Track market-moving stories before they get noisy

The Solana network reached an all-time high in daily token issuance, surpassing the number of new coins issued during the peak of the memecoin cycle in late 2024.

More than 263,000 new Solana Program Library (SPL) tokens were minted on the Solana blockchain on Wednesday, marking a new record high, according to Solscan. Some 40,000 to 50,000 daily tokens were issued on Solana at the peak of the memecoin cycle in December 2024. 

Of the total 40,360 tokens issued through launchpads, memecoin platform Pump.fun accounted for the majority, or 34,184 coins, according to Blockworks’ dashboard.

A launchpad enables creators to easily design, launch and trade memecoins without needing extensive technical skills. They automate the token creation process and provide immediate liquidity and visibility for new tokens.

Pump.fun ranks as the leading Solana-native protocol by daily revenue, with $1.8 million generated in the past 24 hours, according to DefiLlama. Last Friday, Pump.fun’s daily revenue was briefly overtaken by trading app Fomo, which combines cryptocurrency trading with social features resembling a social media feed.

Pump.fun accounted for one-third of Solana’s first-quarter revenue in 2026, or $124 million out of the total $342 million, despite cooling memecoin activity.

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

BAM Preconfirmations are now live on Solana via Helius and Triton, bringing low-latency data to the network’s high frequency traders and applications.

Preconfirmations bring a new revenue stream for validators running BAM, joining the Maker Priority Plugin that launched in Q2 2026.

Amassing over $15.95B in network stake, BAM has emerged as Solana’s validator client of choice, constituting 34.1% of all staked $SOL.

BAM Preconfirmations Go Live Solana validators have just unlocked another revenue stream. Jito BAM, Solana’s leading validator client by committed stake, has introduced proconfirmations, a mechanic giving programmatic traders, applications, and searchers faster access to critical market data.

Preconfirmations are effectively a forecast of the transactions a leader can expect to see in incoming shreds. They task validators with streaming out the transactions a leader has already committed to executing.

For Solana’s arbitrageurs and market makers, accessing low-latency transaction data can be the difference between capturing the spread and turning a profit, or getting picked off by toxic flow and suffering losses. 

The BAM Verifier checks finished blocks against what was streamed, and validators caught deviating can be disconnected from the network.

On top of giving operators a competitive edge, BAM preconfirmations also unlock a new revenue stream for Solana infrastructure providers. The payout splits 30% to distributors, 35% to BAM validators and 35% to the Jito DAO, delivered as a stake-weighted priority fee each month.

Over Half of Solana’s Validators Running BAM Since the beginning of 2026, BAM has almost tripled its share of network stake. According to Blockworks data, the BAM client is now being run on 34.1% of staked $SOL, up for just 12% in January.

Of Solana’s 665 active validators, 383 have opted in to running BAM, representing over 50% of the network’s operators. BAM’s popularity among operators is likely driven by its value-add plugins and competitive rewards. 

According to Jito CEO Lucas Bruder, BAM consistently offers the highest compute units and user transactions per block, meaning that validators are able to process more network activity through BAM than rival clients. 

BAM MPP Plugin Proven to Increase Maker Efficiency Since its Q2 launch, the BAM Maker Priority Plugin has made a considerable impact on the efficiency of Solana’s micro market structure. As outlined in a recent article by Jito’s magicdhz, 17 operators, including top prop AMMs like BisonFi, Tessera, and SolFi are now running MPP.

Onchain data indicates the oracle updates running through BAM MPP witness higher success rates in slots led by other clients. In practice, this translates to more landed transactions, more predictable, tighter quoting, and better trade execution for the end user.

After a strong start, the engineers behind BAM MPP now turn their attention to further improving the product. Alongside rolling out MPP usage to more markets, the plugin is expected to introduce an intra-slot clock, offering another countermeasure against toxic flow.

Disclaimer: SolanaFloor is a subsidiary of the Jito Network

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PANews, September 10 – According to The Block, Solana treasury company SkyAI will hold its annual general meeting on September 18. Ahead of the meeting, the company faces dual pressure from shareholders and potential acquirers, both calling for the rejection of the re-election of all directors. Shareholders including Bastion Trading, which holds a 9.99% stake, and others, filed a document with the SEC on September 3, stating they will vote "against" all five director candidates, citing reasons such as amendments to the company's articles of association that weaken shareholder rights, the adoption of a "poison pill" without a shareholder vote, and the existence of related-party transactions. Forward Industries, also a Solana treasury company, issued an open letter on Wednesday, similarly calling on shareholders to vote against all five directors and to oppose the company's proposed 2026 equity incentive plan, which would issue 5.145 million new shares (a dilution of approximately 7.2%). SkyAI, formerly known as Sharps Technology, is currently positioned as "agency finance for the Global South," holding approximately 2.0095 million SOL (about $207 million), making it the fifth-largest publicly listed Solana treasury company; Forward Industries is the largest such company, holding approximately 7.0135 million SOL (over $722 million). In June of this year, Forward proposed acquiring SkyAI in an all-stock deal at $1.55 per share (a 20% premium to the then-current stock price), which was unanimously rejected by SkyAI's board in July; since then, Forward's stock price has risen over 50%, while SkyAI's stock price has remained roughly flat at $1.35. Forward also pointed out that SkyAI has transactions involving a company affiliated with the brother of director and Chief Information Officer Alice Zhang, with one such transaction involving a warrant valued at over $100 million. Forward stated it remains open to reaching a "strategic transaction" with SkyAI. SkyAI has not responded to a request for comment.

Sunrise, the liquidity protocol built on Solana and initiated by Wormhole Labs, just listed 20 additional tokenized stocks issued by Backpack Securities. The move continues a rapid expansion that has turned Solana into the dominant venue for decentralized trading of tokenized US equities in a matter of months.

The new batch of listings brings familiar Wall Street names onchain, with tokens representing real ownership of the underlying securities. Each tokenized stock is backed 1:1 and fully redeemable for conventional equity entitlements, including dividends.

From SpaceX to 20 new tickers The Sunrise-Backpack partnership launched its phased rollout in June 2026, starting with tokenized SpaceX equity, ticker SPCX. That token went live on June 12 to coincide with SpaceX’s Nasdaq IPO and promptly generated $439 million in trading volume during its first week alone.

By mid-July, cumulative DEX trading volume for tokenized stocks on Solana had crossed $734 million. By late August, total tokenized equity supply on the chain surged to $465 million.

The listing count has climbed steadily through the summer, moving from a handful of tickers into the mid-teens and now the low-thirties as of September. The latest 20 additions include well-known names such as Micron Technology (MU), Moderna (MRNA), and Nike (NKE), broadening the appeal beyond the tech-heavy roster that dominated early listings.

The division of labor is clean: Backpack Securities handles custody and issuance of the tokens, while Sunrise coordinates onchain listing and liquidity formation across various DEXs and wallets in the Solana ecosystem.

Why tokenized stocks keep gaining traction These aren’t synthetic exposure products or perpetual contracts that merely track a stock price. Holders of a tokenized Micron or Nike share own an actual claim on the underlying security, complete with dividend rights. If someone wants to exit the crypto rails entirely, they can redeem for the traditional stock through Backpack Securities.

Solana’s positioning in the tokenization race With $465 million in total tokenized equity supply by late August and trading volumes that crossed $734 million by mid-July, Solana has captured a significant share of the decentralized tokenized-equity market. The Sunrise protocol’s role as liquidity coordinator across multiple DEXs means new listings can find functional markets quickly rather than languishing in illiquid pools.

The risk profile isn’t trivial. Regulatory clarity around tokenized securities remains a moving target, and the custody chain, from traditional equity to blockchain token and back, introduces counterparty considerations that purely onchain assets don’t carry. If Backpack Securities faced operational disruption, the redeemability guarantee that underpins the entire model would come under stress.

Still, 20 new tickers in a single batch signals confidence that the regulatory and operational framework is holding up. With cumulative volumes approaching three-quarters of a billion dollars and supply pushing toward half a billion, the Sunrise-Backpack pipeline is no longer an experiment. It’s becoming infrastructure.

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

A Unified Account for Fiat and Stablecoins@Altitude has embedded @MoonPay Enterprise virtual accounts directly into its global operating account, giving treasury teams a single interface that spans traditional banking and on-chain settlement on @Solana. The move addresses a persistent pain point for corporate treasurers: the need to maintain separate providers for fiat collection, stablecoin conversion, and cross-border payouts.

Under the arrangement, businesses using Altitude are issued dedicated virtual accounts that sit on familiar banking rails. On the Altitude platform, those settled assets land within a Solana-native treasury environment.

How MoonPay Enterprise Powers the Infrastructure

The Altitude integration extends that consolidation to Solana-based treasury operations.

The integration routes funds through a compliance engine that connects legacy fiat systems directly to stablecoin rails, bypassing the correspondent banking chains that typically slow corporate money movement. For treasury operators on Altitude, that means the ability to receive fiat, hold stablecoins, and execute global payments from one compliant interface, without switching between platforms or managing multiple banking relationships.

The Altitude deal adds another layer to that enterprise push, this time targeting Solana-native businesses managing cross-border treasury flows.

Sources:
MoonPay: MoonPay Enterprise Launch Announcement
PR Newswire: MoonPay Launches Virtual Accounts in New York
The Paypers: MoonPay Enterprise Stablecoin Platform

TLDR Solana recorded $348 million in net RWA inflows over the past 30 days. Solana’s total tokenized RWA value reached $720 million. The data comes from RWA.xyz, tracking tokenized Treasuries, credit, and other real-world assets. RWA inflows are separate from memecoin trading and speculative volume. The growth suggests Solana’s low fees and speed may be drawing more than retail traders. Solana has recorded $348 million in net real-world asset inflows over the past 30 days. The data comes from RWA.xyz, a platform that tracks tokenized asset activity across blockchains.

The inflows pushed Solana’s total tokenized RWA value to $720 million. This includes products like tokenized Treasuries and credit pools.

Solana is usually known for memecoins, fast trading, and consumer apps. This new data shows a different side of the network’s activity.

What The RWA Inflows Show RWA inflows are not the same as memecoin trading volume. They reflect capital moving into tokenized products tied to real-world assets, not short-term speculation.

These products can include U.S. Treasury instruments, private credit, tokenized funds, and other assets linked to traditional finance. The activity connects blockchain settlement with existing financial markets.

A $720 million RWA total gives Solana a real presence in the tokenization space. It does not place the network at the top of every list, but the pace of recent inflows stands out on its own.

Momentum matters here because institutional-style capital tends to move with more caution than retail trading. Growth in this area can signal rising confidence from issuers and allocators.

Why Speed And Cost Matter Lower transaction fees can make it easier to move tokens, transfer collateral, and settle trades. Fast confirmation times also help when tokenized assets are used inside DeFi platforms.

This gives Solana a practical pitch to RWA issuers. The network can offer liquidity, an active user base, and lower costs than some alternatives.

These features do not guarantee adoption, but they lower the barrier for teams building tokenized products. Issuers weighing where to launch often look at cost and speed as starting points.

The current inflow data does not confirm widespread institutional adoption of Solana. It shows capital movement and rising totals, not confirmation that major institutions have shifted operations to the network.

Solana Price on CoinGecko It also does not guarantee this capital stays in place. If yields, incentives, or market conditions change, some of these inflows could reverse.

The numbers reflect inflows and total value locked at this point in time. They are a snapshot, not a long-term commitment from any single institution or issuer.

Solana’s RWA growth adds a second track to its ecosystem. Retail trading and memecoin activity remain part of the network, alongside this newer tokenized asset activity.

This article draws on RWA.xyz Solana network data and public DeFiLlama Solana metrics.

Amid numerous network upgrades, Solana has started a 5-stage reduction in the amount of $SOL users must lock into accounts to cover onchain storage. The reform could eventually make about 3.06M $SOL available for users to reclaim.

Why Everyone Is Calling It a $319M Airdrop At around $100 per $SOL, that represents more than $300M. A price around $104 would put 3.06M $SOL near $319M, which explains the figure circulating online.

However, Solana users should not expect the network to distribute free $SOL. The tokens already belong to account holders. The rent reduction lowers the minimum balance required to maintain accounts, potentially leaving some accounts with excess lamports that users can reclaim. Solana activated the first SIMD-0437 feature gate at epoch 1028 on September 3. The change reduced the lamports-per-byte figure from 6,960 to 6,333, delivering an initial 9% reduction.

Developers will not automatically activate each remaining stage. They will examine state growth at each level before deciding whether to proceed. A separate safeguard, SIMD-0438, can restore the original 6,960 value if state growth creates problems.

The second stage reached testnet on September 3 and cuts the figure to 5,080 lamports per byte. Developers expect mainnet activation in mid-September. The remaining 3 stages target Agave 4.4, which is expected in November.

What “Rent” Actually Means Solana calls the required balance rent, but users do not permanently pay this money as a fee. The balance works as a refundable bond that covers the storage an account occupies across validators.

Solana calculates the minimum balance using:

Minimum balance = (128 + data size) × lamports per byte

SIMD-0437 ultimately reduces the constant from 6,960 to 696, a 90% reduction.

For an SPL token account, the change could reduce the deposit from about $0.159 to $0.0159, assuming similar economics. A business creating 1M token accounts could therefore see its required deposits fall from about $159,000 to $15,900.

How Can You Reclaim the Excess $SOL? If you have $SOL and other Solana ecosystem tokens in your wallet, you are definitely eligible for the claim,  depending on the token accounts in your wallet.

You can now recover the difference between your current $SOL rent balance for each token account and the new minimum rent as the rent required reduces, using multiple tools such as Sol-Incinerator’s ‘incinerator’ tool.

The first stage of the rollout, which is currently live on mainnet, has reduced the required rent by about 10% of the 696 lamport target. The remaining 90% will be available to claim as the remaining 4 stages go live.

The reclaim mechanism adds another important part to the story. Solana's Token Program now includes a WithdrawExcessLamports instruction through its May P-token upgrade. The instruction is what enables wallet providers, DeFi apps, and other onchain services to claim the $SOL sitting above the rent-exempt minimum from a token account, mint, or multisig account without closing the account or affecting its token balance.

Another Step in Solana's Upgrade Cycle The Solana network is embodying the popular “Increase Bandwidth, Reduce Latency” maxim as the rent reduction arrives alongside other major Solana changes. SIMD-0525 recently reduced the target slot time from 400ms to 300ms, with 2 further reductions planned before the network reaches the proposed 200ms target.

Meanwhile, Transaction V1 has reached testnet and increases the maximum transaction size from 1,232 bytes to 4,096 bytes. The larger format could accommodate workloads such as ZK proofs, large multisigs, and confidential transfers within a single transaction.

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Kamino Finance has opened a new borrowing market on Solana that accepts ZEC, the bridged version of Zcash’s native token, as collateral. Users can now post ZEC to borrow USDC, or dial up their exposure using Kamino’s Multiply product, which loops positions to create leverage without requiring a centralized exchange.

How it works and why Kamino built it this way Kamino routes ZEC through cross-chain bridge infrastructure, specifically NEAR Intents and OmniBridge, to bring the asset onto Solana in a form the protocol can price and custody. ZEC first became tradable on Kamino Swap, the protocol’s aggregator, in late October 2025, so this lending launch is a logical next step rather than a sudden pivot.

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The ZEC market sits inside Kamino’s isolated lending architecture, where ZEC collateral risk is contained in its own pool rather than mingling with the protocol’s main liquidity. That structure lets Kamino set custom loan-to-value ratios and liquidation thresholds tuned specifically to ZEC’s volatility profile, without exposing core markets to spillover risk if ZEC experiences a sharp drawdown.

The Multiply feature automates the loop of borrowing USDC, swapping it back into ZEC, and redepositing in a single transaction. The result is amplified ZEC exposure funded by borrowed stablecoins.

Part of a bigger pattern at Kamino The most recent comparable move was the introduction of a PAXG market on or around July 27, 2026. PAXG represents tokenized gold, so Kamino effectively allowed users to borrow USDC against a digital representation of physical gold bars. ZEC follows the same template, just with a privacy-focused cryptocurrency rather than a precious metal.

What this means for ZEC and privacy-asset DeFi Zcash’s shielded transaction capability uses zero-knowledge proofs, but regulatory pressure around privacy coins has kept many centralized venues at arm’s length, and DeFi integration has lagged behind mainstream assets by years.

Kamino’s overall lending platform handles billions in aggregate market size across its various pools, though specific figures for the ZEC market have not yet been disclosed. No expert commentary or specific TVL data has surfaced regarding the ZEC market to date.

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

Solana went from controlling nearly three-quarters of on-chain tokenized equity trading to holding less than a third. The culprit? Memecoins dressed up in stock-market clothing on competing chains.

Over a two-week stretch ending around August 27, 2026, Solana’s daily share of global tokenized stock volume collapsed from 71% to 30%, according to Blockworks. The decline wasn’t driven by anything breaking on Solana itself. Instead, rival EVM-compatible chains, specifically BNB Chain and a new Robinhood-branded chain, introduced hybrid trading mechanics that paired memecoins with tokenized real-world assets, pulling speculative capital away from Solana at a remarkable clip.

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How meme/stock pairings rewired the market Rather than simply listing tokenized versions of stocks the way Solana’s xStocks protocol does, BNB Chain and Robinhood Chain created trading pairs that bundle a memecoin with a tokenized equity. On BNB Chain, a meme/stock pair called $牛来 reached a peak market cap of $77 million. On Robinhood Chain, a pair branded $AI hit $67 million.

The design also forces users to bridge assets onto the host chain in order to participate. That bridging activity inflates transaction volumes, which in turn makes the chains look more active, which attracts more traders.

The contrast with Solana’s earlier dominance is stark. During Q2 2026, and particularly around a wave of SpaceX-related tokenized equity activity in June, Solana captured between 95% and 97% of all on-chain tokenized equity spot trading volume.

Solana’s absolute numbers tell a different story The network has processed over $9.5 billion in cumulative tokenized stock volume since the xStocks protocol launched in July 2025. It has 288,000 unique holders. And it has generated $56 million in equity-backed lending pools as of late August 2026.

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

Solana, a major smart contract blockchain known for high throughput, is trading at approximately $106.50 after gaining 3.1% in the past 24 hours. This price recovery moves Solana close to the recent resistance area around $110, following a bounce from lows recorded in August near $75 to $80.

Transaction V1 prepares for mainnet launchSolana is set to introduce its Transaction V1 upgrade on September 9. This upgrade increases the maximum transaction size from 1,232 to 4,096 bytes, allowing developers to process more complex cryptographic operations such as zero-knowledge proofs and larger multisignature transactions within a single transaction.

Transaction V1 will allow 3.3 times more transaction space and can accommodate sophisticated functionalities like ZK proofs, BLS signatures, lengthy multisig processes, and confidential transfers, according to official Solana Foundation guidance.

The Solana Foundation, the organization supporting Solana’s ecosystem, explained that legacy and version 0 transaction formats will remain valid. Developers may select the V1 format only when their applications require larger transactions.

Address lookup tables are omitted from the new V1 format since up to 64 accounts can now be included directly within a transaction. The earlier formats retain their current approach for compatibility.

Testnet activation for Transaction V1 began on September 1 to help developers test and ensure system compatibility. Infrastructure providers are also updating their tools to handle the new transaction type efficiently.

Solana’s RPC clients, indexers, and pipeline applications must recognize and correctly process V1 transactions to prevent errors. Service providers like QuickNode have indicated that projects may require updated SDKs.

Mini dictionary: Zero-knowledge proofs (ZK proofs), a type of cryptographic protocol, enable verification of a statement’s validity without revealing the underlying data. This enhances privacy and scalability in blockchain applications.

Liquidity clusters and technical levelsCurrent technical data highlights two major liquidity concentrations above Solana’s market price. The nearest liquidity band is observed between $115 and $120, just above the recent $110 resistance. Should the price continue rising, reaching this cluster could trigger further volatility or possible reversals.

Liquidity ZonePrice RangeSignificanceNearest Cluster$115 – $120First major overhead liquidity, near recent resistanceLarger Pool$145 – $150Major upside cluster, prior resistance levelKey Support$90.46 – $94.83Main support zone for current structureA more significant liquidity cluster remains further overhead between $145 and $150. This region previously acted as a resistance, suggesting that any move into this area would likely encounter selling or increased volatility.

The liquidation heatmap shows where leveraged positions have built up, with major clusters currently located between $115 to $120 and in the $145 to $150 range. While such clusters do not guarantee price movement, they do outline potential zones for large market reactions.

Wave analysis and support levelsMarket analyst More Crypto Online described Solana as currently trading within a corrective wave 4 structure. Recent price movements exhibit overlapping three-wave patterns after rejecting from the $110 zone.

According to the analyst, the ongoing bounce could carry Solana above its September 3 high, acting as a B-wave, before another C-wave drop completes the correction. The crucial support area remains between $90.46 and $94.83. Sustaining this level is considered essential for a potential fifth wave upward once the correction finishes. A drop below $90.46 might lead to a deeper decline, invalidating the bullish configuration.

Solana has announced that the ARB token is now available to trade on its network through Sunrise, expanding the options for ARB holders and traders. The move has drawn renewed attention to how trading fees and execution quality are compared across blockchains, especially amid ongoing disagreement between key industry figures.

Sunrise ARB listing sparks debate over fees and executionThe ARB token, which is native to the Arbitrum blockchain, can now be accessed and traded directly on Solana’s network via the third-party application Sunrise. Solana is promoting this listing by highlighting what it describes as tighter spreads and significantly lower fees for ARB trades compared to Arbitrum. These claims have intensified competition and discussion about transaction costs between rival blockchains.

Steven Goldfeder, CEO of Offchain Labs, which is the technology company behind Arbitrum, has responded to these comparisons by cautioning against drawing conclusions solely from outward fee structures. Goldfeder stressed that calculating true transaction costs should include protections against harmful trading behaviors such as frontrunning and various forms of maximal extractable value (MEV).

Goldfeder emphasized that comparing on-chain trading costs is not straightforward, as factors like protection against hidden execution costs and malicious trading practices can have a significant impact on users, beyond just network and liquidity provider fees.

Anatoly Yakovenko, cofounder of Solana, countered Goldfeder’s position by asserting that Arbitrum generally faces “worse spreads and higher fees” compared to Solana routes. Yakovenko cited figures suggesting a roughly tenfold difference in costs, though he clarified that these numbers represent his own assessment and not a guarantee for every ARB transaction on either network.

Trading costs on decentralized exchanges often include not just the base network fee, but also liquidity provider charges and price slippage. Solana documentation notes both base transaction fees and optional priority fees, which together contribute to the total spent by ARB traders. The absence of a standardized fee schedule makes it important for users to compare actual order execution results across platforms.

Founded in 2020, Solana is a high-speed, proof-of-stake blockchain claiming to offer fast settlement and low fees. Sunrise is an application that facilitates cross-chain asset listings and enables users to interact with tokens from multiple ecosystems within one interface.

Mini dictionary: Maximal extractable value (MEV) refers to the extra profit that can be made by miners or validators when they reorder or include certain transactions within a block, often at the expense of regular users by capturing arbitrage or frontrunning opportunities.

SOL price, volume jump as technical levels take focusThe news of ARB’s arrival via Sunrise comes as SOL, Solana’s native token, trades at $106.02, reflecting a 2.5% increase over a 24-hour period. SOL’s trading volume rose 63.8% in the same timeframe to $3.49 billion, though there is no direct evidence that the ARB listing was the catalyst for these changes in price and volume.

Recent technical analysis places immediate support level for SOL near $105, while overhead resistance has been identified at $107.37. Upside from $106.02 to the resistance would represent just over 1%. However, if the price falls below $104.94, the short-term recovery outlook could weaken.

Solana continues to see heightened activity, but interpreting a surge in trading volume requires caution, as increased turnover may signal greater trading but does not confirm new liquidity entering the $SOL market.

The $3.49 billion figure references SOL token trading activity, not necessarily total turnover for the Solana blockchain or the ARB token specifically. Higher trading volume reflects more frequent buying and selling but does not always indicate net capital inflows.

With immediate support and resistance levels tightly grouped, traders are watching closely for a potential breakout or further decline. Market participants are also waiting to see if ARB trading on Solana will attract sustained interest or impact long-term liquidity for either asset.

LevelValueCurrent SOL price$106.02Support$105.00Resistance$107.37Trading Volume (24h)$3.49 billionKey price risk level$104.94Overall, industry figures remain divided on the best way to measure trading costs, with Solana and Arbitrum advocates each defending their network’s approach. The debate has highlighted the complexity of comparing user experience and cost efficiency across blockchains as multi-chain asset access expands.

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

According to the RWA Foundation X account, Solana led RWA flows, pulling in $348 million in the last 30 days.

"Solana is leading the pack. It topped net flows for RWAs over the past 30 days, pulling in $348 million to the chain," the RWA Foundation X account wrote.

As seen on the rwa.xyz page, Solana led the 30-day change among major networks on the RWA League table (distributed), referring to RWA tokens using the blockchain as a distribution layer, enabling onchain investors to subscribe, hold, and manage assets directly through their own wallets or custodians. Solana recorded a 30-day increase of 11.13%, while Ethereum and Stellar rose by 0.77% and 5.22%, respectively. XRP Ledger and Avalanche declined by 5.51% and 14.06%, respectively.

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As reported, Solana's RWA value has crossed $4 billion, currently at $4.23 billion. RWA holders increased by 17.63% in the last 30 days to 398,644.

One of the defining industry trends over the past year has been the growth of RWAs, with Solana sustaining its momentum. The Solana blockchain hosts tokenized Treasury products, including Circle's USYC tokenized money market fund, BlackRock's BUIDL, VanEck's VBILL, and Franklin Templeton's BENJI.

Ondo Finance runs two Treasury-linked products on Solana: USDY is a tokenized note backed by short-term U.S. Treasuries and bank demand deposits, and OUSG provides exposure to short-term U.S. government bonds and is backed significantly by BlackRock's BUIDL fund.

Solana eyes most ambitious upgradeSolana is eyeing what could be its most ambitious core upgrade to date—one that replaces its current technology stack with a redesigned consensus protocol built for near-instant finality and responsiveness.

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Dubbed Alpenglow, the upgrade proposes replacing Proof of History—Solana's well-known unique "pre-recorded clock" system—and Tower BFT, its existing voting mechanism for reaching consensus.

In late August, Solana saw its first network-wide governance vote—a proposal to speed up cuts to new SOL issuance that scraped past the required two-thirds majority in the final minutes before the deadline.

BulkTrade, one of the more quietly hyped projects in Solana’s DeFi ecosystem, has officially gone live on mainnet. The perpetual futures exchange launched on September 5, bringing with it execution latency between 5 and 20 milliseconds, a figure that puts it in striking distance of the centralized exchanges it’s trying to replace.

The platform isn’t rolling out the red carpet for everyone, though. Access is gated behind referral codes and invites.

The numbers behind the launch BulkTrade didn’t arrive empty-handed. A pre-deposit campaign that kicked off on June 1, 2026, pulled in over $25.9 million in USDC TVL within just 10 days.

The financial foundation goes deeper than pre-deposits. BulkTrade closed an $8 million seed round back in September 2025, co-led by Robot Ventures and 6th Man Ventures. Wintermute Ventures also participated, which is notable given Wintermute’s role as one of the largest market makers in crypto.

On the tokenomics side, the BULK token hasn’t launched yet, but the allocation framework is already public. Thirty percent of the total supply is reserved for community distribution through airdrops, with eligibility tied to pre-deposit activity and trading behavior.

The platform also introduced what it calls BIP-1 on July 28, a framework that enables permissionless, deployer-owned perpetual markets.

Why speed matters in perps trading BulkTrade is betting it can deliver both speed and self-custody. The platform targets sub-40 millisecond finality while keeping user assets in self-custody on Solana. All perpetuals are settled in USDC, which simplifies the margin and settlement process compared to platforms that support multiple collateral types.

The exchange underwent a security audit by Zellic, a firm that has reviewed smart contracts for several major DeFi protocols.

Solana’s perps landscape gets more crowded BulkTrade enters a Solana perps market that already includes established players like Jupiter’s perps product and other on-chain derivatives protocols.

BulkTrade’s 30% airdrop allocation rewards early depositors and active traders. The dynamic margin functionality the platform offers adjusts margin requirements in real time, potentially improving capital efficiency for sophisticated traders, in contrast to traditional perps platforms that use static margin requirements.

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

Analysis

Solana's new Payment Channels benchmark crushes traditional payment rail throughput, yet the gap between protocol signaling and real commerce tells a different story.

The Million-Payment Benchmark On September 3, 2026, the Solana Foundation announced the launch of Payment Channels, accompanied by a headline-grabbing figure: 1 million payments per second. This benchmark, derived from a controlled test involving 100,000 unique wallets through a proxy, does not represent current mainnet throughput. While the capacity to handle 80 billion payments in 24 hours is technically impressive, the gap between a lab-controlled stress test and the messy reality of global commerce remains wide.

The Bar Tab Model The architecture functions like a digital bar tab. Instead of requiring an on-chain transaction for every individual interaction—which would be prohibitively expensive and slow—a user authorizes a spending limit once. The agent then spends against that limit off-chain via signed messages. The final net amount is settled in a single on-chain transaction. This non-custodial escrow model is a departure from custodial prepaid credits, where balances are tracked in a third-party database. By keeping funds in an on-chain program rather than with an operator, the system attempts to solve the friction of agent autonomy, where human intervention was previously required to approve payments one at a time.

Throughput in Context Visa reported a peak capacity of approximately 65,000 transactions per second (TPS) in Q2 2026, with an average of 8,400 TPS. Mastercard, during Q1 2026, operated at an average of 5,600 TPS with a peak capacity of 5,000 TPS. Solana’s benchmark suggests a theoretical ceiling far beyond these legacy systems, yet the utility of such throughput depends entirely on the nature of the transactions being processed. Moving billions of micro-payments is a different engineering challenge than settling high-value retail transactions.

Protocol Neutrality Solana is positioning itself as a neutral settlement layer by supporting both the x402 (pay-per-call) and MPP (session-based) protocols. The x402 protocol offers modes ranging from single metered calls with a ceiling to batch-settlement, while MPP sessions allow for streaming many metered deliveries that settle when the session idle-closes. With Alibaba Cloud serving as the first live partner with API endpoints available at launch, the infrastructure targets enterprise-scale agentic commerce. Whether this neutrality holds under real-world load or simply creates a fragmented landscape for developers remains an open question.

The Economic Reality The cost efficiency is notable, with a per-payment cost of $0.000000000776. However, the actual economic activity on these protocols requires scrutiny. While Solana has seen over 35 million cumulative x402 transactions and $10 million in volume, Artemis Analytics found that approximately half of these transactions are artificial, stemming from self-dealing and wash trading. Furthermore, CoinDesk reported that real daily x402 volume was near $28,000 as of March 2026. The Major Matters x402 tracker indicates that the average x402 transaction value sits in the sub-cent-to-dime range, typically under $0.50. This discrepancy between protocol signaling and actual commercial volume suggests that the ecosystem is still in a phase of infrastructure testing rather than widespread adoption.

The Settlement Race The race to capture agentic commerce settlement is heating up, but the absence of significant “Category 3” commerce—real-world, non-speculative agent-to-agent transactions—remains the primary hurdle. Payment channels remove three specific friction points: the need for constant authorization, the reliance on custodial databases, and the inefficiency of individual settlement. Yet, until the volume shifts from artificial testing to genuine commercial activity, the 1 million payments per second figure remains a proof of concept rather than a market reality. For builders and investors, the focus should remain on whether these channels can sustain real-world utility once the novelty of the benchmark fades.

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Rumors of Solana’s death have been greatly exaggerated. While the critics and detractors declare Solana to be in its “most perilous place” ever, the network remains the most productive and fertile ground for applications across the industry.

Meanwhile, new data suggests that while Robinhood Chain is witnessing a tremendous influx of traders and capital, the vast majority of users are coming from crypto-native platforms.

Solana Leads All Chains in Monthly App Revenue The multichain economy is exploding, with blistering memecoin runs on networks like Robinhood and BNB Chain attracting traders and capital in waves reminiscent of previous onchain bull cycles. 

Driven by the surging popularity of meme/stock token pairings, Robinhood and BNB Chain are seeing coins run to incredible valuations in a matter of weeks. But while coins are running to $300M on rival chains, Solana’s memecoin trenches are looking decidedly barren, with similar meme/stock pairs struggling to enjoy the same success.

Solana’s declining volume share in tokenized equities has only fuelled criticism and dismissal from its detractors. Critics argue that Solana is now in a “perilous place”, with rival chains proving more popular among memecoin and perpetual futures traders.

But contrary to the doubts expressed on social media, onchain data suggests that Solana remains crypto’s most productive network for building blockchain-based businesses. 

According to DefiLlama data, Solana recorded over $144M in app revenue throughout August, leading all chains and constituting 38% market share across all chains.

Outside the application revenue, Solana maintained its industry-wide lead on spot DEX volume and continues to surpass rival chains like Ethereum, BNB, and Robinhood on network REV.

How Much of Robinhood’s Growth is New Users? While Robinhood Chain’s parabolic rise is breathing new life and optimism into the onchain economy, new data suggests that the surge of activity may not be as retail-driven as previously thought. 

Blockworks data suggests that only 2% of all activity on the flourishing network comes from the Robinhood Wallet, implying that most of the network’s traders are still coming from a crypto native background.

Around 73% of all activity is being driven by cross-chain terminals and aggregators, which could include retail-first platforms like fomo and the pump app.

At the same time, it’s starting to appear as though Robinhood Chain is suffering from its own success. The Ethereum Layer-2 is buckling under the demand for blockspace, with transaction fees spiking across the network due to strong demand for blockspace.

With network fees coming in around 128x more expensive than Solana, Blockworks Research analyst 0xcarlosg argues that the network risks pricing out the users driving its meteoric growth.

For its part, Solana has already suffered these trials. Historic network events, like the launch of the $TRUMP memecoin in January 2025 served as excellent proof of the chain’s resiliency under unprecedented load. Recent performance improvements, like raised block limits and slot time reductions have only boosted Solana’s capacity for scale, ensuring the chain is best-equipped to onboard capital markets at global scale.

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Is the Bull Run Back On?

Jupiter, the largest swap aggregator on Solana, is now live inside MoonPay’s PayBox, a non-custodial AI payment vault that lets users trade crypto by typing natural-language instructions into AI chatbots. The integration went live on September 3, connecting Jupiter’s routing engine, limit orders, dollar-cost averaging tools, and earn products to conversational interfaces powered by Claude, ChatGPT, and Grok.

What PayBox actually does MoonPay launched PayBox on July 29 as its bet on “agentic payments.” The core idea: users interact with AI assistants they already use, and PayBox handles the on-chain execution in the background.

The security model relies on multi-party computation (MPC) and trusted execution environments (TEE). Neither MoonPay nor the AI chatbot can independently access a user’s private keys. The keys are split across multiple parties, and transactions require a passkey from the user before anything moves on-chain.

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Users can configure permissions along a spectrum. “Always Ask” mode requires verification for every transaction. More autonomous settings allow the AI to execute trades within pre-set limits without additional confirmation, which is useful for recurring strategies like dollar-cost averaging.

Solana is the primary blockchain supported by PayBox, though it also works with several EVM-compatible networks including Ethereum, Base, Arbitrum, and Polygon.

Why Jupiter matters in this equation Jupiter has historically processed hundreds of billions in trading volume and handles a substantial share of all Solana DEX activity.

MoonPay CEO Ivan Soto-Wright framed the integration in characteristically direct terms.

“Jupiter is the standard for how serious traders trade on Solana.”

Jupiter reorganized its product suite into three pillars, Trade, Earn, and Manage, in July 2026. That restructuring now maps onto what’s accessible through PayBox, giving conversational AI users a path to tools that previously required navigating Jupiter’s own dashboard.

This isn’t the first time Jupiter and MoonPay have collaborated. Back in 2024, the two companies worked together to introduce fiat on-ramps to Jupiter Mobile, enabling card and Apple Pay purchases. The PayBox integration represents a deeper layer of connectivity, moving beyond simple fiat-to-crypto bridges into full trading functionality.

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

TLDR Table of Contents

US-based Solana spot ETFs have achieved 11 uninterrupted days of positive net inflows, with $10.9M recorded on September 1 Cumulative ETF net inflows have surged to $1.35 billion, while total assets under management reach $1.39 billion Derivatives trading volume for SOL increased 22% to $9.43 billion, though open interest saw a marginal decline SOL maintains position above critical $95 support zone with potential breakout levels identified at $110 and $120 Technical analyst Wealthmanager projects long-term price objective of $250 contingent on support level maintenance Solana (SOL) is currently changing hands near $99 following a modest correction of approximately 3% over the last 24-hour period. However, this short-term retracement hasn’t diminished the impressive 35% gain SOL has registered across the previous two weeks.

Solana (SOL) Price The cryptocurrency dipped to $99.35 but managed to defend the psychologically significant $100 threshold throughout most of the trading session. Trading activity has been contained within a range of $97.38 to $100.71.

Solana ETFs in the US Achieve 11-Day Consecutive Inflow Streak Exchange-traded funds tracking Solana spot price in the United States have now registered positive net inflows for an unbroken sequence of 11 trading days. September 1 witnessed daily net inflows of $10.19 million, while the prior session contributed $10.9 million.

Aggregate net inflows spanning all available products have climbed to $1.35 billion. Total assets under management across these instruments stood at $1.39 billion, accompanied by $68.55 million in daily trading volume.

Bitwise dominated daily capital attraction with $6.17 million in new inflows, while Fidelity captured $2.67 million. Morgan Stanley contributed $1.36 million to the total, whereas other registered funds reported zero new capital influx for the period.

Bitwise maintains the commanding position among providers, managing $949.83 million in assets with cumulative lifetime inflows reaching $1.03 billion. This sustained streak demonstrates consistent institutional appetite even amid temporary price volatility.

Cryptocurrency market analyst Ali Charts shared insights on X, urging his audience to abandon bearish positioning on Solana. He emphasized that the technical configuration is shifting toward bullish territory and suggested securing positions ahead of the next significant price movement for $SOL.

Solana Derivatives Market Displays Heightened Trading Activity Trading volume in Solana derivatives contracts expanded 22% to reach $9.43 billion, indicating elevated trader engagement. Conversely, open interest contracted 1.40% to $6.47 billion, implying that certain leveraged positions underwent liquidation or closure.

Options contract volume surged 19.30% to $15.18 million. Open interest in options contracts experienced a modest 2% increase to $135.98 million.

The Relative Strength Index currently registers at 62.15, having retreated from previously overbought conditions. The Chaikin Money Flow indicator reads 0.25, signaling continued capital accumulation within SOL.

Solana continues defending the $95 support threshold, which market analysts identify as essential for preserving the current recovery trajectory. A confirmed daily close above $100 would establish a pathway toward the $110 resistance zone.

Successfully breaching $110 with substantial volume could trigger further upside momentum toward the $120 level. Market analyst Wealthmanager identified $250 as a viable long-term objective should SOL successfully validate its previous resistance area as new support following a breakout from the macro downtrend pattern.

On the bearish scenario, failure to hold $95 would expose SOL to downside pressure toward the $90 level. A decisive breakdown below $90 would redirect market attention toward the $80 support zone.

The latest ETF statistics confirmed $10.9 million in net inflows on September 2, extending the remarkable 11-day positive streak.

Solana just made its transactions a lot roomier. The network’s new V1 transaction format has gone live on testnet, tripling the maximum serialized transaction size from 1,232 bytes to 4,096 bytes. That 3.3x expansion removes a bottleneck that has forced developers to use awkward workarounds for years.

The upgrade, defined by two protocol proposals called SIMD-0296 and SIMD-0385, is designed to natively support zero-knowledge proofs, large multisig transactions, confidential transfers, and BLS signatures, all within a single transaction. Mainnet activation is confirmed for September 9, 2026.

What the V1 format actually changes Solana’s legacy transaction format capped payloads at 1,232 bytes. That’s fine for a simple token swap, but it’s painfully tight for anything involving cryptographic proofs or transactions requiring dozens of signers. Zero-knowledge proofs often produce payloads that simply couldn’t fit. Developers had to split operations across multiple transactions or build custom compression schemes.

The V1 format raises the ceiling to 4,096 bytes. SIMD-0296 handles the size limit increase itself, while SIMD-0385 defines the new v1 message format, which uses a 0x81 version byte and a config mask. One notable trade-off: Address Lookup Table (ALT) support has been removed in the new format. Legacy transactions remain fully supported, so nothing breaks for existing applications.

Timeline and developer tooling Local testing became available starting August 24, 2026, using Solana CLI v4.2+ and Surfpool v1.5+. The testnet activation followed in late August. The September 9 mainnet date gives developers roughly two weeks of testnet runway to catch bugs before the real thing.

Behind the scenes, the upgrade requires meaningful infrastructure work. RPC calls, indexers, and SDKs all need updates to handle the new transaction format. Wallet providers, block explorers, and analytics platforms will need to parse V1 transactions correctly, or risk displaying incomplete data to users.

Why bigger transactions unlock new use cases Confidential transfers, which allow token movements where amounts are encrypted but still verifiable, have been technically possible on Solana but constrained by the old size limit. With 4,096 bytes of headroom, these transfers can be packaged into single atomic transactions.

Large multisig wallets used by DAOs and institutional treasuries also benefit. A multisig requiring 20 or 30 signers could struggle to fit all the necessary signature data within the old 1,232-byte envelope. The expanded format accommodates these scenarios natively.

BLS signatures, a cryptographic scheme that allows multiple signatures to be aggregated into one compact proof, become practical within single Solana transactions for the first time. This has implications for cross-chain bridges and validator-set attestations.

Zero-knowledge proofs are arguably the biggest unlock. Fitting a ZK proof into a single transaction eliminates the need for multi-step verification flows that add latency and complexity.

Competitive positioning and what to watch The upgrade also runs parallel to other protocol enhancements Solana has been pursuing, including slot-time reductions and rent adjustments.

For developers evaluating where to build, the practical question is straightforward: does the new format actually work smoothly on testnet, and do the tooling updates land before mainnet goes live on September 9? Infrastructure providers that fall behind on SDK updates could create a bumpy experience for early adopters, even if the protocol layer performs flawlessly.

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

According to official announcements, Solana ecosystem trading aggregator Jupiter has launched its cross-chain deposit feature, Universal Deposit. Users no longer need bridging tools to send tokens from any supported chain to Jupiter, and will receive USDC directly in their Solana wallets. The feature automatically integrates routing, cross-chain bridging, and swap workflows, eliminating the need for users to switch networks or execute additional transactions. Currently, Universal Deposit supports asset deposits from networks including Ethereum, Base, Arbitrum, and Sui, with users able to complete operations using their existing wallets. The service applies a unified fixed rate, charging $0.30 per transaction regardless of the transfer amount—whether it is $100 or $10 million. Jupiter noted that the feature is designed to deliver a more convenient cross-chain asset transfer experience.

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Bitwise’s Onchain Solutions validator pulled in 1.27 million SOL during August, vaulting it to the fifth-largest validator on the Solana network. The influx pushed the validator’s total active stake to approximately 9.455 million SOL, up from around 8.3 million SOL in mid-July when it sat at rank six.

Most of that growth traces back to a single product: Bitwise’s BSOL ETF, which stakes nearly all of its Solana holdings through the same validator. The fund crossed $1 billion in assets under management by late August, becoming the first Solana ETF to hit that mark.

BSOL’s dominance in the Solana ETF race The BSOL ETF launched on October 28, 2025, with a straightforward pitch: buy SOL exposure and earn staking yield on top of it. The fund targets 100% staking of its holdings, with roughly 96% of its 9.33 million SOL actively staked at a net yield of approximately 5.8% after fees.

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BSOL has captured somewhere between 77% and 80% of all US spot Solana ETF inflows since launch. On August 27 alone, the fund saw $60.91 million in single-day inflows, its peak for the month. Total inflows across all US spot Solana ETFs have exceeded $1.3 billion since the category debuted.

How Bitwise built the infrastructure Bitwise acquired Chorus One in February 2026, a move that significantly expanded its staking operations across multiple blockchain networks. Chorus One brought established infrastructure and operational expertise in running validators at scale, giving Bitwise the backbone to handle the kind of delegation growth that followed.

The jump from 8.3 million to 9.455 million SOL in active stake over roughly six weeks represents a 14% increase.

A shrinking validator set raises concentration questions Active validators on the network have declined approximately 34% year-over-year, a trend driven primarily by rising operational costs that make it uneconomical for smaller operators to continue running nodes.

Solana’s roughly 46% price appreciation during August provided a tailwind that amplified the dollar value of staking inflows.

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

A federal judge has dismissed all claims against Solana Labs, the Solana Foundation, and the named executives connected to them in the Pump.fun class action lawsuit.

Judge Colleen McMahon of the U.S. District Court for the Southern District of New York issued the 79-page ruling on August 31, granting defendants’ motions to dismiss in part and denying them in part. The decision leaves a narrower case focused on Pump.fun operator Baton Corporation Ltd. and its 3 founders, Alon Cohen, Dylan Kerler and Noah Tweedale.

The lawsuit began in January 2025 after plaintiffs alleged that Pump.fun facilitated a scheme that favored insiders through advance token positions, coordinated promotion and subsequent selling into retail demand. Plaintiffs estimated that retail traders collectively lost between $4 billion and $5.5 billion trading Pump.fun tokens.

$FRED and $GRIFFAIN Fail the Securities Test The ruling also rejected the plaintiffs’ Securities Act claims involving the 2 tokens they actually purchased, $FRED and $GRIFFAIN.

Judge McMahon did not rule that memecoins can never qualify as securities. Instead, she found that the complaint failed to establish a "common enterprise" under the Howey test.

The plaintiffs argued that $SOL deposited into each token’s bonding curve created a common pool. The judge disagreed, finding that the bonding curve did not connect investors to an underlying venture whose success or failure determined their collective fortunes. Early buyers could profit by selling to later buyers, while later purchasers could lose when demand declined.

The court dismissed the securities claims involving $FRED and $GRIFFAIN with prejudice. Claims involving the other 18 tokens failed because the named plaintiffs lacked class standing to pursue tokens they had not purchased.

That distinction matters. The ruling does not establish that all memecoins fall outside securities laws. It addresses the specific allegations surrounding $FRED and $GRIFFAIN, which were the tokens the plaintiffs actually purchased.

Pump.fun Still Faces RICO Claims The decision leaves the most consequential part of the lawsuit alive. The plaintiffs can continue pursuing substantive RICO and RICO conspiracy claims against Baton, Cohen, Kerler and Tweedale. The court found that the plaintiffs adequately pleaded wire-fraud allegations and a direct connection between the alleged conduct and transaction-fee losses.

The gambling theory did not survive. Judge McMahon concluded that buying and selling memecoins, although risky, does not constitute placing a bet under New York law.

The ruling also rejected the RICO claims against the Solana Defendants. The court found no adequately pleaded predicate racketeering act by Solana Labs, the Foundation, or their named executives.

Discovery and the September 10 Deadline The case now moves forward primarily as a RICO dispute against Pump.fun's operator and its 3 founders. Plaintiffs previously obtained nearly 5,000 internal chat messages and amended their complaint using that material.

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The court also ordered the plaintiffs to explain why 25 unidentified Lead KOL defendants should not face dismissal. They have until September 10 to identify any defendants they have located, explain their efforts to serve them, and identify any discovery they need to determine their identities. Failure to respond could lead to dismissal of those claims.

Pump.fun Keeps Building The ruling arrives as Pump.fun continues expanding its product. The memecoin launchpad announced the introduction of limit orders on Solana on its mobile app, including take-profit and stop-loss functionality. Co-founder Alon lauded it as “the FIRST memecoin trading mobile app that supports limit orders”, adding that EVM-chain support for limit orders would follow.

The pump.fun mobile app has consistently hit new all-time highs in daily active app traders, according to Sapijiju, another pseudonymous co-founder of pump.fun. He also reported that the app crossed 100,000 daily active users this week, highlighting the platform's continued growth, which has amassed over $1.4 billion in lifetime revenue.

The legal fight therefore narrows, but it does not disappear. Solana has exited the claims against it, the securities theory has collapsed for the 2 tokens at issue, and the gambling theory has failed. The remaining RICO allegations against Pump.fun and its founders now face discovery, where the parties will have to test the allegations against evidence before going to trial.

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Traditional commodity markets close. Gold doesn’t care. Neither does oil. Yet for decades, traders have been locked out of positions during evenings, weekends, and holidays while prices kept moving without them.

GMTrade, the Solana-native perpetuals exchange that has quietly become one of the chain’s largest trading venues, just removed that constraint entirely. The platform launched 24/7 perpetual futures trading for commodities including gold (XUG), silver (XAG), and WTI crude oil, powered by Chainlink Data Streams for real-time pricing.

From GMX fork to Solana heavyweight GMTrade’s backstory matters for understanding why this launch is significant. The platform started life as a GMX DAO-authorized deployment on Solana back in March 2025, rebranding to GMTrade in November 2025 while maintaining the underlying GMX V2 mechanics tailored for Solana’s efficient parallel execution.

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Since then, the growth trajectory has been steep. GMTrade has facilitated over $142B in total trading volume. At its peak in May 2026, the platform recorded $51.73B in 30-day trading volume, representing approximately 74% of all perpetual DEX volume on Solana during the same period.

The platform currently supports more than 60 markets with leverage options stretching up to 500x.

Why Chainlink Data Streams matter here Running perpetual futures for crypto assets is one thing. The prices originate on-chain, the reference data is abundant, and latency tolerance is relatively forgiving. Commodities are a different beast.

Gold, silver, and oil prices are determined across dozens of global exchanges, OTC desks, and physical markets that operate on different schedules and in different time zones. To offer 24/7 trading on these assets, you need a pricing oracle that can deliver high-integrity, low-latency data even when the underlying spot markets are closed or thinly traded.

That’s where Chainlink Data Streams come in. Rather than relying on periodic price updates pushed on-chain, Data Streams provide pull-based oracle infrastructure. The exchange requests fresh price data exactly when it’s needed, at the moment a trade executes. This reduces the window for stale pricing and front-running, two problems that have historically plagued on-chain derivatives platforms.

The bigger picture: real-world assets meet DeFi leverage These aren’t tokenized commodities in the traditional sense. These are synthetic perpetual contracts, financial instruments that track the price of an underlying asset without requiring ownership of it.

GMTrade operates without a dedicated governance or utility token. Instead, the platform uses a GT points system to reward active traders.

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

Eligible investors can now borrow USDG against a fund holding high-yield corporate bonds and CLO tranches, collateral whose value moves daily with credit spreads.

Securitize's tokenized high-yield credit fund is live as collateral on Loopscale, letting eligible investors borrow the USDG stablecoin against their shares without redeeming the position.

That puts sub-investment-grade corporate credit into an onchain lending market whose collateral has been almost entirely Treasuries, government money-market funds and investment-grade paper. The fund's net asset value moves with credit spreads and rating migrations, which means Loopscale is underwriting a mark that can fall — on an asset only allowlisted wallets are permitted to hold.

The Neuberger Securitize High Income Tokenized Fund, ticker HINC, launched Aug. 18 on Avalanche, Ethereum, Solana and Sui. It holds mostly high-yield corporate bonds, with the balance in CLO tranches, bank loans and other high-yielding fixed income; the CLO sleeve can run anywhere from zero to 30% of the portfolio. Neuberger Berman Investment Advisers is sub-adviser, and the firm managed $613 billion as of June 30. Minimum subscription is $100,000, the total expense ratio is 0.60% a year, and shares go only to accredited investors and qualified purchasers who clear Securitize's onboarding.

"Treasuries were a natural starting point for bringing traditional assets into DeFi, but they shouldn't be the endpoint," said Carlos Domingo, co-founder and CEO of Securitize. "HINC expands the opportunity into institutional credit."

Third Asset on LoopscaleHINC is the third Securitize product to reach the protocol. Apollo's tokenized credit fund ACRED has been usable as collateral there since late 2025, with USDG subscriptions added in January, and Securitize's own NYSE-listed stock SECZ went live as collateral on Aug. 20.

Loopscale holds $91.3 million in total value locked and $55.9 million in active loans, up 7.1% over 30 days and ranked 27th among lending protocols by DefiLlama. On Solana it sits an order of magnitude behind Kamino Lend at $1.25 billion and Jupiter Lend at $1.07 billion. It was exploited for $5.8 million in April 2025, two weeks after its own launch, and got the funds back after agreeing a bounty with the attacker.

Its markets are fixed-rate and fixed-term, with the borrower setting collateral, rate, loan-to-value and duration. Liquidations are partial: the protocol sells enough of a position to bring the loan back to health and leaves the rest.

"HINC adds a fundamentally different type of collateral to Solana credit markets," said Mary Gooneratne, co-founder of Loopscale. "Supporting an actively managed high-yield strategy demonstrates how onchain lending can extend beyond crypto-native assets and short-duration instruments."

Daily NAV, One SourceRedStone prices HINC on Solana, Ethereum and Avalanche using its Trusted Single Source Oracle standard, which takes the administrator's daily NAV and publishes it onchain in signed, timestamped, chained form so a protocol can verify the figure came from the administrator unaltered. Loopscale uses that feed to value the collateral and trigger clearing events.

"Bringing more complex financial assets into onchain lending markets requires dependable valuation infrastructure," said Marcin Kaźmierczak, co-founder and COO of RedStone.

The design question a NAV-priced credit fund poses is the opposite of the one crypto collateral poses. There is no intraday gap risk, because NAV is struck once each business day. What the market needs instead is a guarantee that a position can be unwound within a bounded number of business days at or near the published mark.

USDG's Solana FloatThe borrowable side is USDG, issued by Paxos Digital Singapore under Monetary Authority of Singapore regulation and distributed through the Global Dollar Network. Supply stands at $3.26 billion, of which $610.7 million sits on Solana, down 6.1% over the past month. Securitize, a member of the network, has enabled on- and off-ramping between HINC and USDG.

"Stablecoins provide an important liquidity layer for tokenized real world assets," said Peter Jonas, chief revenue officer at Paxos.

Treasuries Sit IdleSecuritize's argument that tokenized assets are barely used as DeFi collateral holds up, with a wrinkle. Tokenized real-world assets excluding stablecoins carry about $34.1 billion in onchain market value across 217 issuers, and $3.8 billion of that is active in DeFi, according to DefiLlama, or roughly 11%.

The idle share sits overwhelmingly in the Treasury products. BlackRock's BUIDL, the largest tokenized money-market fund at $2.79 billion, has $17.7 million deployed in DeFi, a utilization rate of 0.63%. Franklin Templeton's BENJI and iBENJI show zero. Credit is where the collateral demand already is: Centrifuge's Janus Henderson Anemoy AAA CLO Fund, the tokenized CLO strategy Resolv looped on Aave Horizon in February, runs at 97.8% utilization, Maple's syrupUSDT at 88.3% and Hastra's PRIME at 62.7%.

The March 2020 NumberSecuritize published HINC's risk figures itself, in a governance filing submitted to Aave on Aug. 18. Using an illustrative index blend of 70% ICE BofA US High Yield Constrained and 30% J.P. Morgan CLOIE Post-BB run from July 2016 to July 2026, the strategy returned 7.21% annualized, lost 18.25% in its worst month of March 2020, and fell 8.97% in calendar 2022 with a 13.20% drawdown inside that year. An instantaneous 200 basis-point widening in spreads takes roughly 7% to 9% off NAV; 400 basis points takes 14% to 18%.

The strategy is short interest-rate duration but carries three-and-a-half to four-and-a-half years of spread duration. "This is not a low-volatility asset," Securitize wrote, and the March 2020 figure "should be treated as the governing stress case."

The fund has no operating history. Investors face a 24-hour lock-up and daily redemption requests against a portfolio that can take days to sell, and Securitize said plainly that "the 24-hour lock-up does not reflect practical liquidity." The CLO sleeve carries structural leverage of roughly six to eight times at the BB level.

Still Pending at AaveThat filing asked Aave Horizon to accept HINC on Ethereum as supply-only collateral, with USDC, GHO and RLUSD borrowable against it. Two weeks on, it had not reached a Snapshot vote or drawn a published risk assessment. It still needs a technical assessment, a LlamaRisk review, evidence that liquidators have been onboarded, a vote and a final Aave Improvement Proposal.

A forum comment posted Aug. 30 questioned whether the proposed liquidation backstop of 3% to 5% of borrowed TVL covers a four-business-day stress window, flagged inconsistent naming of the oracle provider, and pressed on who compensates stablecoin suppliers when a legally frozen position cannot be liquidated but keeps accruing debt.

On the oracle point, Securitize's Aave filing names a Chainlink NAV feed wrapped in LlamaGuard dynamic bounds as the primary source for Ethereum, while listing RedStone among external dependencies. Loopscale's markets are configured per collateral without a token-holder vote, which is why the Solana venue is live first.

The $270 Billion CaseSecuritize's announcement leans on a Standard Chartered projection that assets deployed in DeFi reach $2.7 trillion by 2030, and reasons that tokenized assets at 10% of that market would put roughly $270 billion to work onchain. The arithmetic is the company's own, and Securitize disclosed in the Aave filing that it is the tokenization platform, transfer agent and investment adviser for HINC with "a direct commercial interest" in the listing.

What the Loopscale launch tests first is smaller and more concrete: whether a lending market can hold collateral that only allowlisted wallets can touch, liquidate it inside a T+1 redemption window, and price a mark that moves on credit spreads no borrower can see coming.

How big is the tokenization market? Well, it’s big enough that the grand machinery of capital markets is now flooding in. Some of the key stats from 2026 show the shocking scale of growth in tokenized assets. 

Tokenized RWAs reached $37.29 billion on public blockchains as of August 3, excluding stablecoins. Treasury and money-market products accounted for $16.16 billion, roughly 43% of the total. Commodities stood at $4.60 billion, while equities and ETFs reached $2.16 billion. Types of Tokenized Real-World Assets By Category. Source: On-Chain Finance What’s more, US regulators are beginning to draw firmer lines. In January, SEC staff divided tokenized securities into issuer-sponsored products and third-party-created versions. 

An issuer can integrate distributed-ledger technology into its “master securityholder file,” allowing an on-chain transfer to move the security on the official register, while third-party structures can leave legal ownership recorded elsewhere and give the token holder a separate entitlement.

BeInCrypto spoke to Eva Meng, Head of Matrixdock, Myles Harrison, Chief Product Officer at AMINA Bank, Billy Miller, COO of Securitize, and Roshan Robert, CEO of OKX US, about tokenization’s real battleground. 

Ownership Begins with Settlement Eva Meng, Head of Matrixdock, places settlement at the center of the ownership question.

“An on-chain ledger can accurately record token ownership without establishing whether the underlying asset is available for settlement. The real test comes when the claim is exercised: can recorded ownership actually be carried through to settlement?”

Matrixdock’s tokenized gold (XAUm) asset shows how such rights pass from an onchain balance into physical delivery. 

In April 2025, a holder burned 32.148 XAUm and received a one-kilogram LBMA gold bar within T+3 of the redemption request, linking the token burn to a corresponding release from custody.

How a Holder Received a Physical Gold Bar for Burning His Tokenized Gold Coins. Source: Matrixdock The stakes rise as tokenization reaches securities, where ownership determines access to dividends, voting rights and corporate actions. 

Myles Harrison, Chief Product Officer at AMINA Bank, argues institutional investors tend to begin from those legal and economic rights rather than from blockchain selection.

“The token isn’t the asset. It’s a representation of a claim, and that claim only means something if a regulated institution stands behind it and is legally obliged to honor it. When I speak to institutional clients, their questions are never about which chain an asset sits on. They want to know who owes them what, under which law, and what happens if something goes wrong. Those answers live in the record of ownership, not in the token itself.”

Securitize COO Billy Miller draws a similar line between tokens created around securities held elsewhere and issuer-sponsored tokens incorporated into the ownership record itself.

“In an issuer-sponsored model, the issuer authorizes tokenization with the token representing the actual security and ownership, akin to how book-entry is a digital representation of shares held at the transfer agent.”

Securitize put the model into use when its common stock began trading on the NYSE under SECZ on July 2. Eligible US investors are also able to access tokenized SECZ through Securitize. 

The tokens launched on Avalanche and Solana while representing the same common stock trading on the NYSE, giving one security both conventional and on-chain forms of ownership.

Securitize is now officially a public company, listed on the @NYSE under the ticker SECZ.

Our focus is unchanged: building the regulated infrastructure for the next generation of capital markets.

To everyone who helped us get here, thank you.

Tokenize the World. pic.twitter.com/XVhjA5udA9

— Securitize (@Securitize) July 2, 2026 💡 Did you know? Robinhood’s 2025 “SpaceX stock tokens” gave investors derivative exposure rather than direct ownership of SpaceX shares. The controversy exposed a central risk in tokenization: owning a token does not necessarily put the holder on the company’s share register or grant the rights attached to the underlying equity. 

Transfer Agents Transfer agents have long maintained security-holder records, processed changes in ownership, and administered distributions. With tokenized securities, recordkeeping becomes more closely tied to the trade because an on-chain transfer can feed into the official register, making the quality and speed of recordkeeping part of the trading experience itself.

Traditional exchanges are already building around this role. 

In March, the NYSE named Securitize as the first digital transfer agent eligible to mint blockchain-native securities for corporate and ETF issuers on its planned digital trading platform, while the two companies also agreed to work on standards covering digital transfer agents and tokenization agents.

Roshan Robert, CEO of OKX US, sees the transfer agent and blockchain as complementary components.

“Tokenization works best when the asset is tied directly to the official ownership record. A digital transfer agent maintains that record and manages transfers, distributions and corporate actions. Blockchain infrastructure provides the speed, transparency and global reach that make these assets more useful. Strong tokenized markets need both trusted ownership records and high-performance blockchain infrastructure. Together, they can allow tokenized assets to move securely and, ultimately, trade around the clock.”

The institutional footprint around regulated tokenization is growing alongside those market plans. Securitize reported $3.4 billion in assets under management at the end of March 2026 and $1.9 billion of aggregate transaction volume during the first quarter, figures published shortly before its July NYSE listing.

Around-the-Clock Trading Reaches the Old Market Clock The NYSE is developing a regulated digital venue designed for 24/7 tokenized securities trading, instant settlement and stablecoin-based funding, pairing its Pillar matching engine with blockchain-based post-trade systems.

Harrison sees the difficult work arriving beyond the trading venue, where counterparties, compliance teams and settlement systems still operate according to schedules refined over decades.

“At AMINA Bank, we settle 24/7, 365. We’re always online. But try clearing something on a Saturday evening through a traditional institution; it just doesn’t happen. And that’s not a technology problem. The entire financial system – from the processes and the staffing models to the compliance infrastructure – was built around market opening hours and optimized over decades. Unwinding is like turning an oil tanker. It will happen, but anyone telling you it’s 12 months away is underestimating the challenge.”

Meng sees the same tension in gold, an asset whose price can respond to geopolitical events and macroeconomic releases while key elements of the conventional market remain bound to established operating hours.

“The challenge is that only part of the stack is always on. Secondary trading and transfers can continue on-chain, while underlying markets, banking, custody, hedging, and primary-market activity still follow traditional operating hours.”

Tokenized gold can therefore continue forming a price while conventional routes are closed, giving onchain markets an early read on new information.

“The harder test comes when the tokenized price moves away from the underlying market while the mechanisms that normally bring them back into alignment, such as arbitrage, hedging, minting and redemption, are unavailable. Liquidity providers then have to carry more inventory, basis and gap risk until those markets reopen,” Meng said.

Continuous trading becomes economically durable when liquidity providers can manage exposure across those uneven schedules, with enough cash settlement, custody and redemption capacity to support prices through weekends and overnight sessions.

The Registry Outranks the Chain Blockchain selection still affects transaction costs, execution speed and access, although Harrison sees legal and operational design carrying greater importance for institutions deciding whether an asset can enter portfolios.

“The chain matters far less than people assume. I see institutions spending months evaluating which blockchain to use when the real question is whether the legal and operational infrastructure around their asset is in place. Can they settle? Can they comply across jurisdictions? Can their counterparties access it? The industry spent almost two years getting lost in the semantic between tokenized deposit, a CBDC and a stablecoin when technologically they’re identical. The infrastructure around the token is what determines whether institutional clients can use it,” said Harrison from AMINA Bank. 

SECZ provides one illustration. The same issuer-sponsored common stock launched across Avalanche and Solana, leaving the economic rights attached to the share while blockchain choice governs where an eligible investor can hold and transfer the tokenized form.

The SEC’s January guidance gives the registry similar prominence from a regulatory perspective, centring issuer-sponsored tokenization on the master securityholder file and the relationship between an onchain transfer and the legally recognized ownership record.

Where Tokenization Breaks Down Continuous trading becomes more complicated when a token keeps changing hands while its reference market has closed, leaving price discovery concentrated in the tokenized asset until conventional trading resumes.

Harrison points to tokenized equities.

“You can trade the token at any hour, but the underlying security doesn’t reprice outside traditional market hours. You’re buying a wrapper whose reference value is frozen until the market reopens.”

Tokenized Treasuries raise a different issue. They are already the largest real-world asset category tracked by RWA.xyz, with $16.16 billion distributed across 85 products as of August 3, yet AMINA’s clients can already buy conventional T-bills through the bank’s securities dealer license. 

In their case, wrapping the same exposure in a token offers limited extra utility unless it improves access, settlement or use elsewhere onchain.

“The tokenized version solves a distribution problem that doesn’t exist for them.”

Tokenization earns its economic value where a blockchain representation improves access, settlement, portability or use as collateral, while the ownership record preserves a holder’s enforceable rights throughout the process. 

The market is already large enough for this distinction to become commercially important, especially as tokenized securities begin entering regulated public-market venues.