Solana's app revenue hit $1.2 billion in Q1.
Market Overview
Bitcoin edged close to its all-time high, briefly hitting $106K as Strategy invested $765 million to acquire 7,390 BTC. Despite BTC’s 3% uptick, most altcoins were subdued, with Solana recording minor losses.
Yet, Solana’s ecosystem continues to explode. Over 325,000 new tokens were launched on its network this week (and not just meme coins), and a new Messari report shows a slew of supergreen metrics.
However, it did little to move the price needle, as the Solana ecosystem’s market cap remained unchanged while the trading volume took a 37% tumble.
Source: CoinMarketCap
On the tech front, Chainlink's Cross-Chain Interoperability Protocol (CCIP) went live on Solana, while MetaMask is set to roll out native support for Solana in May 2025.
Here’s a quick look at what unfolded in SolanaLand this week.
Solana's Performance
The U.S. SEC postponed rulings on two proposed Solana ETFs. The ETF delay slowed Solana’s momentum, and the asset fell 2.9% week-over-week to $167.
Source: CoinMarketCap
L1 Ranking Update
Solana's total value locked (TVL) in DeFi edged up to $10.776 billion, maintaining a clear lead over Tron, which holds third place. Ethereum remains the leading DeFi chain, followed by Solana, with Bitcoin and BNB Chain rounding out the top five.
Source: DeFiLlama
Solana's DEX volume continued its winning streak, gaining 2.28% to reach nearly $25 billion.
Source: DeFiLlama
Solana has been the dominant chain in weekly DEX volume for five consecutive weeks, shrugging off competition from BNB Chain and Ethereum. Winning!
It leads in network revenue driven by key applications, outperforming other major blockchains in overall earnings.
In addition, Solana’s application revenue rose 20% quarter-on-quarter from $975 million to $1.2 billion in Q1 2025.
Biggest Winners & Losers
Top Performers
Frax (FRAX) leads token performance in the Solana Ecosystem this week, while AI data scraping protocol Grass continues to pump.
- Frax (FRAX): +46.16%
- Grass (GRASS): +31.08%
- Aave (AAVE): +23.35%
- Aethir (ATH): +17.22%
- FTX Token (FTT): +11.58%
Biggest Losers
- Pyth Network (PYTH): -26.54%
- Peanut the Squirrel (PNUT): -26.29%
- Popcat (POPCAT): -21.17%
- dogwifhat (WIF): -18.96%
- Lido DAO (LDO): - 17.65%
Latest Solana News
BitGo Partners With Upexi To Custody Solana Holdings
Crypto custodian BitGo has partnered with e-commerce firm Upexi as it expands its Solana token treasury. The deal follows Upexi's move to nearly double its Solana holdings to over 595,000 tokens, valued at around $100 million.
Solana Optimistic Network To Launch SOON Token Airdrop
The Solana Optimistic Network, an Ethereum layer-2 using the Solana Virtual Machine, announced an upcoming airdrop of its SOON token. Early supporters will receive 8% (80 million tokens) of the total supply.
Solana Name Service Launches New SNS Token
The Solana Name Service has launched its SNS token, allocating 40% to early and new supporters, with claims open until August 11 for wallets holding .sol domains. The new token is set to replace FIDA, which was deemed unsustainable by former backer Bonafida.
What You Can Do Now
- Follow SEC updates on pending Solana ETF decisions.
- Claim free tokens from the SNS and SOON airdrops.
- Monitor institutional moves as Upexi holds $100M in Solana.
- Stay alert as altcoin prices fluctuate.
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