From $700 million to $4.3 billion in just one year—this public blockchain has made a serious catch-up in real-world assets 🦖
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According to the latest figures from AMBCrypto, the market cap of RWAs on Solana has risen from around $700 million a year ago to $4.3 billion. Over the same period, Ethereum grew from $15.5 billion to $16.6 billion, an increase of only about 7%. Solana is now 26% the size of Ethereum, but its growth rate is on a completely different scale.
The more compelling numbers are on the application side. Solana app revenue rose about 48% quarter over quarter to $299.1 million, its highest level since Q3 2025. In the same quarter, the value of tokenized stocks hit a record $7.1 billion, with a record $4.4 billion in September alone. Spot DEX trading volume reached around $189 billion, up $7 billion from the previous quarter. On-chain transactions hit a record 14.2 billion, averaging about 1,790 per second.
But let me pour a little cold water on this: a large share of that $299.1 million came from consumer apps and trading activity. Put simply, it’s closely tied to market sentiment and speculative fervor. When the market cools, this revenue can fall too—it’s not the kind of stable cash flow backed by long-term contracts.
The price hasn’t caught up either. When the news came out, SOL was still struggling near the upper end of the $95–$100 demand zone, after recently breaking below a bearish pennant. If this range doesn’t hold, there could be room for further downside. On the other hand, as long as the 100-day and 200-day moving averages remain below the price, the long-term structure is still intact.
My take: the story around this chain has shifted from being cheap and fast to having real business activity. Asset tokenization, app revenue, and DEX trading volume are all rising at the same time—that’s uncommon among public blockchains. But the speculative tilt in its revenue mix also means its valuation can swing sharply with risk appetite. The key thing to watch is next quarter: if the market cools, can app revenue stay above the $200 million mark?
Do you think Solana’s ecosystem has genuinely grown stronger, or has it simply benefited from a rebound in risk appetite? Let’s discuss in the comments 👀
Tap the profile picture to watch the livestream.
Every day, we bring you the latest trends in public blockchain ecosystems—not just what’s happening, but the logic and opportunities behind it 👀🚀
🕐 最新解读群里更新
According to the latest figures from AMBCrypto, the market cap of RWAs on Solana has risen from around $700 million a year ago to $4.3 billion. Over the same period, Ethereum grew from $15.5 billion to $16.6 billion, an increase of only about 7%. Solana is now 26% the size of Ethereum, but its growth rate is on a completely different scale.
The more compelling numbers are on the application side. Solana app revenue rose about 48% quarter over quarter to $299.1 million, its highest level since Q3 2025. In the same quarter, the value of tokenized stocks hit a record $7.1 billion, with a record $4.4 billion in September alone. Spot DEX trading volume reached around $189 billion, up $7 billion from the previous quarter. On-chain transactions hit a record 14.2 billion, averaging about 1,790 per second.
But let me pour a little cold water on this: a large share of that $299.1 million came from consumer apps and trading activity. Put simply, it’s closely tied to market sentiment and speculative fervor. When the market cools, this revenue can fall too—it’s not the kind of stable cash flow backed by long-term contracts.
The price hasn’t caught up either. When the news came out, SOL was still struggling near the upper end of the $95–$100 demand zone, after recently breaking below a bearish pennant. If this range doesn’t hold, there could be room for further downside. On the other hand, as long as the 100-day and 200-day moving averages remain below the price, the long-term structure is still intact.
My take: the story around this chain has shifted from being cheap and fast to having real business activity. Asset tokenization, app revenue, and DEX trading volume are all rising at the same time—that’s uncommon among public blockchains. But the speculative tilt in its revenue mix also means its valuation can swing sharply with risk appetite. The key thing to watch is next quarter: if the market cools, can app revenue stay above the $200 million mark?
Do you think Solana’s ecosystem has genuinely grown stronger, or has it simply benefited from a rebound in risk appetite? Let’s discuss in the comments 👀
Tap the profile picture to watch the livestream.
Every day, we bring you the latest trends in public blockchain ecosystems—not just what’s happening, but the logic and opportunities behind it 👀🚀