Solana continues its methodical infiltration into the layers of the crypto industry. Having become fertile ground for DeFi developers, it exhibits a strategic consistency that impresses. Its fast and low-cost architecture attracts the crowds. And now powerful statistics reappear: DEX volumes surpassing those of Ethereum, record fees generated… So many signals shaking the front lines. Enough to rekindle hopes around a lagging SOL token.

DEX on fire, network slowing down: the Solana paradox

94.8 billion dollars: this is the cumulative volume of DEXs on Solana over the past 30 days, compared to 64.8 billion for Ethereum. The network outperforms its rival, powered by Jupiter (50% of volumes), Raydium, and Zeta Markets, which explodes with +212% volume growth in one month. Add a TVL of 11 billion (+14%), and fees generated at 48.7 million $ (compared to 36.9 million for Ethereum). The package impresses.

But behind the numbers, a shadow persists. Overall network activity has plunged 91% compared to January. A disconnect between infrastructural performance and organic vitality. Davo from Drift Protocol reminds, however, that Solana has a robust base layer, without an off-chain matching engine.

An architecture that attracts developers but struggles to reassure markets. This misalignment between technological prowess and user dynamism raises questions. Can a solid future be built without active and engaged users?

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Memecoins in decline: has the speculative bubble burst?

In the crypto arena, Solana had found a weapon of conquest: memecoins. Popular, viral, they boosted transactions and fees. But today, the fever is cooling off, their golden age is over. Giga down 42%, Popcat 35%, Bonk and WIF 25%. Result? Traffic dwindles, momentum slows.

Pump.fun, the epicenter of the movement, even considers flying on its own with an independent blockchain. A headlong rush that would weaken the ecosystem further.

The decline of memecoins marks the end of a euphoric era. The speculative sector runs out of fuel, leaving DEXs orphaned without an engine. Speculative enthusiasm may have peaked. The challenge for Solana is now clear: to turn technical success into lasting adoption. The time is no longer for speed, but for depth. Without sustained engagement, numbers are no longer enough.

Solana facing the storm: ETF, Hyperliquid, and other shocks

While Solana sets records, threats accumulate. First, a financial danger: 3.55 million SOL will be unlocked by August, some 600 million $ that could flood the market. Next, a structural threat: MEV attacks (sandwich, front-running) exploit the network’s speed. Finally, fierce competition: Hyperliquid records a volume 84% higher than its five largest rivals combined. Some Solana DApps even consider migrating.

But a catalyst is emerging: the anticipated approval of a Spot Solana ETF in October. Enough to reignite hopes for a bullish rally. Currently, derivatives markets show a lack of confidence: negative funding rates, shorts under pressure.

Yet weak signals persist. Davo highlights “the native use of assets as collateral on Solana“. And the solid network structure could become an asset again if connected to renewed storytelling.

Key figures to remember:

• 94.8 billion $ DEX volumes;
• +14% TVL, reaching 11 billion $;
• 600 million $ of SOL tokens unlocking soon;
• 84%: Hyperliquid’s lead over competitors;
• 48.7 million $ fees generated in 30 days.

The Ethereum–Solana duel takes an unprecedented turn. More and more analysts anticipate a shift. Cantor Fitzgerald now recommends betting on SOL. Anthony Scaramucci, of SkyBridge, sees Solana as a future giant. For Solana, the game is far from over. It may just be beginning.