From Magic Eden launch $ME to traders moving to Tron, here is a 3-minute breakdown of everything important that happened in Solana this week.
TL:DR
- Solana's price broke $160 before sliding back to $147
- Ecosystem TVL grew to $5.15B
- Magic Eden launches $ME token and mobile wallet app
- Pump.fun activity declines as traders move to Tron
- Brazil approves second Solana ETF
- PayPal's PYUSD stablecoin hits $650M on Solana
- Meme coins POPCAT and MUMU surge
We've got the scoop on Magic Eden's big move, some DeFi drama, and even PayPal making waves. Plus, we'll dive into the latest on NFTs and what's cooking in the world of meme coins.
Let's jump in!
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Solana This Week: Overview
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Solana Ecosystem
TVL, Stables and Activity All Increase, But Where’s the Volume?
So as you can see, there’s plenty of dollars ready to go once the US starts its money printer up again.
Even better, users are flocking to Solana and in the last 24 hours, 1.74 active addresses have been recorded, up nearly 50% from the 1.2m active addresses when I wrote last week’s roundup.
Source: DeFillama
In the last 24 hours, Solana’s ecosystem has handled a trading volume of $2.5 billion, generating $713k in fees and $356k in revenue.
While TVL has remained largely stable over the summer months, it’s worrying to see the huge drop in volume and fees continue to trend on Solana though, as the network contends with the meme coin hangover and surging challengers like TON, Tron and BNB.
Here’s how this month’s flavor TRON has been stacking up against Solana since June.
We can see it taking all Solana Summer’s heat since mid-August in terms of fees and revenue, as Justin Sun began to court all those jaded Pump.fun meme survivors and welcome them to his Sun.Pump copycat.
Tron also has 50% more TVL than Solana, despite having only 16% of its fully diluted value. That’s 6x smaller.
The crypto veterans among us will remember that Tron used to be called “Chinese Ethereum” when it launched, shall we rename it to “Chinese Solana” instead?
Top 5 Solana Stories This Week
1. Magic Eden Launches $ME Token and Mobile Wallet App
Magic Eden currently commands 2/3rds of Solana's NFT market share ahead of its $ME token launch. Despite ME's dominance in trade volume, rival Tensor has handled more trades recently, suggesting Magic Eden processes larger sales.
2. RobinHood Adds Solana Support for its Wallet, but SOL stays delisted
However, SOL itself remains delisted for American users on Robinhood's exchange due to ongoing SEC concerns about its status as a potential security.
3. Pump.fun Activity Declines on Solana
4. Brazil Approves Second Solana ETF
Offered by Hashdex in partnership with BTG Pactual, this approval solidifies Latin America's position as a growing hub of Solana activity. Meanwhile, U.S. approval for a Solana ETF remains unlikely in the near future according to experts.
5. PayPal's Stablecoin Reaches $1B Market Cap on Solana
Categories
Meme Coins
Top 10 Memecoins 7-day performance
DeFi
Solana DeFi was pretty flat the last 7 days, taking strain from the aforementioned Tron season.
Only Kamino (+5%) and Jupiter (+78%) have been in the green for the last 30 days. We’ll have to wait and see if Solana Breakpoint and a return to the office for institutions will kick start activity again.
Solana DePIN
NFTs
According to NFTPulse data, Solana continues to top most NFT categories, and the MagicEden token launch and incoming airdrop created some extra impetus this week as NFT traders rush in to earn more points.
What You Can Do Now
September is days away, so what can we expect next?
However, October is another story altogether, as this Binance graph shows.
Therefore September provides a good opportunity to take stock of what’s happening in Solanaland (pro tip: look into Solana projects that have keynote speeches scheduled at Token2049 and Breakpoint) in the meantime.
You can also do this right now:
- Check out Magic Eden's new mobile wallet app to prepare for the $ME token airdrop (please make sure you follow official links and don’t get phished).
- Look into Solana's DeFi platforms, especially Jupiter and Kamino, which are showing growth.
- Keep an eye on the upcoming Solana Breakpoint event for potential ecosystem updates.
- Figure out what the fuss is about POPCAT and MUMU meme coins.
- See why Render and Nosana are two of the hottest Solana DePIN projects.
https://twitter.com/SolanaFloor/status/1828908206942564380/photo/1