I find it very interesting that despite the overwhelming adoption of EVM by major fintechs/CEXs via their Earn programs and their own L2s (Coinbase, Robinhood, Kraken, etc) and Solana not having a similar major distribution channel/frontend with a large customer base, Solana’s market share for stablecoin lending deposits has been in a multi-year uptrend against the combined Ethereum + L2 universe.
What happens to this chart when Solana finds its anchor fintech/TradFi partner in the US? 📈
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When the rest of the market lost faith in tokens, Blockworks believed.
There is 1 token project in the industry that I think is the closest to the end state of an “Everything Exchange” beyond Robinhood and Coinbase today.
It’s Jupiter.
Hyperliquid and Lighter will likely stay lower in the stack, but are the obvious other ones in the arena.
Disclosure: I’m currently long solana:JUPyiwrYJFskUPiHa7hkeR8VUtAeFoSYbKedZNsDvCN
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gmino. Kamino has the largest RWA market in DeFi.
"The defining development of Q1 was the growth of RWA markets on the platform. RWA deposits more than doubled from $570.7M to $1.23B, and RWA markets contributed 28.7% of protocol revenue, up from 5.9% in Q4 2025. By March, RWA markets were generating 40.2% of monthly protocol revenue."
Just use Blockworks IR.
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