Solana briefly hit its lowest level in months as global tensions escalated.
Market Overview
It was a volatile week that had all the crypto bulls gnashing their teeth yet again as Bitcoin sank below $100,000 amid escalations of geopolitical conflict.
Altcoins were hit harder, with over $1 billion wiped out through liquidations as crypto traders were caught off guard. By this, you have to be a fortune teller to stay ahead of macro headwinds.
The bleeding could have been worse, but President Donald Trump's announcement of a ceasefire calmed the markets, pushing BTC to $105K. In the end, Solana's ecosystem saw a 12% increase in trading volume, while the market cap slid 4%.
Source: CoinMarketCap
Under the surface, Solana’s ecosystem made notable gains this week. A new stablecoin launched on its network. At the same time, a Nasdaq-listed company began tokenizing U.S. stocks on Solana.
Here’s a closer look at what unfolded on Solana this week.
Solana's Performance
Solana posted a 3% weekly loss after sliding to its lowest level since mid-April, hitting $127. The decline was short-lived, though. A geopolitical ceasefire agreement triggered a bounce, lifting SOL back to $146.
Source: CoinMarketCap
L1 Ranking Update
Solana's total value locked (TVL) sank below $10 billion after sliding over 1%. Other networks saw major declines, with Tron plummeting 10% in the same period.
Source: DeFiLlama
DeFi
Source: DeFiLlama
Thanks to the volatile week, Solana's weekly DEX trading volume took a 20% hit. But there was a positive takeaway—Solana's on-chain perpetuals saw 96% more liquidation volume than centralized exchanges, highlighting its growing dominance in decentralized trading.
Solana could expand its DeFi footprint as Fiserv, a payments giant, is launching FIUSD, a dollar-backed stablecoin on Solana designed for banks and merchants, following the Senate’s approval of the GENIUS Act to regulate payment stablecoins.
Solana continues to generate strong on-chain revenue, outperforming competing chains.
Biggest Winners & Losers
In typical Solana fashion, a few lesser-known names outperformed.
Top Performers
- Useless Coin (USELESS): +59.26%
- Saros (SAROS): +17.62%
- Keep Network (KEEP): +16.24%
- Non-Playable Coin (NPC): +6.34%
- Convex Finance (CVX): +4.02%
Biggest Losers
- Grass (GRASS): -20.52%
- Aethir (ATH): -15.74%
- Official Melania Meme (MELANIA): -15.4%
- SPX6900 (SPX): -15.28%
- WhiteRock (WHITE): -13.70%
Latest Solana News
Jupiter DAO Hits Pause on Governance Through 2025
Jupiter DAO has suspended all governance voting until the end of 2025 to focus on product development, citing a pivotal moment for crypto growth. Staking rewards will continue, and the team is moving ahead with new tools like an experimental token launchpad.
First U.S.-Listed Company Tokenized on Solana via Kraken
DeFi Development Corp. has partnered with Kraken to launch DFDVx—the first tokenized U.S.-listed stock on Solana—marking a major step in bridging traditional equity and DeFi. The token will debut on Kraken’s upcoming xStocks platform alongside major global equities.
Grass Unveils Grasshopper: First Hardware for Its Network
Grass has announced Grasshopper, the first dedicated hardware device for the Grass Network, with limited units available and a waitlist now open.
What You Can Do Now
- Monitor macroeconomic trends and geopolitical shifts.
- Stay informed on Fiserv’s upcoming Solana-based stablecoin launch and its potential use cases.
- Adjust exposure to leverage as market volatility increases.
- Watch developments in Jupiter DAO governance, as changes may influence JUP's price.
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