SOL has been very strong recently, but I’m more interested in the three sets of data behind the price.

First, Solana’s DEX trading volume is about $2.99 billion over the past 24 hours, and about $20.1 billion over the past 7 days, with a week-over-week increase of roughly 103%.

Second, the on-chain stablecoin supply is about $15.9 billion, up 3.57% over 7 days. Stablecoins continue to flow in, indicating more available liquidity on-chain.

Third, the official recently reduced mainnet Slot time from 400ms to 350ms, and the block computation capacity was previously increased from 60 million CU to 100 million CU. The network is still improving its throughput.

These figures suggest that Solana’s trading demand, capital retention, and infrastructure are all improving. The risks are also clear: the growth in data may come from short-term speculation. SOL’s price has already risen quickly, and on-chain activity cannot be directly equated with the coin price continuing to rise.

When you look at SOL fundamentals, what do you care about most—trading volume, stablecoins, or network upgrades?

Data source: DefiLlama, Solana Foundation. Personal notes only and does not constitute investment advice.

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