Solana's network revenue just fell from $272 million to $51 million. That's not a typo — an 81% drop in what the chain is actually earning.
And in the same window, Morgan Stanley launched a Solana ETP with staking rewards built in.
So which signal do you trust: usage collapsing on-chain, or Wall Street building new products to get exposure to it? Because right now both are true at the same time.
My take: institutional access and network health are two different games. ETPs bring capital in from people who will never touch a dApp. That capital can support price for a while even if actual usage is fading. Eventually those two things have to reconnect — I just don't know which direction they meet in the middle.
Watching $72-73 as the range that matters here. Lose it and the revenue story starts to look like the real one.
Are you trading SOL on the ETF flows or the on-chain numbers? 👇
Markets are highly volatile so prices may vary by the time you read this. Not financial advice. DYOR 🙏
$SOL
And in the same window, Morgan Stanley launched a Solana ETP with staking rewards built in.
So which signal do you trust: usage collapsing on-chain, or Wall Street building new products to get exposure to it? Because right now both are true at the same time.
My take: institutional access and network health are two different games. ETPs bring capital in from people who will never touch a dApp. That capital can support price for a while even if actual usage is fading. Eventually those two things have to reconnect — I just don't know which direction they meet in the middle.
Watching $72-73 as the range that matters here. Lose it and the revenue story starts to look like the real one.
Are you trading SOL on the ETF flows or the on-chain numbers? 👇
Markets are highly volatile so prices may vary by the time you read this. Not financial advice. DYOR 🙏
$SOL