Kraken plans to offer tokenized stocks on Solana to non-U.S. citizens.
Market Overview
Bitcoin climbed to an all-time high of nearly $112,000, driven in part by Strategy’s $427 million BTC buy.
In contrast, the altcoin market remains in hibernation with no altcoin summer in sight yet. However, Solana’s wins came from a string of announcements within its ecosystem.
- Kraken is set to bring U.S. stock trading to Solana’s blockchain, cementing the network as a leader in real-world asset (RWA) tokenization.
- Jupiter stepped onto the Solana Accelerate Stage to unveil a new lending protocol in collaboration with Fluid.
- More than $175 million was bridged from other networks to Solana, pushing its ecosystem market cap 3% higher, though its trading volume slipped 15%.
Source: CoinMarketCap
- In DePIN news, the Solana Seeker Mobile will start shipping in August, with a new token (SKR) and decentralized architecture (TEEPIN) set to roll out.
Ledger has launched a Solana-specific variant of its non-custodial Ledger Flex device.
What else happened in SolanaLand? Here is the weekly lowdown.
Solana's Performance
SOL jumped 5% this week to $176 as the key Solana Accelerate conference in New York on May 22-23 attracted builders, executives, policymakers, and disruptive crypto startups.
Source: CoinMarketCap
L1 Ranking Update
Solana’s DeFi TVL edged up 2% to $10.997 billion, far outpacing BNB Chain in third place.
Source: DeFiLlama
Solana’s DEX volume dropped 14.62% to $21.28 billion this week, ending its multi-week growth streak.
Source: DeFiLlama
In another win, Solana’s DApps generated more weekly revenue than those on any other chain.
Biggest Winners & Losers
Top Performers
Zebec Network (ZBCN) was this week's outlier with a 150% gain
- Zebec Network (ZBCN): +150%
- Jupiter (JUP): +27.48% — uptick catalyzed by the launch of its new lending protocol
- Virtuals Protocol (VIRTUAL): +20.24%
- SPX6900 (SPX): +20.21%
- dogwifhat (WIF): +18.54% — bounced back from its slump last week
Biggest Losers
- FTX Token (FTT): -6.22%
- Frax (FRAX): -5.95%
- Neiro (NEIRO): -5.61%
- Synthetix (SNX): -5.23%
- Axie Infinity (AXS): -3.01%
Latest Solana News
WalletConnect Brings WCT to Solana With $3M Airdrop
WalletConnect has launched its WCT token on Solana, following previous rollouts on Optimism and Ethereum. Five million WCT, worth around $3 million, will be airdropped to active Solana users this summer through key ecosystem partners.
Migos Instagram Hacked in Blackmail Attempt on Solana Co-Founder
Hackers took over former rap trio Migos’ Instagram account to post images of Solana co-founder Raj Gokal holding ID documents, demanding 40 BTC in what appears to be a failed extortion attempt.
Kalshi Adds Solana for Faster Crypto Deposits
Prediction market Kalshi now accepts Solana deposits, expanding its crypto support alongside Bitcoin, USDC, and WLD. The integration, enabled by Zero Hash, allows faster funding and higher deposit limits up to $500,000.
What You Can Do Now
- Track WalletConnect’s WCT airdrop this summer—5 million tokens are up for grabs.
- Protect your assets and personal data amid rising security threats.
- Use Solana to fund Kalshi accounts instantly, with limits up to $500K.
- Monitor your altcoins as Bitcoin dominance climbs past 63%, reshaping market trends.
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