SOL: Driven by both MEME and institutions, the leading public chain is entering a narrative shift
Solana is no longer just a breeding ground for MEME coins. With recent upgrades to underlying technology, the rollout of institutional-grade products, continued inflows of spot ETF capital, and a surge in tokenized RWA (real-world asset) offerings—multiple events are unfolding in tandem. SOL is now completing its narrative shift from a “high-TPS public chain” to the underlying layer for institutional-grade real-world asset settlement. But beneath the hype, we should also be wary of intensifying ecosystem competition, high-beta volatility, and the ongoing policy- and inflation-proposal battles.
📢 SOL’s recent core highlights and news updates
1. Solana’s institutional settlement tool for DvP is officially released; JPMorgan provides industry guidance
In early October, the Solana Foundation rolled out an open-source DvP (delivery versus payment) atomic settlement framework. It enables assets and cash to settle on-chain in sync, eliminating counterparty risk from traditional finance. JPMorgan provides reference from traditional securities settlement experience and opens it to banks and asset-management institutions. This marks Solana’s formal entry into the Wall Street institutional settlement track, laying the underlying infrastructure for tokenized stocks and bonds.
2. Samsung wallet integrates Solana USDC, covering 82 million Galaxy terminal users
By late October, Samsung wallet will support Solana on-chain USDC transfers. Massive mobile users can directly interact with Solana’s stablecoin ecosystem, greatly expanding the user base for the payments track. Stablecoin circulation volume is expected to see further growth.
3. A tug-of-war over inflation & fee-burning governance proposals; expectations of token deflation heat up
Two key SIMD proposals from the community are being steadily advanced. On one hand, they plan to speed up the decline in inflation to reduce new SOL issuance on the scale of tens of millions. On the other hand, they are upgrading the fee model to significantly increase the amount of SOL burned daily. If the proposals are ultimately approved, it will effectively tighten SOL token supply and become an important fundamental catalyst; currently, it is still in the community signal-voting stage.
4. U.S. SOL spot ETF capital is repeatedly in a tug-of-war; the institutional allocation channel is already in place
Multiple institutions including Grayscale, Bitwise, Fidelity, and others have continued trading spot SOL ETFs. Institutional capital alternates between net inflows and taking profits. The existence of ETFs lowers the threshold for traditional Wall Street capital to allocate to SOL, opening up incremental funding over the medium to long term. However, in the short term, ETF capital outflows can directly trigger market fluctuations.
5. On-chain user data keeps rising, with a significant increase in the number of new wallets
Since September, the Solana network scale has surged by 124%. Large numbers of new interacting wallets have been added daily, and daily active addresses have continued to rise. Although the MEME segment’s hype has cooled somewhat, new on-chain activity brought by RWA and DeFi has maintained fundamental resilience in the data.
🌐 Key recent actions in the Solana ecosystem
🔹 DeFi sector: The DEX landscape is reshuffling, and RWA trading volume explodes
1. Raydium (RAY): LaunchLab continues iterating, taking on a large number of tokenized stock projects. In September, tokenized stock trading volume hit an all-time high. The fee buyback mechanism keeps running, leading to an intense traffic battle with PumpSwap.
2. Jupiter (JUP): V1 trading routing upgrade completed. Each trade can support more complex multi-pool routing, further improving swap execution efficiency. It remains Solana’s largest aggregator.
3. Explosion of tokenized stock: Projects like StonkFun and Backed are thriving. In September, total on-chain trading volume of tokenized stocks surpassed $4.4 billion. RWA has become Solana’s second growth curve and no longer relies solely on MEME coin hype.
🔹 MEME and token-issuance track: Major changes in the landscape
shturl.c builds PumpSwap in-house and no longer migrates liquidity to Raydium, reshaping the ecosystem’s traffic pattern. The foundation supports Time.fun as a new innovation experimentation ground, exploring new modes for tokenizing creators’ time and looking for user-growth stories beyond MEME.
🔹 Ongoing iteration of core technology
The mainnet completes the V1 transaction-format upgrade, expanding per-transaction limits and better supporting ZK and batch multisigs. The sBPF-v3 virtual machine upgrade is also underway, continuously optimizing network performance. Past downtime issues are being improved through ongoing client iterations.
🔹 Offline expansion of the ecosystem
Solana Accelerate China is about to launch in Beijing, Shanghai, Guangzhou, and Shenzhen. It will strengthen domestic developer ecosystem building, connect domestic and overseas capital and project teams, and expand the map of Asian developers.
💡 SOL investment value: Bullish logic with risks that cannot be ignored
✅ Core bullish logic
1. Narrative upgraded to completion: three stories running in parallel—MEME + RWA + institutional settlement
In the past, the market only treated Solana as a MEME chain. Now, with DvP settlement, tokenized stocks, and institutional stablecoin collaborations going live, real traditional finance operations are starting to run on-chain—raising the ceiling and significantly improving business resistance to cycles.
2. Spot ETFs open the institutional capital entry point
Spot ETFs are already listed. Wall Street capital has a compliant allocation channel, and a bull-market cycle can bring substantial incremental capital.
3. Strong on-chain fundamentals data and a complete ecosystem
DeFi, MEME, RWA, NFT, and stablecoin—multiple tracks are blooming. With a large base of developers and users, network effects have already formed.
4. There is room for catalysts from deflation expectations
Two governance proposals—lowering inflation and fee burning—if officially implemented, would directly improve SOL’s tokenomics and reduce sell-pressure from supply.
⚠️ Risks that must be taken seriously
1. High-beta attributes with massive volatility
SOL is a typical high-beta chain. When the BTC market pulls back, SOL’s downside is often larger than that of mainstream coins. With high open interest in derivatives, sharp wick-and-liquidation events are more likely to occur.
2. The ecosystem is highly dependent on market heat
If the hype around MEME and tokenized stock trading cools off, on-chain fees and network activity will drop quickly, and the burn effect will weaken accordingly.
3. Governance proposals have uncertainty
Inflation and fee-burning governance proposals require support from enough nodes to vote; there is a possibility the proposals could be rejected, and the deflationary narrative may not necessarily land.
4. Regulatory risk hovering overhead
U.S. regulatory policies for crypto public chains and RWA tokenized assets have uncertainties, which will directly affect the development pace of ETFs and institutional business.
5. Intensifying internal competition and “involution”
DEX and token-issuance sectors are heavily “involuted,” with projects competing to seize traffic from each other. Meanwhile, the network still has historical issues such as MEV bot arbitrage and congestion.
✍️ Summary
Solana is no longer just a chain for trading MEME hype. RWA real-world assets and institutional settlement are becoming a new growth engine. The underlying technology, partnerships related to Samsung and JPMorgan, and spot ETFs together build the medium-to-long-term bullish logic.
At the same time, SOL’s high-volatility nature will not change. Governance proposals, regulation, and overall market conditions are all important variables. Key things to track next: the rollout progress of DvP institutional business, the results of governance votes on inflation-burning, monthly trading volume of tokenized assets, and ETF net inflow data.
🔥 Interactive topic:
Do you think SOL will be led by the RWA narrative next, or will it still be driven by the MEME segment? Share your thoughts in the comments!
#sol #solana #公链 #RWA现实资产代币 #sol板块