Sam Schubert
@minnus
5.8K Following 3.6K Followers
Another all time high in @solana transaction activity.
The network processed 1.01B non-vote transactions last week, breaking the previous weekly record set in early July.
Higher highs...
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.@solana is only ~0.015% of US trading volume in these four stocks, yet its prop-AMM based market already BEATS the open market on $5k to $20k execution. Across
SPCX, MU, SNDK and DRAM issued by @Backpack x @sunrise, Jun 12 to Jul 20, 24/5 two-sided costs were -0.5 bps at $5 to 10k and -1.3 bps at $10 to 20k, versus approx +1 bp for the open market.
Every trade is measured against the relevant stock-market midpoint immediately beforehand: the midpoint of the SIP NBBO during SIP hours and Blue Ocean’s quoted midpoint overnight. Buyer and seller costs are then averaged so any persistent token premium or discount cancels out.
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.@perps volume on @solana hit a new quarterly high.
Q2 notional volume reached $183.2B, 27% above the prior record.
Largely driven by @gmtrade_xyz
DEX volume on @solana is now also back above Bybit again.
Binance is the only CEX with more spot volume.
Tokenized equities on @solana are starting to move beyond trading.
$51.9M is now deposited across Kamino and Jupiter lending markets, up from $12.3M at the start of March.
The NYSE American flip is no longer a one week anomaly.
@solana spot trading have now processed more spot volume than NYSE American for 13 straight weeks.
Last week: $10.6B vs $6.8B
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.@solana spot volume has now exceeded Bybit for eight straight days.
On July 10:
Solana DEXs: $1.52B
Bybit: $1.36B
The one day flip is starting to look more persistent.
Only Binance to go...
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@Backpack has quickly become the dominant issuer in tokenized equity DEX volume.
The market was mostly xStocks and PreStocks through April and May. Since mid-June, Backpack-issued equities have taken majority share on most days.
Having its stocks be fungible is a key selling point imo. As fungibility is also important for market makers, which in turn creates better execution for users trading tokenized stocks.
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Spot volume on @solana has just flipped Bybit.
Only Binance is still ahead.
Binance: $9.3B
Solana: $3.0B
Bybit: $2.6B
Coinbase: $2.0B
Kraken: $1.3B
Narrative violation part two...
Tokenized assets have now flipped memes in @Raydium swap revenue share.
Getting a feeling classic AMM pools may be the sleeper trade of tokenized equities developments on @solana
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Narrative violation...
Tokenized assets just flipped memes in Solana spot volume.
On June 23, tokenized assets were 17% of @solana spot volume vs. memes at 12%
The @Backpack tokenized equity push feels similar to early stablecoins.
Circle and Tether moved before the regulatory framework was fully formed, then regulation slowly caught up to the product.
Backpack is now doing this for equities with 1:1 fungible tokenized stocks.
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A flatter distribution of oracle updates has been emerging on @Solana BAM slots since the start of May.
This is because the Maker Priority Plugin gives market makers their own lane for oracle updates, helping those transactions land more predictably across the block.
To understand why this matters, plus everything @jito_sol including the recent @jtx_trade announcement, join us on the investor relations call tomorrow.
Register here:
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Excited to be hosting @buffalu__ and @brian_smith_0 on @jito_sol's Q1 Quarterly Call.
Register + submit a question here:
The @THORChain exploit got me thinking: What other protocols might be at risk?
tl;dr — It’s not that threshold ECDSA is unsafe per se, just this particular flavor, and the people who built it have been saying so for years.
Here's the full overview of what I learned. Link👇
H/T @banteg @tayvano_ @arik_g 🙏
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Realized trades on SOL/USDC are now executing better onchain than on centralized venues like Binance, but that edge starts to break down at larger sizes.
This is where @jito_sol’s Maker Priority Plugin helps: giving makers more certainty so they can put more capital on the line.
In addition, breaking blocks into 50ms ticks creates a more granular environment for makers to quote, update pricing, and compete onchain.
Both should help push better execution to larger trade sizes on @solana.
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The decentralization tradeoff is not binary.
Every system chooses a different point on the spectrum. The real question is whether that point still enables innovation while remaining open enough to attract the widest range of players.
Finding that optimal balance is what matters most for @Solana's market structure as we discussed here on @Lightspeedpodhq with @magicdhz from @jito_sol.
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📣 Tune in for the Jito 2026 Q1 Quarterly Call
Wednesday, May 20th from 1-5 PM UTC
Themes to be covered:
• BAM stake & validator onboarding
• broadening protocol revenue
• near-term growth catalysts
Hosted by @Blockworks ⤵️
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SpaceX projected to IPO at $2.5 trillion, set to overtake $TSM to become the sixth largest company in the world, per @tradexyz Pre-IPO Market estimates.
Price discovery onchain for @SpaceX
Imagine the attention @HyperliquidX will get when it's the primary venue to trade the largest IPO of all time.
We saw what weekend markets did for silver earlier in the year...
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SpaceX live on Hyperliquid.
On the weekend. Before the IPO.
Amazing to think that price discovery for the largest IPO in history is happening onchain.
@totlsota Phoenix's spline primitive allows MMs to move all of their orders in a single transaction of a few hundred CUs.
The decentralization tradeoff is not binary.
Every system chooses a different point on the spectrum. The real question is whether that point still enables innovation while remaining open enough to attract the widest range of players.
Finding that optimal balance is what matters most for @Solana's market structure as we discussed here on @Lightspeedpodhq with @magicdhz from @jito_sol.
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Ethereum maxis criticized Solana for not focusing on decentralization because they focused on consumer apps
Solana maxis now criticize Hyperliquid for not focusing on decentralization because they're focusing on consumer apps
Do you get it yet
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