This is a segment from the Lightspeed newsletter. To read full editions, subscribe . Solana looks surprisingly bullish, considering the broader crypto market continues to flirt with bearish stagnation. We’ve seen SOL surge around 30% compared to the US dollar over the past seven days (and up 20% against ETH, reaching its highest-ever weekly close on the SOL/ETH pair). Solana also just reclaimed the #1 spot in seven-day DEX volume, edging out Ethereum with a peak near $130b. That’s the highest we’ve seen since early January. And yet, network fees have plunged 97% since the start of the year, and total DEX volume is down 93% from Q1 highs. Paradoxical at a glance, perhaps, but easily explained by one word: compression. Solana’s network throughput remains unmatched, but thanks to the fee market rollback, that scale doesn’t translate to protocol revenue. In fact, Network REV (transaction fees + tips) has flatlined at sub-$50m weekly levels after peaking above $200 million in January. This disconnect between usage and earnings may limit sustainable economic value for validators (unless we rebalance staking dynamics or fee incentives.) However, we’ve seen a modest rebound on the application revenue side — especially from DePIN and DeFi. Total transaction activity also remains robust, hovering near 585 million weekly transactions. Stablecoins are also a big deal this week. Circle minted another $250 million USDC on Solana, pushing the total monthly transfer volume of stables above $12 billion. That’s yet another all-time high. This trend suggests folks increasingly view Solana as the rails for dollar-based settlement, even with markets looking bearish. And unlike previous cycles, this stablecoin growth appears sticky. The supply curve has steepened without the volatility-driven reversals seen on other chains. We also have a pretty hefty milestone today, as we mark the launch of multiple spot Solana ETFs in Canada, approved by the OSC. These funds include staking and will offer yield exposure to institutions for the first time. While early US-based futures ETFs like SOLZ saw tepid demand (~$5 million AUM), Canada’s move could be different. The Canadian ETFs arrive during a moment of broader macro uncertainty. Coinbase’s institutional report warns of a crypto winter and weak VC inflows but maintains that a Q3 rebound is likely . In that light, Solana’s performance may reflect early positioning for the next leg rather than a frothy overextension. While BTC trades sideways around $85k amid ETF outflows and macro jitters, Solana is showing signs of narrative independence. At the time of publication, the price of SOL hovers around $127.70, a 24% rise over the past week. Get the news in your inbox. Explore Blockworks newsletters: Blockworks Daily : Unpacking crypto and the markets. Empire : Crypto news and analysis to start your day. Forward Guidance : The intersection of crypto, macro and policy. 0xResearch : Alpha directly in your inbox. Lightspeed : All things Solana. The Drop : Apps, games, memes and more. Supply Shock : Bitcoin, bitcoin, bitcoin.
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