Solana’s trading activity is bustling, but don’t rush to translate that into “more users.” Access points, aggregation, and liquidity affect app discovery, route selection, and trade execution, respectively—but completing a trade once doesn’t mean a user will come back. According to a November 8, 2026 report by Jinse Finance (Beijing time), a Fidelity Digital Assets report showed that, measured by weekly transaction count, Solana’s ratio to major U.S. stock exchanges rose from 0.30% in 2022 to 15%, briefly surpassing the NYSE. This ratio is neither trading volume nor the number of unique users.
Rolling 24 hours: $SOL -0.01%. Rolling 24 hours: $JUP -1.36%. Rolling 24 hours: $RAY -3.13%. These are the respective changes in three spot quotes. They don’t show that ecosystem usage is cooling in step, and there’s no evidence that the declines are related to the report.
Transaction counts are a clue to activity, not proof of retention. Bots, incentives, and repeated actions can all affect activity levels; without retention or usage data, frequency can’t be directly presented as user growth. Conversely, the absence of such data doesn’t mean nobody is using it. What I’d really like to know is what problems users are solving with these tools, and whether they keep coming back. The activity may be real, but sustained use depends on specific use cases and follow-up data.
Rolling 24 hours: $SOL -0.01%. Rolling 24 hours: $JUP -1.36%. Rolling 24 hours: $RAY -3.13%. These are the respective changes in three spot quotes. They don’t show that ecosystem usage is cooling in step, and there’s no evidence that the declines are related to the report.
Transaction counts are a clue to activity, not proof of retention. Bots, incentives, and repeated actions can all affect activity levels; without retention or usage data, frequency can’t be directly presented as user growth. Conversely, the absence of such data doesn’t mean nobody is using it. What I’d really like to know is what problems users are solving with these tools, and whether they keep coming back. The activity may be real, but sustained use depends on specific use cases and follow-up data.
