranks Pyth among the top three Solana ecosystem projects by development activity. Pyth Network’s native token has climbed more than 25% over the past seven days, trading around $0.045 with a market capitalization of $355 million, according to CoinMarketCap data. The rally comes three weeks before the Pyth Core upgrade goes live on July 31, a structural overhaul that ends the network’s free price data model and replaces it with paid subscriptions whose revenue feeds directly into PYTH buybacks. he timing invites an obvious reading – traders positioning before the deadline – though the move also coincides with a broader altcoin rotation, so the upgrade cannot claim sole credit. What the pace does show is acceleration: 12% of the gain arrived in the past 24 hours alone.

The end of free data Any developer has been able to pull Pyth’s price data free of charge since 2021, an arrangement that ends this month. According to the official Pyth Network blog, accessing any Price Feeds API after July 31 will require an active paid plan and an API key managed through the Pyth Terminal.

Pricing follows a tiered structure: the entry-level Starter Plan covers crypto prices, NAV data, redemption rates and indices, traditional asset classes sit in separate brackets, and institutions that want everything pay a flat monthly rate at the top of the scale.

Plan Coverage Monthly price Starter Crypto, NAV, redemption rates, indices $500 Individual asset classes US equities, futures or FX, per bracket $2,500 – $6,500 Full access All asset classes $10,000 The team stresses that API endpoints stay identical, so protocols built on Pyth since 2021 will not face broken integrations. The infrastructure serving those endpoints is another matter. Core feeds merge into the same scaling technology that powers Pyth Pro, which the project says reduces latency, improves price accuracy and expands symbol coverage well beyond the current catalog.

Three moving averages down, one barrier left The 4-hour PYTH/USDT chart from TradingView, based on Binance data, shows the token cutting cleanly through its 50, 100 and 200-period simple moving averages during the latest leg up. Those averages now sit clustered between $0.0361 and $0.0389, well below the current price near $0.0452. When a price trades above all three of these lines, it usually signals that short, medium and longer-term momentum have aligned in the same direction, something PYTH has not managed since its early May local top above $0.062.

The same chart carries a warning for anyone entering at current levels. The Relative Strength Index, an indicator that measures how fast and how far a price has moved, briefly pushed above 80 before settling near 72. Readings above 70 typically describe an overbought market, meaning the asset has risen quickly enough that a pause or pullback becomes more likely in the short term. The candle that tagged $0.048 on July 7 already met sellers, and the price has since retreated about 2%.

Metric Value Price $0.04512 24h change +12.01% 7d change +25.39% Market cap $355.35M 50 / 100 / 200-period SMA $0.0389 / $0.0369 / $0.0362 RSI 72 For traders watching levels, the former resistance band around $0.042, where the price stalled twice in early July, now acts as the first area of potential support. A deeper retracement would bring the moving average cluster near $0.038 back into focus. On the upside, $0.048 remains the barrier that rejected the latest push.

A buyback engine tied to real revenue Every dollar of subscription revenue flows to the Pyth DAO. From there, the Pyth Reserve spends one third of its accumulated treasury balance each month on open-market PYTH purchases, creating a direct link between commercial adoption and buying pressure on the token.

The scale of what becomes billable is not trivial. The network entered 2026 with more than 2,850 active price feeds serving over 650 onchain applications, usage that until now generated no recurring revenue. If even a fraction of those integrations convert into paying subscribers, the DAO treasury grows, and with it the monthly buyback budget.

The supply side makes the rally more notable than the percentage alone suggests. On May 19, Pyth released roughly 2.13 billion tokens from vesting, an unlock worth around $92 million that expanded the circulating supply by more than a third, according to data from Tokenomist. Cliffs of that size usually cap price action for months while the market digests the new float. PYTH instead spent seven weeks basing near its yearly lows and is now climbing into the upgrade with that overhang already behind it.

Some rough arithmetic shows what is at stake. If just 200 of those 650 integrations take the $500 Starter Plan, that is $1.2 million in annual recurring revenue reaching the DAO – modest against PYTH’s $355 million market cap, but recurring. The bull case requires institutional brackets: fifty clients on full access would mean $6 million a year, and a third of the growing treasury converting into monthly market buys. Neither scenario is confirmed, and that is precisely why the first revenue disclosure matters more than the upgrade date itself.

The upgrade also retires older parts of the network. Pyth is deprecating its original Pythnet appchain and winding down Oracle Integrity Staking emissions as data delivery migrates to the newer Pyth Lazer pipeline. Fewer emissions combined with recurring buybacks tilt the token’s supply dynamics toward scarcity, provided the subscription business actually generates meaningful revenue. That remains the open question, and the Core tier has no revenue history yet to test it against – the only disclosed figures so far come from Pyth Pro’s institutional side, which crossed $1 million in annual recurring revenue with a few dozen subscribers.

A hard deadline for builders Teams running infrastructure on Pyth face a hard deadline. Anyone using the standalone Price Pusher to manage on-chain updates must upgrade to version 10.5.0 or later and attach a Hermes access token obtained through the Pyth Terminal, otherwise automated price updates will start failing on July 31, according to the network’s developer documentation. The DAO will handle major contract switches automatically, but new integrations should fetch the updated contract addresses from the Pyth Developer Hub rather than relying on legacy references.

Development data gives the rally support that is independent of the upgrade itself. Santiment Intelligence placed Pyth third among all Solana ecosystem projects by development activity in its latest monthly ranking, behind only Chainlink and Solana itself, based on enhanced GitHub event data. Sustained developer output during a commercial pivot is not a given, and Pyth holding that position suggests the engineering side is keeping pace with the business restructuring.

Broader market rotation is working in the token’s favor too: CoinMarketCap’s Altcoin Season Index has climbed to 49, and capital moving into mid-cap tokens has lifted several oracle and infrastructure names this week. The next real test comes after July 31, when the first subscription figures will show whether the buyback program has meaningful funding behind it or whether the market front-ran a mechanism that still needs paying customers.

Solana price has held above key technical support even after slipping 1.7%, while U.S.-listed spot Solana ETFs have continued attracting fresh inflows as Bitcoin and Ethereum funds recorded weekly withdrawals.

Summary

Solana held above key support as $5.75 million in spot ETF inflows contrasted with Bitcoin and Ethereum fund outflows. Solana ranked second in weekly spot trading volume, while non-vote transactions topped 1 billion for the first time. Rising active users, strong DApp revenue, and bullish technical indicators continue to support Solana’s recovery. After climbing more than 15% last week, Solana (SOL) price met selling pressure near the $80 level, where traders again defended resistance amid the broader market pullback. Even after the recent recovery, the token remains about 73% below its all-time high of $294.33 reached on Jan. 19, 2025.

Meanwhile, Bitcoin fell 1.65% during the same period, dragging the total cryptocurrency market capitalization down 1.47% to $2.14 trillion.

ETF demand has stayed positive despite market weakness Fund flow data showed Solana diverging from the two largest cryptocurrencies during the latest reporting period. Spot Bitcoin ETFs recorded net outflows of $527 million between June 29 and July 2, extending their losing streak to eight consecutive weeks. Spot Ethereum ETFs also registered net outflows totaling $13.67 million.

By contrast, U.S.-listed spot Solana ETFs attracted $5.75 million in net inflows over the same period. The inflows indicated that investors continued adding exposure despite weakness across the wider digital asset market.

Capital also moved into several other altcoin investment products. XRP ETFs recorded $17.19 million in net inflows, while HYPE ETFs added another $4.32 million during the week.

Away from fund flows, on-chain activity continued to strengthen. According to SolanaFloor, Solana ranked second in global spot crypto trading volume for the second consecutive week, processing $12.25 billion across centralized and decentralized exchanges. That total remained ahead of Bybit’s $10.57 billion, although Binance retained the top position among exchanges during the reporting period.

SolanaFloor also reported that weekly non-vote transactions surpassed one billion for the first time. Unlike validator voting activity, non-vote transactions represent actual network usage generated by users, decentralized applications, and traders. The sharp rise at the beginning of July points to heavier activity across the ecosystem.

Technical structure still favors buyers above key support Network participation has accelerated alongside the recovery. According to Artemis data, Solana’s weekly active addresses climbed from 16.8 million to 29.7 million in just two weeks, an increase of roughly 12.9 million wallets, or about 76.8%. The rebound followed slower activity during June as users returned to decentralized applications across the network.

Source: Artemis Separate ecosystem rankings also kept Solana at the top of several blockchain activity metrics. The network led all Layer 1 and Layer 2 chains in both 24-hour and seven-day decentralized application revenue while also recording the highest decentralized exchange trading volume over those periods. Polygon, Ethereum, Base, BNB Chain and Hyperliquid followed behind across the tracked categories.

Price action continues to support the improving network data. On the daily chart, Solana remains above its 20-day, 50-day and 100-day moving averages, while the MACD indicator is still in bullish territory despite momentum easing after last week’s rally.

Solana daily price chart — July 6 | Source: crypto.news On the 4-hour chart, the Supertrend indicator continues to hold below price near $78.30, and Chaikin Money Flow has stayed slightly above zero, indicating modest buying pressure.

Solana price 4-hour chart — July 6 | Source: crypto.news The latest consolidation has left immediate resistance around the recent high near $84, while the Supertrend level near $78 and the Fibonacci support around $76 remain the first areas buyers may need to defend if selling pressure returns. Together with steady ETF inflows and rising network activity, those technical levels suggest Solana’s recovery remains intact unless those support zones give way.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

BonkDAO, the decentralized autonomous organization tied to the Solana-based memecoin BONK, said Monday it was the target of a malicious governance proposal that drained an estimated $20 million worth of BONK tokens from its treasury, according to a post on its official X account. The DAO said the…

BonkDAO, the decentralized autonomous organization tied to the Solana-based memecoin BONK, said Monday it was the target of a malicious governance proposal that drained an estimated $20 million worth of BONK tokens from its treasury, according to a post on its official X account.

The DAO said the attack routed through a governance vote rather than a smart-contract bug, a vector that has hit other protocols this year, including a June governance takeover at Balancer-linked TOP token pools that drained $1.58 million.

BonkDAO said it has already identified the exchange wallets used to buy BONK ahead of the proposal being submitted, a pattern suggesting the attacker positioned tokens before pushing the malicious vote through. The DAO is "actively working with exchanges, bridges and Solana Foundation to best manage the situation," per its statement.

Law Enforcement NotifiedBonkDAO said law enforcement has been notified and that it continues working with "relevant parties to recover funds and identify those responsible," according to the same post. The DAO did not name a suspect or disclose the specific governance mechanism exploited to pass the proposal.

The disclosure came directly from BonkDAO's verified X account, with no on-chain transaction hash, security-firm tracing report, or third-party confirmation yet available. BONK is among the largest Solana memecoins by market capitalization, and a governance-level treasury drain of this size marks one of the larger DAO exploits reported this year via the proposal-attack vector rather than a code vulnerability.

Spot Bitcoin ETFs traded in the United States recorded $526.64 million in net outflows between June 29 and July 2. With this latest development, the streak of withdrawals from these products has now reached its eighth consecutive week. This marks the longest continuous weekly outflow period seen since spot Bitcoin ETFs launched in the US.

Outflows continue in Bitcoin and Ethereum fundsThe cautious approach from institutional investors, combined with weaker momentum in Bitcoin, was clearly reflected in ETF data. According to SoSoValue, the total net assets of US spot Bitcoin ETFs fell to around $74.37 billion. In the same period, Bitcoin traded near $61,500. During June alone, outflows from these products totaled approximately $4.5 billion, underlining the sustained pressure in the market.

Wu Blockchain reported that US spot Bitcoin ETFs saw nearly $527 million in net outflows over the period from June 29 to July 2, bringing the outflow streak to eight consecutive weeks.

Spot Ethereum ETFs mirrored this trend. In the same timeframe, Ethereum ETFs experienced $13.67 million in net redemptions, also marking their eighth straight week of outflows. The simultaneous withdrawals from funds tied to the two largest digital assets signal that investor appetite for risk remains subdued across the sector.

Diverging trends in altcoin ETFsWhile Bitcoin and Ethereum products continued to lose assets, certain altcoin ETFs bucked the trend by attracting fresh capital. Spot Solana ETFs posted $5.75 million in net inflows for the week. XRP ETFs stood out with $17.19 million in new investments, representing the strongest performance in the altcoin ETF category. Hyperliquid ETFs also saw positive flows, gaining $4.32 million in net inflows despite a noticeable slowdown compared to previous weeks.

Glossary: SoSoValue is a data platform commonly used to track ETF flows and market metrics in digital asset markets. Net inflow refers to the difference between money entering and exiting a fund.

This divergence suggests that, rather than exiting the crypto ETF market entirely, some investors are reallocating capital toward alternative digital assets. Although Bitcoin remains the predominant option among institutional vehicles, select interest in altcoin-based products appears to be holding steady.

Brief signs of recovery prove short-livedDespite a weak weekly outlook, there were limited signs of recovery at the period’s close. On July 2, US spot Bitcoin ETFs attracted over $221 million in daily net inflows, breaking a 10-day outflow streak. However, this single-day shift was not deemed sufficient to reverse the broader eight-week trend.

Market observers attribute the prolonged outflows to macroeconomic uncertainty, rising interest rate expectations, and diminished risk appetite. With pressure persisting on Bitcoin, it appears institutional investors continue to scale back their exposure by redeeming ETF shares.

In the period ahead, ETF flows are expected to serve as a key gauge of institutional sentiment. Sustained net inflows could suggest renewed confidence in Bitcoin, while ongoing outflows may indicate demand will remain muted until broader market conditions improve.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Circle printed roughly $3.5 billion worth of USDC on Solana last week, with a single $1 billion mint hitting the chain on June 16 alone.

Gross USDC issuance on Solana has already blown past $64 billion for 2026, and we’re barely into July.

What’s driving the demand USDC on Solana serves a sprawling set of use cases: DeFi trading, cross-border payments, and institutional settlements. The network’s low fees and high throughput make it a natural fit for the kind of rapid-fire transactions that stablecoin users actually need.

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Each token represents a dollar (or dollar-equivalent reserve) deposited by a customer who wants digital dollars on-chain. When $3.5 billion gets minted in a week, it means $3.5 billion in fresh demand showed up at the door.

The June 16 mint of $1 billion USDC in a single transaction is particularly notable. Transactions of that size typically signal institutional or enterprise-level activity, not retail users swapping tokens on a DEX.

The institutional angle is getting real Circle has enhanced its mint and burn capabilities with BNY Mellon, one of the world’s oldest and largest custodial banks. That partnership covers both Solana and Ethereum environments, giving institutions a familiar custody framework for handling USDC at scale.

Circle hasn’t issued any public statement about the specific June minting events. The data comes from on-chain tracking platforms that monitor blockchain transactions in real time.

What this means for investors With $64 billion in gross USDC issuance on Solana in 2026 alone, the network has established itself as a legitimate alternative for high-volume stablecoin operations.

For SOL holders, more USDC liquidity on the network means more transaction fees, more DeFi activity, and more reasons for developers to build on Solana. Stablecoin volume is one of the most reliable indicators of real economic activity on a blockchain, as opposed to speculative token trading that can evaporate overnight.

Tether’s USDT still commands the largest market share globally, but USDC’s growth on Solana, powered by Circle’s regulatory-first approach and institutional partnerships, is carving out a distinct lane.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Altcoins

6 July 2026 | 00:18 Solana is one of the best performers among major cryptocurrencies this week, and the price move has usage data and a concrete upgrade behind it rather than just market sentiment.

Key Takeaways SOL gained 15% weekly, reclaiming its 50-day average. Daily transactions sits around 137.5 million, near yearly highs. Alpenglow test data shows finality near 110 milliseconds. The 100-day average at $80.54 is the level to watch. SOL trades at $80.98 at the time of writing after a 15% weekly gain according to CoinMarketCap data, the strongest in the top ten. The bounce started from the June low near $62 and has now done something the March and May rallies could not: it climbed back above the 50-day moving average at $75.31 and is sitting right at the 100-day at $80.54, the line that rejected the last two recovery attempts.

SOL/USD daily technical chart on Coinbase. The simple way to read the chart: below $75, the recovery failed. Above $80.54 with a daily close, SOL escapes the zone that has capped it since April, and the next meaningful level is the 200-day average near $93. The momentum gauge (RSI) sits at 62.5, its highest reading of the year, which signals genuine buying pressure but also means the easy part of the bounce is likely behind. SOL remains far below its January level near $150, so this is a recovery inside a down year, not a new high.

The Network Is Busier Than the Price Suggests Here is the part that separates Solana’s bounce from a generic altcoin pop. Data from Artemis shows the network processed 137.5 million transactions on July 4 after reaching 158 million on 29th of June, close to the year’s highs near 160 million set in February, and sharply up from the 90–100 million range where activity sat through the spring. Usage began climbing in June, before the price did.

Solana daily transaction volume trends from January to July 2026. That sequence matters. When transactions rise while price falls or stagnates, it means people are using the chain for reasons other than speculation, trading, payments, applications, and when price later catches up, the move rests on real activity rather than pure sentiment. It is the healthiest pattern an on-chain chart can show, though not a guarantee: transaction counts include plenty of low-value activity, so the signal is directional, not precise.

Alpenglow: The Upgrade Behind the Story The third dataset explains why developers are paying attention. Test results from Alpenglow, the largest upgrade in Solana’s history, show the network confirming transactions for a majority of validators in roughly 110 milliseconds, with even the slowest full-network confirmation near 270 milliseconds. A detailed breakdown by Solana infrastructure firm Helius puts those numbers in context: about 65% of the network’s stake finalizes within 50 milliseconds of the raw network delay, meaning most validators vote almost the instant data arrives, and total finality runs at roughly twice the physical speed limit of the internet itself. In plain terms, the protocol overhead is nearly gone; what remains is mostly the time light takes to cross oceans.

Alpenglow latency breakdown for a leader node in Zurich / Source: dwf-labs The comparison numbers make the leap concrete. Solana’s current true finality takes about 12.8 seconds, and as TheStreet notes, a typical Visa authorization takes one to three seconds. Alpenglow targets 100 milliseconds when at least 80% of validators respond in the first voting round, and 150 milliseconds on its fallback path, faster than the quickest competing blockchain’s self-reported 400 milliseconds, per Helius.

The upgrade also changes the economics of running the network. Validators currently pay roughly 1 SOL per day in on-chain voting fees, their single largest operating cost. Alpenglow moves voting off-chain, and Helius estimates that eliminating those fees would cut the minimum stake needed for a validator to be profitable from around 4,850 SOL (roughly $800,000) to about 450 SOL (roughly $75,000), a change that could meaningfully broaden who can afford to help secure the network.

Co-founder Anatoly Yakovenko told Consensus Miami the upgrade could reach the main network as soon as this quarter, calling it a pivotal step toward making the chain reliable enough for time-sensitive financial applications. The upgrade replaces two of Solana’s founding technologies with a leaner voting system, and validators approved it with over 98% support.

Not everyone is uncritical. Experts interviewed by The Defiant have questioned whether such speeds are achievable globally without trade-offs, noting that physics itself limits how fast data crosses oceans and that the data-relay design carries real-world unpredictability. The test histogram partially answers this, the speeds hold for most of the network, but the slowest tail is real, and mainnet conditions are harsher than test clusters.

Solana enters July with three things pointing the same direction: the strongest weekly price gain among majors, network usage near yearly highs that started rising before price did, and a dated catalyst in Alpenglow’s targeted Q3 mainnet launch. That alignment is rare in the current market and explains the outperformance.

For now SOL still trades roughly 45% below its January level, the 100-day average directly overhead has ended two rallies already this year, and upgrade timelines in crypto slip more often than they hold. The next daily close above $80.54, or the failure to get one, could show whether this week was the start of something or the third rejection at the same wall.

This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are highly volatile. Always conduct your own research before making investment decisions.

Author

Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.

If you wanted to build a toll booth on Solana, Jito already beat you to it. The protocol, which operates at the intersection of liquid staking and maximal extractable value infrastructure, has cemented itself as the closest thing Solana has to a monopoly on validator-level revenue capture.

As of early July 2026, Jito’s governance token JTO sits at a market cap of roughly $351 million, backed by a circulating supply of approximately 491 million tokens. Its MEV-optimized validator client is now running on more than 95% of Solana’s active stake, up from figures that sat between 60% and 94% in prior periods.

What Jito actually does, and why it prints money Think of Jito as a two-sided business. On one side, it runs JitoSOL, a liquid staking token that lets holders earn staking yields without locking up their SOL permanently. On the other side, it operates MEV infrastructure that allows validators to capture tips from traders who want their transactions prioritized.

JitoSOL currently holds around $2.92 billion in total value locked, with more than 14.5 million SOL staked through the protocol.

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October 2024 alone saw $78.9 million in MEV fees flow through the protocol. MEV fees have risen 42% as on-chain activity on Solana has accelerated through 2025 and into 2026.

Jito operates through two distinct entities: Jito Labs, the engineering and product arm, and the Jito Foundation and DAO, which governs the protocol and controls token-level decisions.

JTX: the new piece of the puzzle On June 26, 2026, Jito Labs launched early access to JTX, a self-custodial trading terminal built on top of Solana’s decentralized exchange ecosystem. The product is designed to improve liquidity routing across both spot DEX venues and perpetuals markets.

Approximately 80% of JTX protocol revenue is directed back to JTO holders through buybacks. Rather than accruing value to a foundation treasury or a VC cap table, the majority of trading fee revenue would actively reduce circulating supply, creating mechanical buy pressure on the token.

Jito already sits at the base layer of Solana’s validator infrastructure. Adding a trading terminal means it can now capture value at the application layer too.

What this means for investors and the broader Solana ecosystem Jito has outpaced competitors like Marinade in both the staking and MEV markets. The 95%-plus validator adoption figure means that when block producers on Solana choose how to order transactions, the overwhelming majority are using Jito’s tooling to do it.

For JTO holders, the current setup offers a few distinct value drivers. Staking yields flow through JitoSOL and benefit from MEV tip capture on top of base staking rewards. The JTX buyback mechanism creates a direct connection between trading volume growth and token supply reduction.

Jito’s revenue is deeply tied to Solana network activity and MEV opportunity. A sustained drop in on-chain trading volume would compress fee flows quickly. Regulatory scrutiny on MEV practices, which has already begun in Ethereum circles, could eventually extend to Solana as well.

A $351 million market cap against a protocol that handles $2.92 billion in staked assets and captured nearly $79 million in MEV fees in a single month is a ratio worth examining.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Solana has recently emerged as a focal point in the cryptocurrency market, attracting attention with both surging transaction volumes and new proposals that could significantly impact the network’s future token supply. According to market data, activity on the blockchain has picked up notably, with analysts maintaining a long-term bullish outlook for the ecosystem.

Transaction volume sees explosive growthMarket expert Zensei reported that Solana’s transaction volume soared by 170.3% year on year for April, May, and June. By comparison, growth on the Hyperliquid platform was limited to just 9.1% in the same period, underscoring that Solana’s rate of increase was nearly 19 times greater than its peer network.

Solana is recognized for its high speed and low transaction fees, which have kept users and capital engaged on the network. As transaction flows intensify, investor attention has shifted from mere price trends toward the protocol-level changes driving the uptick in activity.

According to DeFi Dev Corp, approximately 60,000 new SOL tokens are minted daily on the Solana network, while only 650 SOL are being burned in return.

Technical outlook: $270 resistance comes into focusVuori Trading notes that after its recent correction, SOL appears to have entered a recovery phase and may be embarking on the fifth wave of the Elliott Wave cycle. If the current market optimism persists, $1,259 is cited as a potential medium-term target for Solana. The present pullback is interpreted as a fourth-wave correction rather than a breakdown in trend.

Technical indicators point to $107.94 as the main support level. Meanwhile, $270 stands out as the primary resistance zone. A decisive move above $270 could reinforce upward momentum, while a dip below $107.94 would increase the risk of a deeper correction.

The Relative Strength Index (RSI) remains one of the key metrics closely monitored by traders. With RSI nearing levels historically associated with the end of major declines, several analysts are watching SOL’s price structure with heightened attention.

Mini glossary: The Elliott Wave Theory proposes that price moves in repeating wave patterns, aiding technical analysis. RSI measures the speed and strength of price movements, helping identify overbought or oversold conditions in assets.

New proposals could reshape supply dynamicsBeyond technicals, proposed protocol upgrades within the Solana community may bring lasting changes to the token’s economic structure. DeFi Dev Corp revealed that with approximately 60,000 new SOL entering circulation daily versus only 650 SOL burned, the current supply inflation remains pronounced.

Currently, three SIMD proposals aim to address this disparity. SIMD-550 seeks to accelerate the reduction in inflation, effectively decreasing the future supply of new tokens. On the other hand, SIMD-123 is designed to increase institutional staking via validator pools, thereby reducing the circulating supply of SOL.

Vuori Trading emphasizes that the recent pullback appears more like a routine correction than a trend reversal, with the potential for higher levels to be retested if overall market support continues.

If these proposals are accepted, the Solana network could see lower inflation, higher staking participation, and more tokens burned as network usage grows. Market participants are closely watching governance decisions, the network’s capacity to accommodate rising activity, and SOL’s price behavior above the $270 mark.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Solana's RWA ecosystem has reached another major milestone after climbing to a new all-time high of $3.62 billion in total value.

The network added more than $540 million in RWA value over the past 7 days alone, extending a growth trend that has accelerated throughout 2026. At the start of the year, Solana's RWA ecosystem stood at approximately $1.4 billion. In just 6 months, the network has added more than $2 billion in tokenized assets.

The latest milestone places Solana behind only Ethereum, which holds approximately $15.9 billion in RWAs, and BNB Chain, at roughly $3.9 billion.

Growth Continues Across  Over the past 30 days, Solana's RWA market has grown by more than 33%, but the expansion extends well beyond asset value. The ecosystem now hosts 2,119 distinct RWAs and 292,818 RWA holders, reflecting continued growth in both the number of available products and user participation.

Tokenized financial products continue to attract new users, while existing issuers expand their offerings on the network.

Solana Leads 30D Capital Flows According to RWA.xyz data, Solana recorded approximately $967 million in net inflows over the past 30 days, the highest among all blockchain networks by a wide margin.

Ethereum moved in the opposite direction, recording approximately $202 million in net outflows during the same period.

The flow data indicates that new capital has increasingly favored Solana as institutions and issuers expand their onchain products.

Spiko Brings Native Tokenized Fund to Solana Part of that momentum comes from the continued arrival of institutional issuers. On July 2, Spiko officially launched on Solana, becoming the first European issuer to deploy natively on the network.

Spiko is one of the world's largest real-world asset issuers and one of the fastest-growing tokenized fund platforms in history. Its flagship product, the Spiko Amundi Overnight Swap Fund (SAFO), is managed by Amundi, Europe's largest asset manager with €2.4 trillion in assets under management.

Investors can mint, transfer, and redeem fund shares directly onchain, with subscriptions and redemptions settled in Circle's stablecoins.

SAFO is a UCITS-compliant money market fund that offers overnight liquidity while targeting yields above risk-free benchmarks. The launch expands the availability of institutional-grade investment products on Solana and demonstrates growing confidence in blockchain-based financial infrastructure.

With more than $2 billion added in just 6 months, record capital inflows, and increasing participation from major financial institutions, Solana continues to establish itself as one of the leading blockchain networks for real-world asset tokenization. The latest all-time high of $3.62 billion highlights the pace at which traditional finance and blockchain infrastructure continue to converge. 

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Is The Whole World Now A Casino?

https://easternherald.com/2026/07/03/securitize-nyse-tokenized-shares-solana-avalanche/

Securitize, an SEC-registered firm backed by BlackRock, has made headlines by becoming the first publicly traded company to tokenize its stock on the Solana blockchain at its initial public offering. The company tokenized $295 million of its own NYSE-listed stock, marking a significant milestone in the convergence of traditional equity markets with blockchain technology. This move is part of a broader trend, as Solana’s real-world asset ecosystem has surged in growth, now settling $644 million in equity volume and attracting major players like Franklin Templeton and Fidelity.

Market participants appear to view this development as consistent with increased demand for Solana’s native token, SOL, which is currently priced around $82. The tokenization represents a boost to Solana’s credibility and utility, potentially driving the price towards the $90 mark. The market for Solana price predictions in July reflects this sentiment, with the likelihood of reaching $90 currently priced at 62.5% YES.

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This development may also indicate a shift in the financial sector’s adoption of blockchain technology, as more traditional institutions explore the possibilities offered by decentralized platforms. The presence of major financial entities in Solana’s ecosystem further underscores this transition.

Key Takeaways Securitize’s tokenization of $295 million in NYSE-listed stock on Solana appears to enhance Solana’s credibility in financial markets. Market pricing suggests participants are increasingly supportive of SOL reaching $90 in July, with current odds at 62.5% YES. The involvement of major financial players like Franklin Templeton and Fidelity indicates a growing institutional interest in Solana’s blockchain infrastructure. What to Watch Observers will be keen to see if Solana’s ecosystem continues to attract institutional interest, potentially driving further price increases. Key developments to monitor include any technical advancements within Solana, changes in regulatory landscapes, and shifts in market sentiment towards blockchain adoption. Additionally, any significant changes in SOL’s volume or price support levels could provide further indications of market direction.

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Term Structure

Contract Odds Δ since publish Volume 24h August 1 2026 62.5% — — View market → August 1 2026 1.1% — — View market → August 1 2026 0.3% — — View market → August 1 2026 5.5% — — View market → August 1 2026 4% — — View market → August 1 2026 1.1% — — View market → August 1 2026 29% — — View market →