Melee Markets, an emerging Solana prediction market application, has revealed the mechanics behind its Parimutuel Market Maker model.
Designed to enable permissionless prediction market creation, Melee’s PMM architecture represents an ambitious departure from the order book model made popular by heavyweights like Polymarket and Kalshi.
With Melee approaching its mainnet launch, prediction markets sit at a critical inflection point as traders eagerly await the next landmark event following the Football World Cup.
The Parimutuel Market Maker After raising $3.5M in last year’s September pre-seed, Melee Markets is closer than ever to its mainnet launch, bringing permissionless prediction markets to Solana DeFi. Originally touted as “pump.fun meets PolyMarket”, Melee Markets has published further details on its novel design, the Parimutuel Market Maker.
Unlike existing prediction markets, which rely on orderbooks and professional market makers, Melee claims its PMM pools enable permissionless market creation and profitable passive liquidity provision.
In the simplest terms, Melee’s PMM is a passive liquidity pool that, similar to rival prediction markets, resolves to one of several mutually exclusive outcomes. Market participants can join presales to obtain pool shares and provide initial liquidity, with resolution share prices changing dynamically based on trading activity.
Open positions continuously grow based on counterparty liquidity rewards and on spread captured by an instant cashout vault, creating what Melee Markets calls a rising minimum-return floor.
According to simulated tests on 126 ‘15 Minute BTC Up-or-Down’ markets, Melee’s PMM model returned higher profits in 65.1% of winning positions when compared against traditional market structures. Melee attributes this edge to counterparty rewards, highlighting that heightened volatility resulted in greater outcomes for participants.
Prediction Markets Seek Continuation Following World Cup Melee Market’s drive towards mainnet launch comes in the wake of one of the biggest events in the prediction market calendar. According to Artemis Data, the 2026 FIFA World Cup drove trading volumes on venues like Kalshi to new all-time highs. In the tournament’s first week, prediction markets collectively witnessed over $17B in trading volume.
With the great speculative event behind us, prediction markets may face a quieter period over the coming weeks and months until the US midterm elections. Onchain data suggests prediction market trading on Solana may be slowing down, with World.xyz spot volumes dropping after recording all-time highs during the World Cup Final.
Between onchain venues like World.xyz, and creative new mechanisms like Melee Market’s PMM, Solana DeFi is one step closer to challenging the dominance of established platforms and joining the race in one of crypto’s biggest verticals.
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TLDR: RWA perpetuals now represent nearly 35% of on-chain perpetual trading, with June volume reaching about $118 billion across 652 markets. Public equities control 46% of RWA open interest, supported by roughly $2 billion in positions, $2.2 billion in daily volume and 411 markets. Hyperliquid HIP-3, Solana and exchange-based tokenized stock products are widening round-the-clock access to equities, indices and commodities. Oracle failures, weekend pricing gaps, concentrated liquidity and uneven investor rights create new risks as leveraged RWA markets expand. RWA perpetuals now account for nearly 35% of total on-chain perpetual trading volume in early Q3 2026. Their share stood at only 0.16% in Q4 2025, showing how quickly traditional-market exposure has moved onto crypto rails.
June volume reached about $118 billion, while the number of available markets expanded to 652. Other market trackers also recorded more than $100 billion in June volume and over 600 listed contracts.
Public equities lead the expansion as traders seek leveraged, round-the-clock access to familiar companies without using traditional brokerage hours.
RWA Perpetuals Shift Demand Toward Public Equities Public equities now represent 46% of RWA perpetuals open interest. The segment holds roughly $2 billion in outstanding positions and generated about $2.2 billion in 24-hour volume.
Source: Cryptorank It also supports 411 active markets, compared with 54 precious-metals markets and 41 equity-index markets.
That concentration shows traders prefer listed companies over less liquid real-world assets. Equity contracts offer clear price references, frequent news events, and deep underlying markets.
Earnings, guidance, and macro data can quickly create trading opportunities. Stock perps also remain active when traditional exchanges close.
These contracts provide synthetic price exposure rather than direct share ownership. Traders can open long or short positions, often using USDC collateral, but receive no voting rights or dividends.
Funding rates and oracle prices keep each contract linked to its underlying stock. A Micron contract on TradeXYZ, for example, trades continuously through Hyperliquid infrastructure.
Hyperliquid’s HIP-3 framework has accelerated this shift by allowing qualified builders to deploy custom perpetual markets. The protocol requires deployers to stake 500,000 HYPE, creating an economic backstop for market operators.
HIP-3 markets cover equities, indices, commodities, and pre-IPO references.
The broader tokenized-equities market is also expanding across Solana, Kraken, Bybit and Robinhood-linked infrastructure. Solana accounted for 97% of cumulative tokenized-equity spot volume in May.
Kraken separately expanded xStocks to 100 backed US stocks and ETFs, widening access outside standard market hours.
RWA Perpetuals Growth Exposes New Risks Across Platforms The rapid rise of RWA perpetuals introduces risks that differ from crypto-native contracts. Equity markets close overnight and on weekends, while on-chain perps continue trading.
Platforms must manage price gaps, funding changes and thin liquidity when primary exchanges are inactive.
Oracle dependence creates another weak point. RWA contracts rely on external feeds for stock, index and commodity prices.
Ostium halted trading after an attacker manipulated its price-reporting infrastructure and drained about $18 million in USDC during July. The incident showed how a compromised oracle component can turn false prices into profitable trades.
Liquidity is also concentrated among a small group of venues and builders. TradeXYZ has controlled most HIP-3 open interest during several growth phases.
Such dominance can improve execution, but it increases exposure to one platform’s technology, market design, and risk controls.
Regulatory treatment remains uneven. Some tokenized shares represent backed instruments, while equity perps provide only cash-settled exposure.
Jurisdiction, investor rights, custody, and disclosure rules vary across platforms. Traders must therefore examine contract terms, oracle design, liquidation rules, and weekend pricing before taking leveraged positions.
22 July 2026 | 19:46 Solana is trading around $78, caught between improving spot ETF flows and a technical structure that has not yet committed to a direction.
Key Takeaways Four consecutive ETF weeks remain positive. Current inflows exceed three prior weeks combined. SOL remains trapped between $73 and $84. $79 is the first breakout hurdle. Alpenglow could become the next catalyst. The price has recovered substantially from the June low near $60, but it remains inside the $73 to $84 range that has controlled trading since the crash. SOL is also sitting just below its flat 100-day simple moving average at $79, placing the market directly beneath its first meaningful resistance.
At the same time, Solana spot ETFs have recorded four consecutive positive weekly readings, creating a more supportive flow backdrop while the chart remains unresolved.
ETF Demand Is Accelerating, Not Merely Staying Positive The four-week sequence shows uninterrupted net inflows into Solana spot ETFs, but the size of those inflows has changed considerably.
Weekly Reading Total Net Inflow July 21, 2026 $8.47 million July 17, 2026 $948,210 July 10, 2026 $930,430 July 2, 2026 $5.75 million The latest $8.47 million total came from $2.64 million on July 20 and another $5.83 million on July 21, per SoSoValue data. Those two days alone brought in more than the approximately $7.63 million recorded across the previous three positive weekly readings combined.
The concentration of demand in the latest period strengthens the flow signal, but ETF inflows do not automatically resolve the price structure. SOL remains below the resistance levels that have repeatedly contained the recovery, meaning the data supports the base without confirming a breakout.
The June Crash Has Turned Into a Defined Range The June decline pushed Solana toward $60 before buyers established a recovery. Since then, price has formed a sequence of higher lows, but every stronger advance has stalled beneath the upper part of the current range.
Daily Solana technical price chart / Source: TradingView The result is a sideways consolidation between approximately $73 and $84. The rising 50-day simple moving average at $73 now overlaps with the lower boundary, giving the range floor both horizontal and moving-average support.
SOL is positioned near the middle of that structure rather than at either extreme. That limits the significance of small daily moves around $78, as price is neither breaking resistance nor threatening the base.
The flat 100-day average reinforces the neutral reading. Its position directly above the market shows that the earlier downtrend has lost some momentum, but it has not yet been replaced by a confirmed uptrend.
$79 Opens the Door, but $84 Confirms the Move The first test is the 100-day average at $79. A daily close above it would move SOL out of the middle of the range and reopen the path toward $84, where the recovery stalled around the middle of July.
Reclaiming it would improve the short-term structure, but the more important confirmation sits at the range ceiling. A move above $84 with stronger volume would produce the first higher high since May.
That would change the character of the recovery. Instead of continuing to rotate between established support and resistance, SOL would begin breaking the sequence that has kept it under pressure since the earlier highs.
The falling 200-day simple moving average at $89 would then become the next visible obstacle, testing whether the market can extend beyond a range breakout into a broader trend reversal.
The relative strength index is near 55, leaving room for price to move in either direction. Momentum is neither overbought nor deeply weakened, so the outcome is more likely to depend on how SOL reacts at 100 SMA and $84 than on an extreme indicator reading.
Why the $73 Floor Might Define the Entire Base The $73 area combines the range floor with the rising 50-day average, making it the level that protects the recovery from returning to its June structure.
A rejection below the 100-day average would initially keep SOL trapped inside the range. Price could rotate back toward $73 without invalidating the base, provided buyers continue defending that area. A daily close below $73 would be more damaging. It would break both horizontal support and the moving average that has risen beneath price during the recovery. That loss would expose the lower recovery zone near $66, followed by the June base around $60. A return to those levels would show that the recent consolidation failed to establish a durable floor.
Alpenglow Adds a Catalyst Beyond ETF Flows Solana is approaching the expected activation window for its Alpenglow consensus upgrade, scheduled for mainnet between August and October 2026.
The timing remains contingent on the release of the Agave 4.2 client and sufficient validator key registrations to complete the required testing and security audits.
Alpenglow represents a complete overhaul of Solana’s consensus layer, replacing Proof of History and Tower BFT. The approaching upgrade could attract additional market attention while ETF inflows are strengthening.
However, the event would not confirm that the range has ended while SOL remains below $79 and $84. A stronger response would require continued ETF demand, a reclaim of the 100-day average and enough volume to clear the July ceiling. Without that combination, Alpenglow may strengthen the narrative around Solana while price continues moving sideways.
Between Flows and Structure Solana’s backdrop is becoming more constructive, but the price has not yet followed with the same conviction. ETF demand is strengthening and Alpenglow provides a potential catalyst, while the chart remains confined beneath its main resistance levels.
The structure therefore stays neutral until the range resolves. Buyers have protected the recovery so far, but only a confirmed move through the upper boundary would turn the consolidation into something more durable.
This article is provided for informational purposes only and does not constitute financial, investment or legal advice.
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.
The 0x Solana API now routes swaps involving Token2022 (Token Extensions) tokens. Existing integrations pick this up automatically: no code changes, no new parameter, no version bump.
Teams can now route common Token2022 assets, including PayPal USD (PYUSD), Global Dollar (USDG), tokenized equities, and launchpad tokens.
How it worksTo support Token2022, DEX programs added a second instruction variant that includes the token mint account, letting the DEX check which extensions are active before it builds the swap. Solana caps account locks and transaction size per transaction, so carrying that extra account on non-Token2022 swaps adds real, unnecessary cost.
The Solana Swap API routes around that cost automatically. Pairs not involving Token2022 keep using the lean, existing instruction. Only pairs that touch a Token2022 token switch to the mint-aware variant. Every route gets the cheapest instruction set for the tokens it actually contains, so Token2022 support doesn't tax the swaps that don't need it.
What to knowFor integrators, request and response shapes are unchanged.
Token2022 routing is live across the major of venues and is extending to the full Token2022-ready DEX set as the remaining venues are enabled. The /enabled-sources endpoint returns the current list.
Use casesStablecoin routing: A wallet quoting PayPal USD (PYUSD) or Global Dollar (USDG) pairs settles them directly through the Solana Swap API instead of dropping the request.Tokenized equities: An app offering tokenized securities issued in Token2022 format executes in and out of those assets through the same swap flow it already uses.Launchpad tokens: An aggregator integrated with a Solana launchpad routes that launchpad's Token2022 tokens without handling a rejection.Bridged assets: A wallet supporting tokens bridged to Solana in Token2022 format routes them exactly as it routes SPL tokens.See the guide for the full API reference & examples.
Start building for free by signing up through the 0x dashboard.
Spot cryptocurrency ETFs recorded strong net inflows on July 21, with Bitcoin and Ethereum products leading the session, according to data from several analytics platforms. The figures show continued investor interest and rising capital commitments across leading crypto assets for a sixth consecutive day in Bitcoin’s case and a third for Ethereum.
Bitcoin ETFs extend inflow streakSpot Bitcoin ETFs brought in $203 million in net inflows on July 21, data from SoSoValue and Wu Blockchain revealed. This marked the sixth consecutive day of net positive flows for US-based Bitcoin investment products.
SBlockSpy, a market tracking account, posted a similar figure of $203.2 million for the day and calculated that the combined inflows for the six-day streak totaled approximately $930 million. These continued inflows highlight persistent institutional and retail demand for spot Bitcoin ETFs.
BlackRock’s iShares Bitcoin Trust (IBIT) led the daily rankings, adding $163.9 million in net inflows. Fidelity’s Wise Origin Bitcoin Fund (FBTC) followed, attracting $23.1 million. This dominance by two of the world’s largest asset managers underscores institutional adoption of exchange-traded Bitcoin products.
Spot Bitcoin ETFs registered $203 million in net inflows on July 21, making it the sixth successive day of positive flows, while spot Ethereum ETFs reported $37.47 million in net inflows, extending their own streak to three days.
Ethereum ETFs maintain momentumSpot Ethereum ETFs also ended July 21 with another positive day, posting $37.47 million in net inflows. This continued the run to three consecutive days of incoming capital, as reported by Wu Blockchain and confirmed by market commentator That Martini Guy.
While Ethereum’s figures were below Bitcoin’s, the positive net flows suggest increasing appeal for regulated ETH investment products. The data indicates that, despite being outpaced by Bitcoin, Ethereum ETFs are holding investor attention after a period of mixed daily flows.
Market participants are now watching closely to see if Ethereum ETFs can extend their streak and attract greater capital throughout the week.
ETFJuly 21 Net InflowStreakBitcoin ETFs$203 million6 daysEthereum ETFs$37.47 million3 daysSOL and XRP enjoy rising ETF demandInterest in spot crypto investment products also spread to Solana (SOL) and XRP, which both posted notable inflows on July 21. That Martini Guy noted that Solana products brought in $5.83 million, while XRP ETFs registered $5.66 million. These inflows indicate that institutional and retail investors are beginning to diversify asset exposure beyond Bitcoin and Ethereum.
Although these sums remain much smaller compared to the Bitcoin and Ethereum ETFs, the expanding interest underscores a broadening of the market’s focus within regulated crypto products.
ETF inflows can shift rapidly depending on price action and investor sentiment. However, consistent multiday inflow streaks are often regarded as a sign of growing confidence among traditional market participants seeking exposure to crypto assets. The coming days may determine whether this positive momentum continues or reverses.
Institutional money is beginning to move beyond Bitcoin and Ethereum, with new capital entering Solana and XRP ETFs, according to recent market data.
Mini dictionary: Wu Blockchain, a widely followed industry news account, provides real-time blockchain and cryptocurrency market data, often aggregating fund flow information and analytics from multiple providers.
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.
Grayscale has filed a new Form 8-K tied to its Solana product, outlining a trust agreement amendment that would allow net staking rewards to be distributed to shareholders at least quarterly.
The filing relates to Grayscale Solana Staking ETF, or GSOL, and was filed with the SEC on July 17. The amendment is expected to become effective on August 7, 2026.
The key point is that this is not a spot Solana ETF approval story.
The filing concerns how staking rewards may be handled for the existing Solana-linked trust structure. It introduces a cash payout mechanism for net staking rewards, which could make the product more attractive to investors who want Solana exposure with a clearer income component.
For Solana, it also shows how staking economics continue to shape institutional product design.
TL;DR Grayscale filed a Form 8-K tied to its Solana staking product on July 17. The amendment would allow net staking rewards to be paid to shareholders at least quarterly. The filing concerns distribution mechanics, not approval of a new spot Solana ETF. Solana Staking Is Becoming Part Of Product Design Solana is a proof-of-stake network, which means staking is central to how the network works.
Tokenholders can delegate SOL to validators and earn rewards for helping secure the chain. In direct ownership, those rewards are part of the appeal. But when investors access SOL through a trust or fund product, staking becomes more complicated.
Who controls the staking process? How are rewards calculated? What fees are deducted? Are rewards reinvested or paid out? How often are distributions made? What risks come with validator selection?
These are not small details for institutional investors.
A product that holds staked SOL but does not clearly pass benefits through to shareholders may be less attractive than one with a defined payout structure. Grayscale’s proposed amendment addresses that question by introducing cash payouts of net staking rewards at least quarterly.
That gives investors a clearer framework for how staking income may be reflected.
Why Quarterly Payouts Matter Quarterly payouts make the product easier to understand.
Traditional investors are used to funds that distribute income on a schedule. Bond funds, dividend funds, and other yield-linked products often use regular distributions to make income visible.
Crypto staking rewards are different, but the investor expectation can be similar.
If a Solana product can translate staking rewards into scheduled cash payouts, it may become easier for advisors, funds, and institutions to evaluate. It turns an on-chain reward mechanism into something closer to a familiar financial product feature.
That does not remove risk.
Staking yields can fluctuate. Validator performance matters. Network conditions can change. Fees and expenses reduce net payouts. Regulatory treatment may evolve.
But the structure is more legible to traditional investors than a vague promise of staking exposure.
Not A Spot ETF Approval It is important to keep the filing in proportion.
The Form 8-K does not mean regulators have approved a new spot Solana ETF. It does not mean Solana has cleared the same path as Bitcoin or Ethereum in the ETF market. It is a trust agreement amendment involving distribution mechanics.
That distinction matters because Solana ETF speculation has been a major market theme.
Traders often react quickly to anything involving Grayscale, Solana, SEC filings, or staking language. But not every filing is an ETF approval milestone. Some filings deal with product operations, disclosures, agreements, or shareholder mechanics.
This one is about staking reward distributions.
That is still meaningful, especially for investors watching how crypto products evolve. It just should not be misread as a regulatory green light for a spot Solana ETF.
Solana Products Are Getting More Sophisticated The broader trend is that Solana investment products are becoming more sophisticated.
As Solana’s network activity, DeFi ecosystem, and institutional profile grow, asset managers have more reason to design products around SOL exposure. Staking is a natural part of that conversation because it is embedded in the network’s economics.
For institutions, the question is not only whether they want SOL exposure. It is what kind of exposure they want.
Direct custody gives maximum control but requires operational infrastructure. Fund products simplify access but introduce fees, structures, and rules around staking. A trust with scheduled net reward payouts sits somewhere in the middle.
Grayscale’s filing shows how these products may evolve before or alongside any future ETF decisions.
Solana investors should watch the effective date and any further disclosures about payout mechanics, expenses, and staking operations.
For now, the filing adds another institutional layer to Solana’s market story.
It does not change the regulatory status of spot Solana ETFs, but it does show that staking rewards are becoming harder for asset managers to ignore.
This article is based on Grayscale’s July 17 SEC Form 8-K filing for GSOL.
This article was written by the News Desk and edited by Samuel Rae.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Franklin Templeton, a leading global asset management firm overseeing over $1.5 trillion in assets, has identified artificial intelligence agents as the next major growth area for blockchain and cryptocurrency. Sandy Kaul, the firm’s head of digital assets and innovation, outlined this vision in a recent post on X.
AI agents and blockchain infrastructureAccording to Kaul, the emergence of an AI-driven agent economy will generate significant demand for blockchain protocols capable of supporting machine-to-machine micropayments. She noted that legacy payment networks, including widely used card systems, face challenges meeting the fast and low-cost requirements of automated digital agents.
Kaul highlighted the limitations of established card networks, with fees and settlement speeds unsuited for the high-frequency, micro-level transactions typical of automated AI agents. In her view, most investors today focus on acquiring shares of companies aligned with the AI sector, but she questioned whether this approach will remain effective as agentic AI becomes prevalent.
Most investors today buy shares of AI-aligned companies to access the AI growth opportunity, but it remains uncertain if that strategy will hold as agentic AI evolves.
She pointed to blockchain networks including Aptos, Solana, and BNB Chain as well-positioned for this new digital landscape. These platforms can settle transactions within seconds, offering a sharp contrast to the one-to-three business day settlement times seen in systems like the Visa network.
Payment industry leaders have recently examined this topic as well. Payments giant Visa and research platform Artemis published a joint report last week, concluding that traditional cards—designed for infrequent, human-driven transactions—are not adequate for the needs of AI agents. They argued that to support agentic micropayments on a commercial scale, networks require both instant settlement and minimal fees.
Mini dictionary: Agentic economy, a digital ecosystem where AI agents autonomously perform transactions or tasks, often interacting with other machines, users, or protocols without direct human intervention.
Industry response and adoption trendsWithin the past few months, several major players have launched tools targeting the intersection of AI and payments. Visa’s crypto division and Tempo, supported by Stripe, both unveiled AI-driven solutions in March. Visa’s new function grants AI agents the ability to process same-day payments.
Meanwhile, new protocols facilitating machine payments are seeing early signs of traction. The x402 payment protocol, a system created by Coinbase, reportedly processed $15 million in adjusted volume through over 109 million adjusted transactions since its introduction in May 2025, according to the joint analysis by Visa and Artemis.
Protocol/NetworkSettlement SpeedRecent UsageAptosSecondsPositioned for agentic AISolanaSecondsPositioned for agentic AIBNB ChainSecondsPositioned for agentic AIVisa Network1–3 business daysTraditional card usagex402 (Coinbase)Seconds$15 million, 109M transactions since May 2025Visa launched its machine-to-machine payments tool to strengthen its presence as the pace of agentic transactions accelerates, while adoption data from Coinbase illustrates practical engagement with the technology in live environments. This suggests interest is building in infrastructure that can support the complex and rapid settlement needs of AI-driven economies.
Visa and Artemis found that traditional payment cards are not built for the frequency or scale required by agentic AI transactions, reinforcing the shift toward blockchain alternatives.
The increasing experimentation and support for agentic AI payments by both blockchain networks and major payment industry companies reflect a growing recognition of the role digital assets may play in powering next-generation automated commerce.
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.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
S&P Dow Jones Indices and Pantera Capital have launched the S&P Pantera Digital Asset Index, a new crypto benchmark that excludes Bitcoin (BTC) entirely.
CEO Cathy Clay said Bitcoin fails the index’s core test, generating real protocol revenue instead of trading purely on speculation.
How the Index Weighs Its TokensThe index holds 18 constituents. Its five largest holdings are Ether (ETH), Binance Coin (BNB), Solana (SOL), Tron (TRX), and Hyperliquid (HYPE), a decentralized derivatives exchange.
The benchmark weights holdings by market capitalization and rebalances quarterly. No single token can exceed 35% of the total, and no other holding can top 20%. These caps mirror rules S&P applies to its own equity benchmarks.
Clay wants to bring stock-index discipline into digital assets. She favors protocols with verifiable economic activity over ones that trade on name recognition alone.
Pantera co-developed the methodology with founder Dan Morehead. The firm has managed over $3 billion across three investment strategies since launching its first crypto fund in 2013.
“S&P Dow Jones Indices helps investors cut through market noise with benchmarks you can trust.”
Clay, CEO of S&P Dow Jones Indices
Wall Street Warms to Altcoin SeasonThe exclusion highlights a widening split in how institutions define crypto value. By this measure, revenue beats Bitcoin’s dominant narrative as the market’s largest asset. Pantera’s history with institutional crypto access suggests more revenue-screened benchmarks could follow.
The launch lands as retail altcoin season signals stay unconfirmed but improving. CoinGlass’s Altcoin Season Index climbed to 58 in mid-July, building on a June 4 spike to 64. That reading sits above the neutral midpoint, but it remains short of the 75 threshold that confirms genuine rotation.
Institutional flows tell a parallel story. A March BeInCrypto Expert Council discussion found major allocators narrowing institutional crypto bets to Bitcoin, Ethereum, and a short list of DeFi names.
A revenue-screened benchmark like the S&P Pantera Digital Asset Index offers portfolio managers a compliant route into that same thesis. It provides exposure to large-cap altcoins with real usage, skipping meme coins and speculative networks entirely.
If other index providers copy the approach, institutional capital could rotate into select altcoins early. That could happen well before retail-driven altcoin season data confirms a broader move.
A new wallet withdrew 74,900 HYPE tokens from Galaxy Digital and transferred them to Coinbase.
According to on-chain monitoring, a newly created wallet address 0x448a withdrew 74,900 HYPE tokens from Galaxy Digital, valued at approximately $4.39 million, and subsequently transferred them to Coinbase.
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OKX continues to upgrade its asset protection system, rolling out large withdrawal protection and night-time withdrawal protection.
According to official announcements, OKX has now launched large withdrawal protection and after-hours withdrawal protection. Large withdrawal protection allows users to independently set a 24-hour cross-channel cumulative withdrawal threshold, with a maximum equivalent of $10 million. After-hours withdrawal protection enables KYC-verified users to set a daily protection period of up to 12 hours, during which operations including on-chain withdrawals, C2C sales, API withdrawals, and Pay top-ups will be blocked. Users can configure these features in the "Security Center" → "Advanced Security Settings" section.
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Summer Fi attacker transfers most of the stolen funds, leaving approximately $565,000 worth of ETH remaining.
According to monitoring by OnchainLens, following the Summer Fi attack on July 6, the attacker stole approximately 6.017 million DAI, and has since been converting and transferring funds via Tornado Cash. Currently, the remaining funds in the attacker’s wallets include: 11.3 ETH (valued at around $21,600) held in the original wallet, and 282.9 ETH (worth approximately $543,500) in a second wallet.
5 minutes ago
A certain whale has bought a total of 54,449 ETH and 600 WBTC since the end of June.
According to monitoring by The Data Nerd, wallet address 0x2684 has been steadily accumulating ETH and WBTC since June 30, with its current unrealized profit exceeding $12.5 million. The whale has purchased a total of 54,449 ETH (valued at roughly $94 million, at an average price of ~$1,726) and 600 WBTC (worth ~$38.37 million, with an average purchase price of ~$63,950). The position turned to unrealized profit after the whale added to its holdings during a market downturn.
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Analysis: Bitcoin’s volatility falls to its lowest level since 2016, sustained deleveraging reduces liquidation risks
Crypto Quant analyst Axel Adler Jr noted in a post that Bitcoin has recently entered a low-volatility compression phase. The 30-day average of its 1-week realized volatility has fallen to 28.3, a roughly 31% drop from the June 25 peak of 41.6. The metric has also retreated to around the 8th percentile of its historical distribution since 2016, meaning 92% of past trading days saw higher volatility than current levels. Meanwhile, Bitcoin’s 30-day momentum of open interest (OI) relative to market capitalization has been negative for 21 consecutive days, signaling market leverage is continuing to decline rather than accumulating amid the low-volatility environment. The cryptocurrency’s current price has rebounded approximately 11.4% from its June low, but this uptick has not been paired with an expansion of derivative positions, reducing the risk of a large-scale liquidation cascade. However, Bitcoin remains below its 200-day moving average of $72,666. If volatility rises back above 35 while the price fails to hold above the long-term moving average, downside risks could increase.
5 minutes ago
Optical module and storage stocks pull back collectively in pre-market US stock trading.
According to BIT (Bit.com) market data, ahead of U.S. stock market opening, the optical module and storage sectors saw a slight pullback after rallying sharply yesterday, with pre-market funds showing signs of profit-taking. Optical module stocks: Coherent (COHR) closed up 11.15% at $317.220 yesterday, trading at $306.260 pre-market, down 3.46%; Lumentum Holdings (LITE) closed up 9.41% at $837.560, pre-market at $812.060, down 3.04%; Applied Optoelectronics (AAOI) closed up 15.76% at $119.260, pre-market at $115.940, down 2.78%; Nokia (NOK) closed up 5.46% at $10.630, pre-market at $10.530, down 0.94%; Marvell Technology (MRVL) closed up 6.68% at $207.960, pre-market at $202.720, down 2.52%. Storage stocks: Seagate Technology (STX) closed up 11.14% at $891.830 yesterday, pre-market at $864.500, down 3.06%; Western Digital (WDC) closed up 12.51% at $548.390, pre-market at $530.000, down 3.35%; SanDisk (SNDK) closed up 14.27% at $1589.400, pre-market at $1546.080, down 2.73%; Micron Technology (MU) closed up 12.17% at $970.820, pre-market at $944.550, down 2.71%. Pre-market, optical module and storage stocks generally pulled back 2%-3.5%, a technical adjustment following yesterday's sharp rally. Funds remain concentrated in the AI infrastructure chain, with storage and optical interconnection continuing to benefit from the expansion of AI server demand.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Solana (SOL) steadies at $78 on Wednesday, up over 2% so far this week. Institutional demand shows positive signs with SOL spot Exchange Traded Funds (ETFs) recording a second consecutive day of inflow this week. In addition, strengthening derivatives metrics support further gains ahead.
Institutional demand shows a bullish biasSoSoValue data shows that spot ETFs recorded an inflow of $5.83 million on Tuesday, the highest single-day inflow since July 6 and marking the second consecutive day of inflows this week. If this inflow continues and strengthens throughout the week, the SOL price could rally.
On the derivatives front, rising long bets among the traders further support the bullish bias. CoinGlass’ long-to-short ratio reads 1.12 on Wednesday, nearing the highest level over a month. A ratio below 1 indicates bullish sentiment, as traders bet that asset prices will rise.
Solana long-to-short ratio chart. Source: CoinglassSolana Price Forecast: Closes above 50-day EMASolana price trades at $78.05 on Wednesday, maintaining a capped near-term tone as it holds below the 100-day Exponential Moving Average (EMA) at $80.39 and well under the 200-day EMA at $92.87. Price remains just above a local support cluster defined by the 50-period EMA at $76.76 and the horizontal line at $77.06, suggesting ongoing consolidation rather than a clear bullish breakout.
The Relative Strength Index (RSI) at 54 remains in neutral-to-positive territory. At the same time, the Moving Average Convergence Divergence (MACD) indicator is still slightly negative, suggesting that upside attempts are tentative and vulnerable to renewed selling pressure, with these higher averages capping the pair.
On the topside, immediate resistance is seen at the 50% retracement at $79.27, followed by the 100-day EMA at $80.39; a daily close above this band would open the way toward the 61.8% Fibonacci retracement at $83.78.
On the downside, initial support is found at the horizontal line at $77.06, reinforced by the 50-day EMA at $76.76; a break below this zone would expose the 38.2% Fibonacci retracement at $74.75, with deeper floors at $69.16 and $60.13 only likely to be tested if sellers regain firm control of the daily trend.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Solana has experienced a significant influx of stablecoins, with a reported $330 million entering the network in the past 24 hours. This development, primarily driven by Circle, the issuer of USDC, underscores Solana’s role as a major host for stablecoin liquidity. Circle’s recent activity on Solana aligns with reports suggesting that the network holds approximately $15 billion in stablecoins, with USDC constituting a substantial portion. The inflow indicates continued confidence in Solana’s network capabilities and its attractiveness as a stablecoin platform.
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Key Takeaways Market activity suggests that the $330 million stablecoin inflow into Solana could be consistent with support for a price increase. Circle’s role as a key driver in Solana’s stablecoin ecosystem is reinforced by recent mints and inflows. Current market odds for Solana reaching $90 in July appear to be minimally affected so far, with a 7.5% YES pricing. What to Watch Watch for further inflows and mints by Circle, which could indicate ongoing support for Solana’s growth. Markets will be attentive to any changes in price movement that align with these inflows, especially with only 10 days left in July. Observers should also monitor any potential announcements from Solana or Circle that could impact market sentiment and pricing dynamics.
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Term Structure
Contract Odds Δ since publish Volume 24h August 1 2026 7.5% — — View market → August 1 2026 0.2% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.9% — — View market → August 1 2026 0.7% — — View market → August 1 2026 0.4% — — View market → August 1 2026 1.6% — — View market → August 1 2026 0.4% — — View market → August 1 2026 2.7% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.7% — — View market → August 1 2026 0.1% — — View market → August 1 2026 21.5% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.1% — — View market →
Key Highlights SOL currently holds at $78, up approximately 5% from its low on July 18 A decisive close above $80 is required to unlock momentum toward $82–$84 Heavy short liquidations concentrated between $79–$80 may fuel a squeeze higher BONK governance exploit extracted $20M from treasury, shaking ecosystem trust Breakdown beneath $75.55 could send SOL toward $72.50 and potentially $67 Solana is currently positioned at $78.03, marking a roughly 5% rebound from the July 18 bottom after support solidified near the $74 mark. Intraday action has kept the token confined between $77.42 and $78.88, while remaining below the $82–$84 resistance zone tested earlier this month.
Solana (SOL) Price The critical threshold sits at $80. A sustained daily close beyond this level would pave the way toward July’s swing peaks between $82.50 and $84. Should bulls manage to clear that zone, the next milestones emerge at $90 and the previous range ceiling around $97.60.
Technical structure on the 4-hour timeframe shows SOL trading comfortably above four pivotal moving averages — positioned at $75.55, $76.42, $77.01, and $77.60. This configuration signals near-term bullish control. The MACD indicator maintains its position above the signal line, although upward momentum has begun to taper.
Prominent crypto analyst Michaël van de Poppe shared his perspective on X, noting that SOL is successfully “holding the range low” and suggesting it’s “just a matter of time” before momentum drives prices toward $120. His outlook remains decidedly bullish despite recent sideways movement.
The path of $SOL remains the same.
It's holding the range low and, to me, it's just a matter of time until this starts to accelerate towards $120. pic.twitter.com/hv6rVMtkxl
— Michaël van de Poppe (@CryptoMichNL) July 21, 2026
Potential Short Squeeze Taking Shape Liquidation metrics from CoinGlass reveal substantial short interest concentrated around $78.50, $79.20, and $80.60. A decisive breakthrough above $79 could trigger forced liquidations among overleveraged shorts, injecting fresh buying pressure and potentially accelerating movement toward $81.
Source: Coinglass The Chaikin Money Flow indicator currently registers at -0.02, just below neutral territory, suggesting that capital inflows haven’t fully supported the recent price recovery. Validation of the uptrend will require more robust buying volume.
Trader Daan Crypto Trades offered a straightforward assessment: SOL has arrived at a “key high timeframe region.” The outcome is binary—either bulls break through and aim for the $90s, or the price faces rejection and retreats toward the mid-$60s.
BONK Treasury Exploit Clouds Market Mood Market confidence suffered following a governance exploit that siphoned approximately $20 million from the BonkDAO treasury. The perpetrator invested roughly $4.4 million to accumulate sufficient BONK tokens for governance participation, then successfully pushed through a malicious proposal with 99.9% voting support. While Solana’s core infrastructure remained uncompromised, the episode exposed governance vulnerabilities within a prominent ecosystem project.
On the broader macroeconomic front, Brent crude oil climbed to $91.01 amid escalating U.S.-Iran geopolitical tensions, pushing the dollar index to 101.16. A strengthening dollar generally dampens investor appetite for risk assets including SOL.
U.S. spot Solana ETFs registered $8.36 million in net inflows on July 6 — marking their most robust single-day performance in nearly eight weeks — with zero outflows documented throughout the entire week.
Should support at $75.55 fail to hold, downside targets emerge at $72.50 followed by the June low around $67.
S&P Dow Jones Indices and Pantera Capital launched a new crypto index, leaving out Bitcoin (BTC) and Ripple’s XRP crypto assets. Ethereum (ETH), Binance Coin (BNB), Solana (SOL), TRON (TRX), and Hyperliquid (HYPE) are the top five constituents in the new benchmark for the crypto market.
Why Bitcoin and XRP Missed Out of S&P Dow Jones Crypto Index? S&P Dow Jones Indices and Pantera Capital announced the S&P Pantera Digital Asset Index, a new benchmark for the crypto market. The companies claim it will serve as a benchmark for institutional investors seeking a disciplined and structured approach to digital asset allocation.
However, the crypto index excludes top crypto assets Bitcoin and XRP. It also leaves out WhiteBIT Token, Unus Sed Leo and Rain Protocol.
S&P Dow Jones Indices CEO Kathy Clay said Bitcoin and XRP were excluded from the S&P Pantera Digital Asset Index due to their failure to meet a key revenue-generation requirement.
“We bring that same discipline to digital assets, using a fundamentals-driven, economics-based framework built for diversified portfolios. In collaboration with Pantera and powered by Artemis data, we apply the same standards in trusted benchmarks like the S&P 500 to help investors focus on fundamentals in one of today’s most fast-moving asset classes,” Clay added.
Bitcoin and XRP communities have already pushed back against the new benchmark for the crypto market as it doesn’t include top crypto assets.
BTC price has dropped below $66K after hitting a 24-hour high of $66,910. Also, XRP price has dropped more than 2% from $1.16 to $1.13 at press time amid escalating US-Iran war.
Details on S&P Pantera Digital Asset Index The new S&P Pantera Digital Asset Index holds 18 constituents, with ETH, BNB, SOL, TRX, and HYPE as the top five crypto assets.
Unlike traditional crypto indices that track prices or top crypto assets based on market cap, this index adopts an approach similar to traditional financial benchmarks. The crypto index only includes tokens and projects that have real-world utility and generate actual revenue.
The benchmark weights holdings by market capitalization and rebalances quarterly. The weighting factors include no single token can exceed 35% of the total and no other holding can top 20%. These caps mirror rules S&P applies to its equity benchmarks.
S&P Pantera Digital Asset Index Construction and Constituents Kathy Clay claimed she wants to bring stock index discipline into digital assets. She favors protocols with verifiable economic activity over ones that trade on hype and price momentum.
By prioritizing protocols with verifiable economic activity, this indexing approach aligns with the institutional framework powering regulated real-world asset platforms bridging traditional finance on-chain.
Solana (SOL) trades at $78, maintaining its recovery following a rebound from lows near $74 on July 18. The cryptocurrency has climbed approximately 5% from its recent bottom, but remains capped below the overhead resistance of $82 to $84, an area that restricted upward momentum earlier in July.
Key technical levels and bullish signalsSOL currently sees intraday trading between $77.42 and $78.88, staying just under the $80 mark that many traders view as a crucial breakout level. A consistent daily close above $80 would open the path toward July’s swing highs around $82.50 to $84. If this level is cleared, technical targets shift upward to $90 and then to the previous range top near $97.60.
On the 4-hour chart, SOL holds above four major moving averages: $75.55, $76.42, $77.01, and $77.60. This alignment suggests buyers maintain near-term control despite some moderation in upward momentum.
The Moving Average Convergence Divergence (MACD) currently remains above its signal line, reinforcing a short-term bullish outlook, though momentum looks to be flattening.
Crypto analyst Michaël van de Poppe described the current structure as “holding the range low,” adding that it may be just a matter of time before SOL targets $120. He continues to express a bullish outlook, even with the recent period of consolidation.
Short interest and liquidation zonesData from liquidations tracking platform CoinGlass highlights significant concentration of short positions at $78.50, $79.20, and $80.60. A move above $79 could trigger notable short liquidations, compelling a squeeze and providing momentum for SOL to climb past $81.
Meanwhile, the Chaikin Money Flow indicator stands at -0.02, slightly below neutral. This reading indicates capital inflows have yet to fully confirm the recent uptick in price, suggesting that higher trading volumes will be necessary to drive further gains.
Trader Daan Crypto Trades described SOL as being at a “key high timeframe region,” indicating that the next move will depend on the bulls’ ability to break through toward the $90 range, or risk a pullback into the mid-$60s.
Mini dictionary: Chaikin Money Flow (CMF) is a technical analysis indicator that uses price and volume data to gauge the buying and selling pressure of a security. Values above zero indicate buying pressure, while values below zero signal selling pressure.
LevelSignificance$75.55Support, moving average$78.50–$80.60Short liquidation zone$80Critical breakout resistance$82–$84Next resistance$90–$97.60Further upside targets$72.50–$67Potential downside if support failsImpact of BONK treasury exploitSentiment within the Solana ecosystem took a hit after a governance exploit targeted the BonkDAO treasury, leading to the loss of approximately $20 million. The individual behind the attack invested around $4.4 million in acquiring BONK tokens, which allowed them to pass a malicious proposal that drew overwhelming approval in a manipulated governance vote. This incident left Solana’s core blockchain untouched, but exposed vulnerabilities in decentralized decision-making across major Solana-based projects.
Mini dictionary: BonkDAO is a decentralized autonomous organization responsible for managing the treasury and governance of the BONK meme coin ecosystem on Solana, enabling token holders to participate in governance through voting.
On a broader scale, external factors have also influenced SOL’s performance. Brent crude oil reached $91.01 following renewed geopolitical tensions between the United States and Iran, which pushed the US dollar index up to 101.16. A stronger dollar typically reduces the appetite for risk assets, including cryptocurrencies like Solana.
Still, Solana’s position in regulated markets strengthened when US spot Solana exchange-traded funds attracted $8.36 million in net inflows on July 6, their best single-day performance in nearly two months. No outflows were registered for the week, reflecting ongoing institutional interest.
If the $75.55 support level weakens, SOL could retreat toward $72.50 and possibly revisit the June low near $67.
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.
Tokenized equities on Solana have reached a new milestone with lending market activity hitting a weekly all-time high of $51.9 million, according to data from SolanaFloor. Kamino and Jupiter Exchange are key platforms contributing to this surge, with over $31 million and $20 million respectively. This development reflects growing interest and usage of tokenized equities within the Solana ecosystem, suggesting increased collateral use and participation in onchain credit markets. Recent records in the overall Solana tokenized equity market, including a significant $535 million in total outstanding value, further highlight the ecosystem’s expanding reach.
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Key Takeaways Solana’s tokenized equities have achieved a weekly record of $51.9 million in lending markets, suggesting increased engagement. Kamino and Jupiter Exchange are the primary platforms driving this growth, with significant contributions to the weekly total. The broader Solana tokenized equity market has also shown substantial growth, with a total outstanding value peaking at $535 million. What to Watch Markets are closely monitoring whether the increased activity in tokenized equities on Solana will influence its price trajectory. Key developments such as potential ETF inflows, regulatory changes, and ecosystem upgrades could impact the likelihood of Solana reaching higher price targets. Observers are particularly attentive to whether these dynamics align with scenarios where Solana achieves or exceeds the $90 price level by the end of July. Further announcements from Solana Labs or shifts in regulatory stances may provide additional indicators.
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Term Structure
Contract Odds Δ since publish Volume 24h August 1 2026 8% — — View market → August 1 2026 0.2% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.9% — — View market → August 1 2026 0.7% — — View market → August 1 2026 0.4% — — View market → August 1 2026 1.6% — — View market → August 1 2026 0.4% — — View market → August 1 2026 2.6% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.6% — — View market → August 1 2026 0.1% — — View market → August 1 2026 22% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.1% — — View market →
Ramp has expanded its business payments platform with Solana-powered stablecoin accounts, giving companies a way to hold USDC and USDT while sending cross-border payments around the clock from a single financial workflow.
Summary
Ramp has launched Solana powered stablecoin accounts, allowing businesses to hold USDC and USDT while sending cross border payments at any time. Companies can pay vendors in more than 140 countries with stablecoins or settle in over 40 local currencies through Ramp’s existing financial workflows. The launch adds to Solana’s recent enterprise payment partnerships as institutions and businesses expand stablecoin use for treasury management and global settlements. According to an announcement from Ramp, businesses can now open a Stablecoin Account to store USDC or USDT directly within the company’s financial platform and use those balances for international payments without relying on separate crypto exchanges, wallets, or accounting systems.
STABLECOINS ARE NOW ON RAMP.
Your business operates 24/7, but your money only operates Mon-Fri, unavailable on evenings, weekends, & holidays.
Now you can pay vendors faster across borders & move money in USDC or USDT with the approvals & accounting workflows you already use.… pic.twitter.com/3LWphYZRmd
— Ramp (@tryramp) July 21, 2026 The launch also lets companies pay overseas vendors in stablecoins even if they never hold digital assets themselves. Through Ramp Bill Pay, payments can be funded from a U.S. dollar bank account or Ramp Checking before being converted into USDC or USDT and delivered to a recipient’s wallet.
Ramp said the new feature is designed to fit into existing finance operations instead of requiring businesses to adopt a separate crypto workflow. Stablecoin balances appear alongside cash accounts in the same dashboard, follow existing approval policies, and remain connected to the same accounting integrations already used by customers.
Businesses using the Stablecoin Account can also earn rewards of up to 3.25% on eligible stablecoin balances. Ramp described the balances as digital dollars backed by cash reserves and said they are intended for payments and treasury management rather than investment.
Payments move beyond banking hours Cross-border transfers can now be made at any time without waiting for banking cutoffs or wire processing windows, Ramp said. Companies can send USDC or USDT directly to vendor and contractor wallets in more than 140 countries or convert those funds into fiat currencies for payouts across more than 40 local currencies.
The company said more than 1,000 businesses already use stablecoins to pay vendors through its platform. According to Ramp, more than 70% of the payment volume generated by those users takes place outside traditional banking hours, indicating that businesses continue making payments after banks have closed.
Ramp also included comments from Totalis Chief Executive Officer Pravesh Mansharamani, who said the company’s Stablecoin Account has allowed it to keep treasury assets on-chain. He added that his company views programmable, always-available money as a better fit for modern businesses than conventional banking rails.
The announcement follows growing interest among finance companies in using stablecoins for international settlement, treasury management, and business payments as digital dollar infrastructure continues to expand.
Solana continues adding enterprise payment partners The integration adds another enterprise payments use case for Solana, whose ecosystem has increasingly focused on stablecoin settlement instead of only decentralized finance and trading applications.
Recent initiatives by the Solana Foundation have followed a similar direction. Earlier this month, SBI Holdings and the Solana Foundation announced a strategic partnership to establish SBI Solana Global, a venture that plans to build regulated on-chain financial infrastructure in Japan using Solana as its primary blockchain.
According to the companies, the project will support yen-denominated stablecoins, including JPYSC, while also developing tokenized bonds, commercial paper, investment funds, real estate products, and institutional settlement services. The partners also identified cross-border payments and AI-focused payment systems as future business areas, although product launch dates have not yet been disclosed.
Expansion into enterprise finance has also reached South Korea. In April, Shinhan Card announced a partnership with the Solana Foundation to test stablecoin payments on Solana’s testnet through a proof-of-concept that simulates everyday retail transactions between customers and merchants. The company said the pilot is evaluating transaction performance, non-custodial wallet security, and blockchain payment infrastructure while exploring hybrid finance models that combine traditional financial services with decentralized finance technologies.
Solana has also extended its stablecoin payment infrastructure into artificial intelligence services. Earlier this month, the Solana Foundation and Google Cloud introduced Pay.sh, a payment gateway that allows AI agents to purchase API access using stablecoins on Solana. The platform supports per-request payments for Google Cloud services, including Gemini, BigQuery, and Vertex AI, while using Solana wallets instead of conventional subscriptions or API keys.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Solana co-founder Anatoly Yakovenko waded into one of tech’s most contentious debates on July 21, arguing that US fair use laws protect AI companies like Anthropic when they use voluntarily published online data to train their models.
Yakovenko’s position is simple: if you put it on the internet voluntarily, AI companies should be able to learn from it. The legal system, however, is still working out whether it agrees.
The legal backdrop is messier than Yakovenko suggests Anthropic, the company he specifically named, recently reached a $1.5B settlement related to copyright infringements involving digital books. A federal judge also issued a mixed ruling that drew a clear line in the sand. Purchased materials used for AI training? Potentially fair use. Pirated copies? Not so much.
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Section 107 of the US Copyright Act, which governs fair use, considers factors like the purpose of the use, the nature of the copyrighted work, and the effect on the market for the original. Courts are evaluating AI training against all four factors, and the results have been anything but uniform.
Yakovenko’s framing focuses on “voluntarily published” content, which is a narrower claim than what many AI companies actually practice.
Why a blockchain founder cares about AI copyright law Yakovenko didn’t announce any specific Solana projects or token launches tied to AI. No new protocol, no partnership reveal, no roadmap. But his public stance on the legality of AI data usage signals where his thinking might be headed. If fair use protections hold up for AI firms, blockchain-based solutions for data provenance become a “nice to have” rather than a legal necessity. If courts tighten restrictions, suddenly those solutions look essential.
Multiple crypto news outlets and analysts amplified his comments on social media, with many tagging $SOL in their discussions.
What this means for investors watching the AI-crypto convergence If US courts ultimately settle on a broad interpretation of fair use that protects AI firms using publicly available data, the urgency for decentralized data marketplaces and on-chain licensing systems diminishes. On the other hand, if the $1.5B Anthropic settlement becomes a template rather than an outlier, AI firms will need robust systems for tracking data provenance, managing licensing, and compensating creators.
The broader risk here is that investors mistake a founder’s policy opinion for a product announcement. Yakovenko articulated a legal position, not a business strategy.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Solana's tokenized equity trading volume quadrupled last quarter, driven largely by SpaceX's record-breaking IPO, according to new research.
Solana (SOL) processed nearly $6 billion in tokenized asset trades last quarter, and almost all of it came from tokenized stocks rather than crypto.
Solana is a high-performance blockchain network best known for its speed and low transaction costs, capable of processing thousands of transactions per second at a fraction of a cent each. Those qualities have long made it a popular venue for crypto trading and meme coins.
But new research from Blockworks shows the network's growth in the second quarter of 2026 came almost entirely from a different source: tokenized versions of real-world stocks.
Tokenized stocks had their breakout quarterTokenized asset trading on Solana hit an all-time high of $5.8 billion in the second quarter, up 114% from the previous quarter, according to Blockworks Research.
The vast majority of that came from tokenized equities specifically, which reached $4.8 billion, more than four times what they did in the first quarter.
The growth accelerated as the quarter progressed. Tokenized equity volume was $670 million in April, $871 million in May, and then jumped to $3.3 billion in June alone, an all-time high for the category. Solana now handles roughly 97% of all tokenized-equity trading across every blockchain.
Much of June's surge traces back to a single event: SpaceX's public listing on June 12, the largest IPO in history.
A tokenized version of the SpaceX stock, issued through Sunrise and distributed via Backpack, accounted for roughly $770 million of that month's volume on its own. Issuers have since added tokenized versions of other companies, including Micron, SanDisk, and the Roundhill Memory ETF, and together with SpaceX, these four assets brought in more than $1 billion in June trading alone.
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The rest of the network told a different storyNot everything on Solana grew this quarter. Real Economic Value, a measure of the network's total revenue from fees and tips, fell 43% to $51 million, continuing a decline that has followed the fading of last year's meme coin frenzy. Priority fees dropped 45% to $30.8 million, and tips paid to validators through Jito fell 50% to $9.9 million.
Revenue generated by applications built on Solana, a separate measure that tracks how much money user-facing products are actually making, fell 31% to $228.4 million, the lowest quarterly total since the first quarter of 2024. Solana's overall share of blockchain revenue also slipped.
The network ranked fourth among all blockchains in Q2 with a 12% share, behind Hyperliquid at 33%, Tron at 21%, and Ethereum at 15%, a decline from the 18% share Solana held in the first quarter.
Most Popular on TheStreet Roundtable:Bitcoin miner stock surges on $9.8 billion AI dealAnalyst cuts crypto firm's price target after 25% layoffsXXI stock plunges 18% after CEO's abrupt exitOverall trading volume on Solana's decentralized exchanges also fell, down 44% to $160.8 billion for the quarter. Even so, Solana still handled more spot trading volume than any other blockchain, representing 32% of the market, ahead of Ethereum's 25%, Base's 16%, and BNB Chain's 12%.
It marked the eighth straight quarter Solana has held more than 30% of that market. Monthly volume also recovered late in the quarter, climbing from $48 billion in May to $60.5 billion in June.
Institutional demand held steadyBitcoin and Ethereum ETPs saw billions of dollars pulled out during the quarter, but funds tracking SOL kept taking in new money, with $120 million in net inflows, slightly ahead of the first quarter's pace. The amount of SOL staked also hit a new high, ending the quarter at 427 million tokens, roughly two-thirds of the entire supply.
Stablecoin supply on the network held steady at $16.3 billion, while the total number of non-vote transactions processed reached 9.8 billion, Solana's second-highest quarterly total on record. Median transaction fees averaged just $0.0004 throughout the quarter.
Solana's next major test is a protocol upgrade called Alpenglow, described as the network's largest to date. It is expected to cut confirmation times to 150 milliseconds, alongside larger blocks, faster slot times, and a new standardized way of sharing block revenue directly with stakers.
Bitcoin Provides Defensive ExposureBlue Macellari, T. Rowe Price’s head of digital assets and the ETF’s lead portfolio manager, said the fund reflects the company’s longstanding emphasis on active management and fundamental research.
"We were never going to launch just a Bitcoin ETF," Macellari said during an appearance on the Crypto Prime podcast on Monday.
Its initial portfolio was led by Bitcoin at roughly 41% and ETH at about 18%, followed by positions in BNB, SOL XRP, HYPE and smaller allocations to other assets.
Macellari described the current market as a crypto winter and noted the fund is positioned relatively defensively, explaining its substantial Bitcoin weighting.
‘Tokenization Good, Crypto Bad’ Is A False DivideMacellari argued that Wall Street often tries to separate tokenization from cryptocurrencies by claiming tokenization is valuable while native digital assets are not.
She rejected that distinction.
If stocks, funds and other financial products migrate to public blockchains, their activity could create value for the networks and native tokens underpinning those systems.
The broader portfolio reflects T. Rowe Price’s bullish outlook on what she called "on-chain finance."
Macellari highlighted Hyperliquid’s revenue model as particularly compelling because it can be understood and valued using metrics familiar to traditional investors.
ETH and SOL may also benefit as financial institutions move tokenized assets and around-the-clock markets onto blockchain networks, she predicts.
Crypto Winter May Approach Its Final StageMacellari explained that the market has been in a persistent downturn since the October 2025 selloff, marking the first crypto winter experienced by many investors through spot exchange-traded products.
Bitcoin has suffered a drawdown of about 50%, while Ethereum, Solana and other altcoins have faced deeper declines.
However, she said the selloff has created more attractive asymmetric opportunities in projects whose underlying adoption and economics remain intact.
The key difference from previous winters is that banks, asset managers and financial platforms have continued developing digital-asset infrastructure rather than abandoning the sector.
Macellari expects choppy conditions and the possibility of further declines through the summer but believes the market could begin emerging from crypto winter heading into Q4.
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HomeCryptoInnovationRamp launches stablecoin accounts and payments for all customers, letting businesses hold and pay in USDC or USDT across seven blockchain networks.
Ramp has made stablecoin accounts and payments available to all its customers, giving businesses one platform to hold, send, and receive both regular dollars and stablecoins like USDC and USDT.
Until now, most finance teams treated stablecoin payments as a separate hassle, requiring a different wallet, no approval controls, and hours of manual reconciliation.
One Ramp beta customer found that stablecoin payments made up just 10% of vendor payments but consumed half of their accounts payable team's time.
Ramp's approach folds stablecoins directly into the same system businesses already use for cards, bills, and accounting, so a payment settling in USDC follows the same approval chain as one settling in dollars.
"Businesses shouldn't need a second financial system just because a payment settles on different rails," said Andrew Chapello, Stablecoin Product Manager at Ramp.
How it actually worksBusinesses can hold stablecoin balances, earn rewards on them, and pay vendors or employees directly from a stablecoin account, a checking account, or a linked bank account, without needing to pre-fund anything.
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Every transaction syncs automatically into the company's existing accounting system with the same categorization and audit trail as a regular payment.
Trending on TheStreet Roundtable:White House official postpones military duty right before a major voteAnalyst reveals Bitcoin is massively undervalued at $65,000Bernie Sanders rallies against crypto, AI in new campaignStablecoin deposits are supported across seven blockchain networks, including Solana, a high-performance blockchain known for its speed and low transaction costs.
Solana has increasingly become a preferred settlement layer for stablecoin activity, and its inclusion here reflects a broader trend of payment platforms building directly on top of it rather than treating it as one option among many.
More than 150 businesses adopted stablecoin accounts during Ramp's public beta, spanning far beyond crypto-native companies, including a farming business and a church managing donations.
Ramp built the feature in partnership with Stripe, whose Bridge and Privy infrastructure powers the stablecoin issuance and wallets behind the scenes. Stablecoin accounts and payments are now available to all Ramp customers.
Solana price has climbed to $78 after buyers defended support near $74, though repeated failures below $80 and lingering concern over the BONK governance attack have kept market sentiment cautious.
Summary
Solana price has recovered to $78 but must close above $80 to confirm a breakout. SOL trades above four key moving averages, while liquidity clusters could trigger a short squeeze. A loss of the $75.55 support would expose $72.50 and the June range floor near $67. According to data from crypto.news, Solana (SOL) price traded at $78.03 at press time, up marginally over the past 24 hours after moving between an intraday low of $77.42 and a high of $78.88. The token has recovered about 5% from its July 18 low but remains below the $82–$84 zone reached earlier this month.
Confidence across the Solana ecosystem took a hit after an attacker drained nearly $20 million from the BonkDAO treasury. According to crypto.news, the attacker spent roughly $4.4 million to acquire enough BONK to meet the governance threshold, then passed a proposal with 99.9% approval.
The incident did not compromise Solana’s base layer, but it exposed weak safeguards within a major ecosystem project. BonkDAO had low voter participation, no execution delay, and enough concentrated voting power for one participant to control the result, according to crypto.news analysis.
Meanwhile, demand through regulated investment products has provided some support. U.S. spot Solana exchange-traded funds recorded $8.36 million in net inflows on July 6, their strongest day in nearly two months, according to data from SoSoValue. Early-July inflows reached about $5.75 million during one full trading week, with no daily outflow reported over the period.
Geopolitical pressure remains a hurdle for high-beta cryptocurrencies. Brent crude settled at $91.01 on July 21 after U.S.-Iran hostilities, and Houthi threats against Red Sea shipping routes raised concern over energy supplies. The dollar index also advanced to 101.16 as traders increased bets that higher oil costs could keep the Federal Reserve focused on inflation, Reuters reported.
A stronger dollar and renewed rate-hike expectations usually reduce demand for speculative assets. Solana may therefore need both crypto-market strength and less pressure from energy prices to sustain a move beyond nearby resistance.
Solana needs a daily close above $80 to unlock the next range The daily chart places SOL directly below resistance at $78.92, a level that previously acted as support in February, April and early June. Buyers briefly reclaimed it during the first half of July, but price slipped back underneath after stalling near $83.
Solana price daily chart — July 22 | Source: crypto.news A daily close above $78.92 would clear the first barrier, while $80 remains the psychological level required to confirm a breakout. Beyond it, the July swing highs between $82.50 and $84 form the next supply zone. A close above $84 could open the route toward $90 and the previous range high near $97.60.
Daily momentum favors another test. The Aroon Up reading stands at 71.43%, while Aroon Down has fallen to zero, showing that recent highs carry more weight than recent lows. However, the Chaikin Money Flow remains slightly negative at -0.02, which shows that capital inflows have not yet matched the price recovery.
According to crypto trader Daan Crypto Trades, SOL has reached a “key high timeframe region” that will decide whether bulls can attack the upper end of the range.
“Either the bulls push through and set a higher low here to take a stab at the range high in the $90s. Or this rejects here and dribbles back down to that mid $60s area.”
The 4-hour chart offers a more constructive setup. SOL trades above its 20-period moving average at $77.01, its 50-period average at $76.42, its 100-period average at $77.60 and its 200-period average at $75.55. Regaining all four lines has placed short-term control with buyers.
Solana 4-hour price chart — July 22 | Source: crypto.news The 4-hour MACD remains above its signal line, although its histogram has narrowed to 0.13. Momentum has therefore stayed positive, but buyers need stronger follow-through before the move can extend through $80.
Derivatives liquidity could help accelerate a breakout. CoinGlass’ three-day liquidation heatmap shows concentrated short-liquidation bands near $78.50, $79.20 and $80.60. A move through $79 could force leveraged bears to close positions and add market buy orders, creating the conditions for a quick test of $81.
Solana liquidation heatmap | Source: CoinGlass Loss of $75.50 would invalidate the bullish setup Below the market, the largest nearby liquidation pools sit around $76.80, $76.10 and $75. A downturn through those levels could trigger long liquidations and pull SOL toward $74, where buyers stepped in during the latest retracement.
The 4-hour 200-period moving average at $75.55 serves as the main invalidation line. A sustained close below it would return SOL beneath its moving-average cluster and expose $72.50, followed by the June range floor near $67.
Oil above $90, further U.S.-Iran escalation, or another Solana ecosystem security incident could strengthen the bearish case. For now, the charts support another attempt at $80, but SOL must close above that level with stronger capital inflows to turn the recovery into a confirmed breakout.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
A recent report indicates that $250 million in USDC liquidity was added to the Solana network. This addition reflects a significant influx of dollar-backed stablecoin resources into the network, consistent with previous large-scale USDC mints on Solana. The increase in liquidity follows a pattern of substantial Circle mints, with notable mints of $1 billion and $3.25 billion occurring earlier this year. These developments are seen as potentially bolstering the Solana ecosystem by providing more liquidity for decentralized finance (DeFi) activities on the network.
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Key Takeaways Markets suggest that the $250 million USDC injection could indicate increased support for the Solana ecosystem. The liquidity boost appears consistent with a trend of large USDC mints on Solana, suggesting potential for enhanced activity. Pricing in related markets appears supportive of scenarios where Solana’s price might see upward pressure due to increased liquidity. What to Watch Market participants may observe whether this liquidity increase leads to heightened activity in Solana-based DeFi platforms. Key actors, such as Solana Labs and Circle, might provide further insights or announcements impacting Solana’s liquidity dynamics. Additionally, watch for any regulatory developments or technological upgrades that could influence Solana’s price trajectory and ecosystem growth.
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Term Structure
Contract Odds Δ since publish Volume 24h August 1 2026 9.5% — — View market → August 1 2026 0.2% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.9% — — View market → August 1 2026 0.7% — — View market → August 1 2026 0.4% — — View market → August 1 2026 1.8% — — View market → August 1 2026 0.4% — — View market → August 1 2026 2.3% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.7% — — View market → August 1 2026 0.1% — — View market → August 1 2026 17.5% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.1% — — View market →
Jito, a key developer in the Solana blockchain ecosystem, has officially launched JTX—a self-custodial trading platform designed to bring professional-grade DeFi capabilities to Solana users. The rollout introduces advanced trading tools and asset control, positioning JTX as a new layer of market infrastructure for the expanding Solana network.
Professional tools for decentralized tradingJTX enables users to trade a diverse set of Solana-based assets while maintaining direct custody over their tokens. This exchange platform offers institutional-level order management, including limit orders, automated execution, and conditional trading features. Through JTX, market participants can access onchain settlement without the need for centralized custodial gatekeepers.
The platform supports spot trading for a broad range of assets, including SOL, cbBTC, popular meme coins, tokenized equities, and a growing list of real-world products represented on Solana. Jito stated that future upgrades are expected to include perpetual futures, support for prediction market protocols, and mobile trading services.
JTX leverages Solana’s high-throughput blockchain infrastructure to deliver trading executions that rival centralized exchanges in speed and efficiency. With the introduction of tools often found on traditional markets, the platform seeks to address demand for more advanced DeFi trading experiences.
Mini dictionary: Jito is a Solana-focused protocol that provides infrastructure, such as a block engine and liquid staking services, and participates in network governance via its JTO token and DAO.
Expanding Solana’s DeFi marketplaceSolana has seen increasing decentralized exchange activity during the first half of 2026, capturing a significant global share of spot DEX trading and transaction volume. The debut of JTX comes as more traders seek decentralized solutions that blend sophisticated trading functions with asset self-custody.
Built on Jito’s existing technical foundation, JTX incorporates several proprietary elements, including the JitoSOL liquid staking product, BAM trade execution infrastructure, governance via the JTO token, and the underlying Block Engine designed to optimize data transmission across the Solana network.
JTX has also introduced a fee distribution framework aimed at reinforcing Jito DAO’s economic activity. According to platform details, 80% of trading fees collected on JTX are allocated for JTO token buybacks and burning operations managed by the DAO. The remaining 20% is used to reward referral partners, based on the trading volumes they generate.
Fee RecipientFee ShareJito DAO (JTO buyback/burn)80%Referral Partners20%Strengthening Solana’s onchain finance leadershipTokenized real-world assets on Solana have grown steadily in value, with billions now represented onchain by early July 2026. Activity in tokenized equities has substantially increased, highlighting the network’s evolution as a venue for diverse financial instruments.
JTX aims to allow Solana users to access advanced trading features while keeping full control of their assets under a self-custodial model. The integration combines robust order execution with onchain ownership, appealing to users seeking decentralized alternatives to centralized financial platforms.
JTX combines institutional-level order management, automated execution, and direct onchain settlement, allowing users to maintain full asset control while accessing a wide range of tradeable Solana-based and tokenized assets.
By incorporating advanced features and leveraging Jito’s technology stack, the JTX launch adds depth to Solana’s DeFi infrastructure and strengthens its status as a leader in decentralized trading and tokenized asset markets.
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.
21 July 2026 | 09:38 Solana ended the second quarter with two very different stories. Trading in tokenized assets on the network more than doubled to a record $5.8 billion in quarterly volume, but overall decentralized exchange activity, lending and revenue generated from network use all declined.
Key Takeaways Tokenized-asset trading volume on Solana reached $5.8 billion in Q2, rising 114% and led by tokenized equities. Solana retained 32% of spot DEX volume despite a sharp decline in overall trading. Network revenue fell 43%, showing that trading growth did not translate directly into greater fee demand. SOL investment products attracted capital while staking income remained heavily dependent on token issuance. The contrast is not necessarily contradictory. Tokenized-asset volume measures how much tokenized financial exposure changed hands on Solana’s exchanges, while total DEX volume, lending and Real Economic Value show how much of the network’s activity converted into fees and borrowing demand.
Together, the figures suggest that Solana’s capital-markets ecosystem expanded faster than the revenue the network earns from it.
Tokenized Equities Became Solana’s Main Growth Story Tokenized-asset trading volume increased by 114% quarter over quarter and set a record for a sixth consecutive quarter, according to Blockworks Advisory’s Q2 2026 Solana Tokenholder Report. The report was commissioned by the Solana Foundation, which may provide input on its content, although Blockworks Advisory states that it retains editorial control. That funding relationship is worth keeping in mind when weighing the report’s framing, even where the underlying data is verifiable.
Solana tokenized asset volume by category. The $5.8 billion figure describes trading volume, not the market value of assets held on Solana and not revenue earned by the network. It measures how much tokenized exposure was bought and sold through Solana’s decentralized exchanges during the quarter.
Tokenized equities dominated that activity with $4.8 billion, or 84% of the total, roughly four times their Q1 volume. The report estimates that Solana now processes approximately 97% of tokenized-equity trading across all blockchains. June alone contributed $3.3 billion of equity volume, a surge catalyzed by the tokenized listing of SpaceX following its June 12 public offering. Private credit added $803 million, with smaller contributions from commodities and collectibles.
The market continued expanding after the quarter ended. On July 10, 2026, tokenized exposure to SK Hynix went live on Solana through Backpack Securities, xStocks and Ondo Finance.
Those products provide similar economic exposure through different legal, custody and redemption structures. That distinction matters because tokenized assets are not a single standardized product category. As our guide to RWA tokenization platforms explains in detail, investors still need to examine who issued each token, what backs it, whether it can be redeemed and which users are eligible to hold it.
Solana Kept Its DEX Lead as Trading Slowed Solana decentralized exchanges processed $160.8 billion in spot volume during Q2. That was down 44% from $288.5 billion in the previous quarter, but the network still handled approximately 32% of spot DEX volume across the blockchains measured.
Spot DEX volume share by blockchain. Ethereum followed with 25%, while Base and BNB Chain accounted for 16% and 12%, respectively. Q2 was the eighth consecutive quarter in which Solana controlled more than 30% of the measured spot market.
This combination requires context. Solana did not lose its relative position against competing networks, but the overall market became less active. Maintaining market share in a contracting market is different from generating absolute growth. The monthly path was more constructive than the quarterly total: volume fell from $52.3 billion in April to $48.0 billion in May, then rebounded 26% to $60.5 billion in June as tokenized-asset activity accelerated.
Application revenue also fell 31% to $228.4 million. Perpetual futures presented a different picture, with notional volume increasing 60% quarter over quarter to $183 billion, but that recovery did not offset weaker activity across the rest of the ecosystem.
The composition of that revenue also complicates the diversification story. Pumpfun, the memecoin launchpad, remained the ecosystem’s largest business with $90.1 million, or 39% of all application revenue, and accounted for 97% of launchpad revenue. Tokenized equities may be the growth story, but the single biggest earner on Solana is still the speculative category the network is described as moving beyond. That concentration reached a new high in Q2 precisely because the rest of the market shrank faster.
Network Revenue Fell Faster Than Market Share Solana’s Real Economic Value, or REV, totaled $51 million in Q2, down 43% from the previous quarter. REV measures transaction fees and out-of-protocol tips paid by users while excluding inflationary token issuance.
Solana quarterly network revenue breakdown. Monthly REV declined from $18.6 million in April to $18.1 million in May and $14.3 million in June. Priority fees fell 45% to $30.8 million, while Jito tips dropped 50% to $9.9 million. Base and vote fees contributed another $10.3 million.
The decline also cost Solana relative position among blockchains. The report ranks Solana fourth in quarterly network revenue with a 12% share, behind Hyperliquid at 33% with $141.4 million, Tron at 21% and Ethereum at 15%, down from Solana’s 18% share in Q1. Hyperliquid’s lead rests on the trading-fee engine we examined in our analysis of the platform’s $1.2 billion in cumulative fees. The comparison is uncomfortable for Solana’s economics: a network processing billions of transactions earned roughly a third of what a single derivatives-focused chain collected in the same quarter.
Solana still processed 9.8 billion non-vote transactions during the quarter, with a median transaction fee near $0.0004. However, 27% of those transactions reverted, a share the report attributes to automated arbitrage strategies and describes as a feature rather than a bug. That characterization is the report’s reading, not a settled fact. Daily active addresses also fell from 2.4 million in Q1 to 2.0 million, meaning the network processed nearly as many transactions from a noticeably smaller user base. The network remained heavily used, but high transaction counts did not automatically produce high revenue because individual transactions remained extremely inexpensive.
Lending Has Not Followed Tokenization Higher Deposits across Kamino and Jup Lend ended the quarter near $4.1 billion, while outstanding loans stood at approximately $1.6 billion. Deposits declined 8.3%, and loans fell 7.9%.
The pullback was more pronounced in real-world asset lending. Deposits connected to RWA markets dropped from $1.23 billion in Q1 to $640 million in Q2, a decline of 48%.
This exposes an important gap in the tokenization narrative. Solana can host record trading in stocks, credit products and funds without those assets immediately becoming widely used as collateral or generating substantial borrowing demand.
A stronger confirmation of adoption would involve tokenized-asset growth occurring alongside expanding collateral use, higher borrowing demand and deeper secondary-market liquidity. Q2 delivered the first part, but not the others.
Staker Income Still Came Mostly From Inflation SOL’s nominal staking yield ended the quarter near 5.5%, down from 5.8% at the end of Q1. With inflation around 3.8%, the estimated real staking yield was approximately 1.7%.
Stakers earned $487 million during Q2, down 23% from $630 million in the previous quarter. More than 98% of that revenue came from token issuance, while Jito tips contributed roughly $8.2 million.
This means staking rewards continued to depend primarily on newly issued SOL rather than fees generated by network activity. For long-term token economics, the balance between issuance, fee income and token burning is more informative than the headline staking percentage alone.
The Proposed Burn Increase Is Not Yet Active The report estimated that SIMD-553 could burn between 7,500 and 9,000 SOL per day under current activity assumptions, roughly ten times the existing rate and equivalent to around 12% to 15% of daily issuance.
That is a modeled scenario, not the current burn rate or a guaranteed outcome. SIMD-553 remains a proposal and would need to pass the necessary governance and implementation stages before changing SOL’s supply dynamics.
Under Solana’s current fee structure, 50% of the base transaction fee is burned. The remaining half and all priority fees are paid to the validator producing the block.
A larger burn could strengthen the connection between network activity and SOL demand, but it would not automatically make the token deflationary. Even the report’s estimated burn remains below total daily issuance.
Investment Products Attracted Capital Through the Downturn SOL spot investment products recorded approximately $120 million in net inflows during Q2, extending positive flows for a third consecutive quarter. Over the same period, Blockworks data showed $3.7 billion of outflows from Bitcoin products and $500 million from Ethereum products.
Solana quarterly ETP flows. The comparison should be treated carefully because the products differ substantially in size, age and investor base. Still, the direction of flows suggests that some investors continued building regulated Solana exposure despite weaker onchain revenue and lower market activity.
Official SEC filings confirm the expansion of that investment infrastructure. The Grayscale Solana Staking ETF trades on NYSE Arca under GSOL, while the 21Shares Solana ETF trades on Cboe BZX under TSOL. The pipeline is still growing: Morgan Stanley filed a third round of SEC amendments on July 14 for spot Ethereum and Solana ETFs expected to trade under MSSE and MSOL. Traditional financial institutions are building similar infrastructure on other networks as well, as we covered in out report on JPMorgan’s tokenized money market fund.
Positive fund flows do not guarantee higher SOL prices or stronger network revenue. They show demand for regulated exposure, which is separate from activity taking place inside Solana applications.
What Solana’s Q2 Results Actually Show Q2 was not simply strong or weak. Solana gained ground as infrastructure for trading tokenized assets and retained its lead in decentralized spot trading, but the network generated less revenue and experienced weaker lending demand.
The constructive interpretation is that Solana is broadening beyond the speculative activity that powered its earlier revenue peaks. The more cautious interpretation is that tokenized-asset growth has not yet translated into enough borrowing, trading intensity or fee generation to strengthen the network’s underlying economics, that the user base contracted during the quarter, and that the largest single source of application revenue remains a memecoin launchpad.
The next confirmation would come from several metrics improving together: continued tokenized-asset growth, recovering REV, greater use of tokenized securities as collateral, sustained investment-product inflows and a larger share of staking rewards funded by actual fees instead of issuance.
Until then, Solana’s institutional expansion is real, but the economic value captured by the network remains the part that still needs to catch up.
Source review: Q2 figures were checked against Blockworks Advisory’s Q2 2026 Solana Tokenholder Report, which was commissioned and funded by the Solana Foundation, with Blockworks Advisory stating it retains editorial control. Recent developments were reviewed against Solana Foundation publications, Solana’s technical documentation and SEC filings as of July 21, 2026. Coindoo has no commercial relationship with any entity mentioned.
This article is provided for informational purposes only and does not constitute financial or investment 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.
Key Takeaways SOL currently hovers near $76, testing a crucial support zone that may determine its upcoming trajectory Approximately $26 million worth of cross-chain assets entered the Solana network during the last week Maintaining the $74–$75 support zone remains critical for bulls to sustain upward momentum Successfully breaking through $82–$85 resistance could pave the way toward $94, followed by $125 A breach of current support levels may send SOL tumbling into the $64–$70 territory At press time, Solana (SOL) trades at $76.17, commanding a market capitalization of $44.4 billion alongside a 24-hour trading volume of $1.8 million.
Solana (SOL) Price The digital asset has been consolidating around a critical support threshold, with its future direction largely contingent upon whether bulls can successfully defend this strategic level.
Market analyst Daan Crypto Trades highlighted that SOL is nearing a pivotal high-timeframe technical juncture. According to his assessment, buyers must protect the existing level and establish a higher low to preserve the bullish framework.
$SOL Key high timeframe region. Either the bulls push through and set a higher low here to take a stab at the range high in the $90s.
Or this rejects here and driblles back down to that mid $60s area. pic.twitter.com/Jn8pu28cjG
— Daan Crypto Trades (@DaanCrypto) July 20, 2026
Should buyers succeed in defending this position, the immediate resistance target emerges around $97, representing the upper limit of the prevailing trading corridor.
Conversely, should this support crumble, market watchers anticipate SOL could retreat to the mid-$60s region, where prior buying interest materialized. More precisely, the $64.69 threshold has been identified as a significant support floor beneath current valuation.
Wave Pattern Analysis Suggests $82–$94 Trajectory Examining the hourly timeframe reveals SOL testing the 38.2% Fibonacci retracement level around $74. Under an optimistic interpretation, this represents the conclusion of a corrective retracement before initiating another upward movement.
Initial resistance materializes between $78.40 and $82.30. Clearing this barrier decisively would establish objectives in the $89–$94 range.
Should price action fall beneath $74, the correction might extend toward $71.17, potentially reaching $68.42.
Cross-Chain Capital Injection Totals $26M According to metrics from Solana Floor, over $26 million in digital assets have been bridged onto the Solana blockchain throughout the preceding seven-day period.
Such capital migration indicates revitalized attention toward the platform. Solana’s rapid settlement times, minimal transaction costs, and thriving decentralized finance infrastructure continue drawing liquidity from competing blockchains.
Cryptocurrency analyst Crypto Patel expressed his perspective on X, cautioning that failure to maintain the present ascending channel could trigger a descent toward the $70–$50 accumulation territory. He emphasized maintaining long-term conviction in SOL eventually reaching $500, then $1,000, characterizing the $70–$50 band as a compelling accumulation opportunity for strategic investors.
$SOL Is Sitting At A Critical HTF Decision Point.
Lose This Rising Channel And A Move Toward The $70–$50 Accumulation Zone Becomes Increasingly Likely. Bulls Must Defend.
Long Term, I'm Highly Confident $SOL Can Reach $500, Then $1,000. That's Why $70–$50 Looks Like A… pic.twitter.com/UbSpmy7dwD
— Crypto Patel (@CryptoPatel) July 20, 2026
Analyzing the weekly timeframe, Solana continues defending a support region around $75 that previously catalyzed an explosive advance toward $140. The weekly Relative Strength Index demonstrates ascending lows near support boundaries, suggesting bearish pressure may be diminishing.
The 20-week exponential moving average positioned near $85 represents the initial obstacle, trailed by a resistance concentration spanning $110–$125. Surpassing $125 would place the annual opening price near $143 within reach.
The $26 million weekly cross-chain capital injection stands as the latest metric validating sustained ecosystem engagement across the Solana network.
Ondo Perps Launches Tokenized Stock Collateralization Feature
According to official announcements, Ondo Perps has launched a tokenized stock collateral feature, allowing all users to use Ondo Finance’s tokenized stocks as valid collateral assets for perpetual contract trading. The first supported assets include tokenized versions of the S&P 500 ETF (SPYon) and Nasdaq 100 ETF (QQQon). Ondo noted that its perpetual contract platform has processed over $3.8 billion in trading volume. As traders’ demand grows for on-platform hedging, deep liquidity, tight spreads, low slippage, exchange speeds comparable to centralized exchanges (CEXs), and 24/7 trading, the on-chain stock derivatives market is expanding rapidly. The tokenized stock collateral mechanism allows traders to gain exposure to other markets without locking funds in stablecoins or selling existing assets, thereby improving capital efficiency. This feature is part of Ondo’s "Productive Capital" strategy, designed to gradually align the liquidity and capital efficiency of tokenized stocks and stock perpetual contracts with those of traditional derivatives markets. The company added that the current trading and margin infrastructure built on tokenized assets is just the beginning of a broader on-chain prime brokerage ecosystem, with plans to launch additional markets, liquidity products, and innovative features in the future.
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From Seattle Streets to Solana Charts$JIMOTHY, the Solana-based memecoin inspired by a viral Seattle raccoon, surged another 200% in the 24 hours to July 21, extending a rally that has gripped crypto traders across the week. Trading volume topped $36 million as interest in the token showed little sign of cooling.
The real-world catalyst is Jimothy himself: a raccoon with a shorter spine than average, dubbed "Jimothy" by the internet, who first appeared in videos filmed in Seattle's Ballard neighbourhood. A video of him roaming the streets on July 14 went viral, and the internet moved fast. KUOW reported that videos related to Jimothy drew more than 10 million views on social media.
Marcie Logsdon, an associate professor at Washington State University's Veterinary Teaching Hospital, told the Seattle Times that Jimothy's shortened neck was likely the result of a congenital spine deformity. Despite his unusual shape, experts say the animal appears to be thriving.
Anonymous developers launched JIMOTHY on Pumpfun hours after the raccoon went viral. About 1 billion Jimothy tokens are in circulation and trade mainly on Solana-based decentralised exchanges, though no official connection has been confirmed between the real raccoon and the entity behind the token.
Institutions and Internet Culture CollideThe frenzy has spilled well beyond crypto circles. The Washington State Department of Licensing joined the moment, joking on X that the personalised plate "JIMOTHY" was already unavailable, as was "RACCOON." Jimothy has become an unofficial mascot for Seattle, with the Seattle Mariners briefly changing their social media profile picture to a photo of the raccoon wearing the team's hat. Seattle City Councilmember Alexis Mercedes Rinck even announced plans to present a proclamation in the raccoon's honour on July 26, to commemorate "Jimothy Summer."
The token's trajectory has been steep from the start. The Solana-based meme coin surged 52x in 24 hours on July 18, briefly reaching a $22 million market cap before retreating to $20.14 million, with $28.3 million in trading volume. The subsequent 200% move on July 21 extended those gains further, with total volume now surpassing $36 million.
Financial experts warn the memecoin's rally may not survive the news cycle. As with most viral meme coins, momentum is closely tied to social media attention, and traders are watching for any signs the fervor around Jimothy is beginning to fade.
Sources:
BeInCrypto: Jimothy The Raccoon Solana Token Climbs 186% After Viral Meme Fame
KUOW: Hot Jimothy Summer. Why a quirky raccoon is taking Seattle and the internet by storm
TODAY: Seattle Darling Jimothy The Raccoon Has Scampered Into Hearts Across The Globe
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JTX, the trading platform designed by the architects of Solana’s execution infrastructure, is now live, bringing a professional-standard trading experience to the onchain economy.
The launch comes as Solana solidifies its position as crypto’s leading venue for high-performance spot trading, dominating DEX volumes and outperforming CEX execution to give traders the best possible fills.
Dedicating 80% of protocol revenue to $JTO value accrual, JTX could represent one of the biggest catalysts for the growth of Jito’s native token.
Over 100,000 Waitlisted Users Gain Full Access to JTX After many weeks of eager anticipation, Jito has opened the floodgates to JTX, giving Solana’s onchain traders access to the network’s first institutional-standard professional trading venue.
Initially supporting the full breadth of Solana’s spot markets, including its flourishing RWA sector, JTX is expected to enable support for perpetual futures trading and prediction markets in the near future.
"Over the past four years, Jito has powered the Solana ecosystem, building the execution infrastructure that the network's trading activity runs on. JTX takes that same infrastructure and puts it directly in the hands of traders for the first time. It combines self-custody with execution tools that have typically only been available through more advanced trading platforms. Users hold their own keys, settlement happens onchain, and there are no custody tradeoffs,” - Lucas Bruder, Jito Labs Co-Founder and CEO
From launch, JTX offers traders a comprehensive suite of professional order types, from basics like resting limit orders to more sophisticated tools like TWAPs and conditional orders. Meanwhile, exclusive features like JTX Smart Fills break large orders into a burst of smaller orders to mitigate price impact and improve execution.
In parallel, JTX runs simulated execution comparisons against the industry’s leading centralized exchanges, informing traders of how much they save on each trade to Solana’s innate outperformance.
The Trading Venue Solana Deserves Solana has emerged as crypto’s most performant network for global-scale trading. Beyond dominating all blockchains in spot DEX volume since Q4 2024, recent improvements to Solana’s onchain market structure, like Jito’s BAM Maker Plugin, have elevated trade execution on the network to unprecedented levels.
According to a recent Blockworks report, traders consistently get better fills trading on Solana than on exchanges like Binance. Research from Jump Crypto has reinforced this thesis, claiming that Solana’s onchain execution outperforms Binance in 99.3% or retail-sized swaps.
With demand for 24/7 RWA and tokenized asset trading in DeFi exploding in 2026, Solana has successfully captured the vast majority of spot flows.
Boasting one of crypto’s most vibrant and diverse RWA economies, Solana recorded $5.8B in quarterly tokenized asset volume. Onchain data indicates that over 300,000 wallets on Solana hold RWAs, highlighting strong demand among market participants.
But despite Solana’s traders embracing traditional asset classes like tokenized stocks and commodities, the network itself has been lacking an institutional-grade trading venue. JTX promises to fill that void, giving professional traders the tools they need to effectively navigate Solana’s market layer.
"Demand for tokenized assets and a professionalized interface on Solana has grown considerably, driven by deeper liquidity and a maturing set of onchain products. JTX gives traders a platform built specifically for that environment, offering execution quality that matches what they expect on centralized exchanges, without giving up self-custody." - Kevin Beardsley, JTX Head of Product
80% of JTX Revenue to $JTO Following the approval of an upcoming governance proposal, JIP-38, Jito DAO is expected to route 80% of all JTX revenue directly to $JTO value accrual, with the remaining 20% being reinvested into ongoing protocol development.
If passed, JIP-38 will introduce programmatic $JTO buybacks and burns for at least one year, subject to re-appraisal in Q4 2027.
Having designed the architecture of the network’s best-in-class market layer and powering the bulk of Solana’s 250M+ daily transactions, JTX joins Jito’s growing suite as the Solana infrastructure giant’s flagship consumer product.
Alongside network staples like the Jito Block Engine, $jitoSOL, and BAM, JTX represents Jito’s full-stack commitment to making Solana the world’s leading decentralized trading environment, capable of competing with centralized exchanges and setting a new standard for Internet Capital Markets
Disclaimer: SolanaFloor is a subsidiary of the Jito Network
Read More on SolanaFloor Welcome to the tradingFloor
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Ondo Perps Launches Tokenized Stock Collateralization Feature
According to official announcements, Ondo Perps has launched a tokenized stock collateral feature, allowing all users to use Ondo Finance’s tokenized stocks as valid collateral assets for perpetual contract trading. The first supported assets include tokenized versions of the S&P 500 ETF (SPYon) and Nasdaq 100 ETF (QQQon). Ondo noted that its perpetual contract platform has processed over $3.8 billion in trading volume. As traders’ demand grows for on-platform hedging, deep liquidity, tight spreads, low slippage, exchange speeds comparable to centralized exchanges (CEXs), and 24/7 trading, the on-chain stock derivatives market is expanding rapidly. The tokenized stock collateral mechanism allows traders to gain exposure to other markets without locking funds in stablecoins or selling existing assets, thereby improving capital efficiency. This feature is part of Ondo’s "Productive Capital" strategy, designed to gradually align the liquidity and capital efficiency of tokenized stocks and stock perpetual contracts with those of traditional derivatives markets. The company added that the current trading and margin infrastructure built on tokenized assets is just the beginning of a broader on-chain prime brokerage ecosystem, with plans to launch additional markets, liquidity products, and innovative features in the future.
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The Japanese yen's exchange rate against the US dollar has hit its lowest level since 1986.
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Intel stock just got the blockchain treatment. Backpack Securities has launched a tokenized version of $INTC on Solana through its Sunrise tokenization protocol, making the chipmaker’s equity tradable around the clock on decentralized exchanges.
The move adds Intel to a growing roster of traditional stocks that now live natively on Solana, a list that already includes SpaceX ($SPCX), Micron ($MU), and Robinhood ($HOODx).
What the tokenized Intel offering actually looks like Each tokenized INTC token represents a 1:1 claim on an underlying Intel share. Those shares are held in custody and the tokens are structured to be eligible for corporate actions under New York’s UCC Article 8. If Intel pays a dividend or does a stock split, token holders aren’t left out in the cold.
The tokens trade on Raydium, Solana’s largest decentralized exchange. Early trading data shows a total supply of approximately 6,151 tokenized INTC tokens, with the underlying Intel shares priced around $103 to $104 per share.
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Daily trading volume for the tokenized INTC sits at roughly $14.6K, with liquidity of about $199K.
Backpack’s bigger play in tokenized equities Backpack Securities, founded by former FTX employees, has been building toward this moment since launching the Sunrise protocol in June 2026. The platform lets users exchange regulated securities for native Solana tokens, bridging traditional brokerage accounts and DeFi.
Total tokenized securities volume on Backpack has reached approximately $1.5B monthly. Daily trading highs for platform-wide tokenized equities exceeded $187M in mid-June.
The SpaceX token has been a particular standout. SpaceX doesn’t trade on public markets, so tokenization gives retail investors access to something they couldn’t buy before. Intel, by contrast, is available on every brokerage app. The value proposition is different: it’s about composability and 24/7 access rather than exclusivity.
Why this matters for the RWA tokenization market Backpack has structured these tokens under established securities frameworks, giving them a different legal footing than the synthetic stock tokens that Binance and FTX experimented with in 2021 before regulators shut them down. The UCC Article 8 compliance is specifically designed to ensure token holders have the same legal protections as traditional shareholders.
The $1.5B monthly volume across Backpack’s tokenized equities platform suggests genuine market demand. That volume figure puts the platform in the conversation with some mid-tier centralized exchanges.
Smart contract risk and platform risk layer on top of normal equity market risk. A $199K liquidity pool for Intel is fine for retail experimentation, but it’s a rounding error for any fund.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Key HighlightsJTX Delivers Professional Trading Infrastructure to Solana EcosystemJTX Extends Solana Trading Capabilities With Diverse Asset IntegrationJTX Reinforces Solana’s Leadership in Onchain Financial Markets JTX debuts on Solana today, bringing professional trading capabilities and self-custodial features
Jito unveils JTX platform to provide institutional-grade DeFi trading infrastructure for Solana
Platform enables trading of tokenized assets, SOL, memecoins, and various Solana-based markets
JTX introduces sophisticated order execution capabilities to Solana’s expanding DeFi landscape
Jito enhances Solana trading infrastructure with JTX launch and innovative fee distribution mechanism
Jito has unveiled JTX, a self-custodial exchange platform developed on Solana’s blockchain infrastructure to enable sophisticated onchain trading activities. The new platform delivers professional-grade order management tools while maintaining user control over assets through self-custodial architecture. JTX facilitates spot market trading for various Solana-based assets, real-world tokenized products, and additional digital marketplaces.
JTX Delivers Professional Trading Infrastructure to Solana Ecosystem Jito unveiled JTX as an exchange platform connecting market participants with the execution infrastructure that drives Solana network activity. The system provides limit order functionality, automated trade execution, and conditional trading capabilities for market participants. JTX enables direct access to onchain settlement mechanisms without dependence on centralized custodial intermediaries.
The platform launch responds to increasing market demand for sophisticated trading capabilities across decentralized financial markets. Solana has experienced growing activity from tokenized products, stablecoins, and decentralized protocol deployments. Nevertheless, numerous trading interfaces have failed to replicate the functionality found on centralized exchange platforms.
JTX facilitates trading of Solana-native assets, encompassing SOL, cbBTC, HYPE, memecoin tokens, and tokenized equity instruments. The system additionally supports exchange-traded fund products and other real-world assets integrated through blockchain infrastructure. JTX roadmap includes plans for perpetual futures markets, prediction market support, and mobile application access.
JTX Extends Solana Trading Capabilities With Diverse Asset Integration Solana registered robust decentralized exchange performance throughout the first half of 2026. The blockchain network secured substantial market share of worldwide spot DEX trading volume and executed considerable monthly transaction activity. Accordingly, JTX launches amid heightened demand for onchain trading solutions.
JTX leverages Jito’s established infrastructure to enhance trade execution throughout the Solana network. The platform builds upon Jito’s Block Engine technology, JitoSOL liquid staking, BAM infrastructure, and JTO governance token framework. JTX extends the protocol’s emphasis on efficient blockchain transaction processing.
The exchange implements a fee structure that channels revenue to the Jito DAO treasury. JTX allocates 80% of collected fees toward DAO-managed JTO token buybacks and burning operations. The remaining 20% compensates referral partners based on trading volume generated through their distribution channels.
JTX Reinforces Solana’s Leadership in Onchain Financial Markets Tokenized real-world asset integration on Solana has demonstrated consistent expansion as financial instruments migrate onchain. The blockchain network achieved billions in tokenized asset value by early July 2026. Tokenized equity trading activity registered substantial growth throughout the second quarter period.
JTX provides market participants with access to professional trading functionality while preserving blockchain-based asset ownership. The platform merges advanced execution features with self-custody principles for Solana ecosystem users. JTX targets enhanced trading experiences for participants pursuing decentralized market alternatives.
The platform debut establishes JTX as an additional trading infrastructure layer within the Solana ecosystem. It integrates Jito’s technological foundation with tools engineered for active digital asset marketplaces. Therefore, JTX bolsters Solana’s expanding influence in decentralized finance and tokenized asset exchange markets.
Oliver Dale
Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact [email protected]
Helium and GEODNET, two prominent DePIN (Decentralized Physical Infrastructure Networks) protocols on Solana, continue to rank among the most active networks, generating significant fees despite a general slowdown in the sector. According to data from @SolanaFloor, these protocols maintain high usage due to their roles in decentralized wireless and high-precision GPS services. The sustained fee generation from these networks suggests ongoing demand for their services, even as the broader DePIN market experiences a contraction in reward incentives. The resilience of Helium and GEODNET underscores Solana’s leading competitive position in the DePIN space, with the network’s efficient throughput supporting continued high transaction volumes.
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Key Takeaways Helium and GEODNET continue to generate high fees, suggesting strong on-chain demand for their services. The broader DePIN market is experiencing a cooldown, yet these networks remain top users by transaction volume. Solana’s efficient throughput and low base fees contribute to the sustained activity of DePIN protocols like Helium and GEODNET. What to Watch Market participants are likely monitoring Solana’s performance in light of Helium and GEODNET’s activity, which may influence perceptions of Solana’s value. Key developments to watch include the potential for further adoption of Solana-based DePIN services and any changes in market conditions that could affect Solana’s price trajectory. Continued resilience in high-fee generation by Helium and GEODNET could appear supportive of scenarios where Solana’s price increases.
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Term Structure
Contract Odds Δ since publish Volume 24h August 1 2026 10.5% — — View market → August 1 2026 0.2% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.9% — — View market → August 1 2026 0.7% — — View market → August 1 2026 0.4% — — View market → August 1 2026 1.9% — — View market → August 1 2026 0.4% — — View market → August 1 2026 2.6% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.9% — — View market → August 1 2026 0.1% — — View market → August 1 2026 18% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.1% — — View market →
The Japanese yen's exchange rate against the US dollar has hit its lowest level since 1986.
According to Bitget market data, the Japanese yen weakened against the U.S. dollar, hitting 162.89, marking its lowest level since 1986.
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An unnamed whale has been steadily adding to its WBTC and ETH positions this month, now sitting on over $12 million in unrealized gains.
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SemiAnalysis: The power gap in AI data centers is widening, and reciprocating engines may become the leading technology for behind-the-meter power supply.
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Ionic Digital to list on Nasdaq on July 28 under stock ticker IOND.
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A hacker manipulated the swap mechanics of a liquidity pool on the cross-chain stablecoin bridge Allbridge Core, looting $1.66 million worth of digital assets over the weekend.
In a post-mortem of the incident, Allbridge notes the hacker used a flash loan and exploited the swap logic of its Solana (SOL) liquidity pools.
The attacker borrowed approximately $1.12 million worth of the dollar-pegged stablecoin USDC from a lending protocol, then swapped that USDC into rival stablecoin USDT.
The hacker then conducted a series of five “same-asset swaps,” exchanging 100,000 USDT for progressively less of the same stablecoin.
Allbridge notes the swap path treated an input and output of the same token like any other pair.
“Because both sides of a same-asset swap reference the same pool, the accounting of the two halves diverged, and each iteration pushed the pool’s internal pricing further out of line with reality.”
After heavily skewing the price of Tether’s stablecoin in the liquidity pool, the hacker managed to swap only 4,000 USDT for 2.24 million USDC. The attacker then repaid the flash loan and kept the surplus 1,118,239 USDC and 538,692 USDT, totalling roughly $1.66 million worth of stolen crypto.
Allbridge notes the liquidity pool’s imbalance safeguard was “configured permissively,” enabling mispricing to balloon to profitable levels before it triggered.
The stablecoin bridge has since resumed routes that do not rely on liquidity pools but announced it plans to stop conducting pool-based swaps. The project also says it has traced $1.63 million of the stolen funds, which were bridged from Solana to a single Ethereum (ETH) consolidation address and then moved in several different directions.
Allbridge also notes that no user wallets, private keys or non-pool bridge routes were impacted by the exploit.
