@Solana DeFi Insights | Project highlights, stats, overviews & alpha on the fastest growing ecosystem
Solana
- Tweets 485
- Following 187
- Followers 5,344
- Likes 1,225
Solana this week
$17.3B in stablecoins. $200M in tokenized equity volume in a day, ~63% outside US market hours.
Capital is coming onchain on @solana, and the stock market is starting to trade 24/7.
SOLANA WEEKLY MILESTONES
This week, @solana grew at every layer at once: capital, assets, talent, and infrastructure.
Here are the numbers worth tracking.
1/ Stablecoins & liquidity
▫️Stablecoin supply on Solana hits a new ATH of $17.3B
▫️ Stablecoin TVL up ~500% in 2 years; Ethereum's is down 14% from its peak.
▫️ $SOL reaches $120, its highest in 8 months, with a daily high of ~$122
2/ Tokenized equities & RWAs
▫️ Tokenized equity holders pass 1,000,000, up from ~425K at the start of September
▫️ Tokenized equity supply at ~$684M (+47% in 3 weeks)
▫️ Onchain RWA value at $4.6B, up from $1.5B at the start of the year and $4B+ in August
▫️ 3,000+ RWAs now listed on Solana
▫️ Solana's share of all tokenized-equity volume went from 3% to 45% this month
▫️ Single-day tokenized equity volume hits $200M, with ~63% traded outside US market hours
3/ Network activity
▫️ Daily active users hit an ATH of 8M+
▫️ 208M weekly trades on Solana vs 189M on NYSE. It's the first time a blockchain has out-traded NYSE in a week
▫️ Solana is back to 80% of memecoin volume; Robinhood chain holds 12%
▫️ Solana processes 76% of all @x402 transactions
4/ Ecosystem incentives
▫️ @LaunchOnSF has paid out $80M+ in rewards and burned 18% of $STONK supply
▫️ @MeteoraAG Cycle 2 distributed $700K+ in USDC
▫️ Frontier Traders Season 1: $1M+ in rewards plus a Porsche GT3 RS
5/ Infrastructure
▫️ Alpenglow, Solana's new consensus protocol, is live on testnet (@anza_xyz)
6/ Talent layer
@SolanaFndn named two senior hires. @RachelConlan (former Global CMO of Binance) joins as Chief Strategy Officer, and Jamal Raees @proofofjamal (ex-Polygon Labs) joins as General Manager of Payments.
Both roles focus on tokenized finance, payments, and enterprise partnerships.
@solana is building the foundation to become a finance rail.
2
71
There are more than 3000 different RWAs
Out of that, 1484 are tokenized equities from issuers like @Ondo, and @xStocksFi
Currently it is around 50% of total RWAs but this can even go further as more and more stocks go onchain
3
145
Backpack's edge lives in its ability to give us actual stock ownership
So how does this work behind the scene?
1️⃣The token on chain. It's a tokenized claim on an SPV that holds the underlying shares. This is what you get when you buy on @Raydium, @MeteoraAG or @JupiterExchange
2️⃣The security entitlement. It's the real share position in your Backpack Securities account, cleared and custodied by SEC-registered, FINRA- and SIPC-member brokers (RQD Clearing and Atomic Vault)
Robinhood is different. Its stock tokens are debt securities, so at redemption you get a cash claim, not the actual shares
Redeeming is how you move from 1 to 2. If you're KYCed, deposit the token into Backpack. It gets burned and you receive the real share entitlement, which is meant to be transferable to a traditional broker like IBKR or Fidelity
4
105
Raydium is leading tokenized equities on Solana
It is dominating memecoin equity volume with 94% market dominance
It's also the leading DEX regarding tokenized equities volume with 64% market share until now
It's understandable. @Raydium has been a venue for tokenized equities since xStocks launched in July 2025, and it already had the liquidity. @LaunchOnSF also graduates tokens through LaunchLab straight into Raydium pools
If you want exposure to the next run of tokenized equities, @Raydium is undeniable
4
129
Frontier Traders Season 1 is live
$1M+ in rewards. Trade @PhoenixTrade perps (@solflare on mobile)
One World Champion takes home a Porsche 911 GT3 RS or $250K stablecoin.
But firstly, you need 1 of 8 seats in London for the Grand Final on 14 Nov, ahead of Breakpoint:
3 seats: Live events
8 traders per stop, 1 winner per city
Belgrade: filled
Seoul: 30 Sep
Singapore: 6 Oct
2 seats: Leaderboards
Best Season PnL: 1 seat
Season Volume Champion: 1 seat
3 seats: Wildcard + new tracks
1 Frontier pick, 2 on new tracks (TBA)
Go trade and get your car
6
145
JTX just launched Autocompound for @LaunchOnSF rewards
How does this work?
For normal transaction on @LaunchOnSF without this feature if you want more tax from hodling the coin, you need to sell the reward quote and swap back into the coin manually
When this feature is on, each quote from tax reward will become more coin and more tax after, and the flywheel continues
You already flipping this on or still swapping the quote back by hand?
6
182
Backpack could be the bridge between Nasdaq and onchain liquidity
That's thanks to redeemability.
For a liquid market, market makers need that redemption capability. Without it, they're stuck carrying heavy inventory costs, especially in the early phase of stocks trading onchain.
If they can redeem 1:1, they can keep arbitraging and keep the market efficient.
That's also why we're seeing better fill prices on @Backpack vs stock tokens from other issuers like xStocks.
According to @blockworksres, comparing realized trades from $100 to $20,000 on Backpack SPCX vs xStocks SPCXx: Backpack delivered execution 1.23 bps cheaper by day, and 2.42 bps cheaper overnight, versus xStocks.
1
4
194
Jupiter has basically been sleeping on their perps product, but signs point to that changing.
They just added 6 new perps markets: HYPE, ZEC, SPCX, SNDK, SKHYNIX, and JUP.
For the past 2 years they only had 3 markets (BTC, ETH, SOL) and still kept average 2k users with over 1B volume.
Now with this drop, can @JupiterExchange finally get volume back to ATH?
New Perps markets are LIVE and $JUP stakers get first dibs.
HYPE. ZEC. SPCX. SKHYNIX. SNDK, JUP
Stake 69 $JUP and trade them today.
This is BETA, and more markets are coming.
Go trade now: jup.ag/perps
4
259
The Perp Dexs landscape on Solana is seeing momentum.
Over the last 7 days, all of them are green on volume.
Especially @Bulletxyz , up over 128.08% in the last 7 days.
It's interesting to watch who wins this race on Solana.
1
2
13
573
Breaking news: @LaunchOnSF is printing a new milestone, earning over $2M in the last 24 hours.
Over the last 30 days, it has earned over $20M, and out of that, $12M has been bought back. If we use a 30-day annualizer, that would be $150M (50% of current market cap). If we use a 1-day annualizer, that would be $438M (146% of current market cap).
The upside is still there.
4
8
201
Not long after Vlad’s “what’s the concern?” under AMC CEO Adam Aron's tweet, SEC just dropped the new Innovation Exemption for tokenized stocks, and the market is calling Backpack the winner.
So why @Backpack is winning?
Backpack's real edge lives in its tokenization model.
For Backpack, every stock you buy is genuine stock. What you buy is a real security entitlement under NY UCC Article 8, held through a regulated intermediary. Same way most people hold shares at a normal broker.
It would be the same when you buy tokenized TSLA on Backpack versus buying shares from a normal broker in US.
Robinhood stock tokens are different. They're debt securities and are just economic exposure to the stock price, not real ownership of the underlying shares.
If you buy tokenized TSLA on Robinhood, you are just buying the economic claim on TSLA price, not actually owning.
Does true ownership matter to you or do you just care about trading exposure?
2
1
6
1,900
Defi Stream retweeted
Ship Talk #7: Heres Protcol & VRE Protocol | Theme: The Trust Layer for Onchain Life. |Co-hosted by @sagapad_icm x @solana_stream nitter.net/i/broadcasts/1dxYlaaOB…
1
12
570
Defi Stream retweeted
THE EVERYTHING CHAIN
AI. Payments. Gaming. Mobile. Events. Tokens. Perps.
Everything is happening on @solana - at the same time.
Follow @solana_ai
Follow @solanapayments
Follow @capitalmarkets
Follow @tokens
Follow @perps
Follow @x402
Follow @luminaries
Follow @SolanaEvents
Follow @solanagaming
Follow @solana_devs
Follow @solanamobile
Follow @solanalabs
Follow @SolanaVentures
Follow @SolanaInstitute
Follow @SolanaStatus
Follow @Solana_zh
Follow @incubator
Follow the chain.
1
12
32
923
$270M drained. $DRIFT −40%.
The attacker's wallet was created 10 days ago. A multi-week operation. Durable nonces. Stolen admin keys.
CVD, spread, trade flow, every signal fired before the crowd moved.
🚨@DriftProtocol's Amplify vault just lost $270M.
The attacker's wallet was created 10 days ago. A multi-week operation. Durable nonces. Stolen admin keys.
Here's what the on-chain data showed and when 🧵
Data via @birdeye_so
5
437
Defi Stream retweeted
🚨SUI has landed on @Solana via @Sunrise_DeFi
Trade it now on @JupiterExchange, @phantom, @tryfomo, @dflow, @Titan_Exchange, @solflare, and more.
Sunrise
4
2
15
561
Defi Stream retweeted
Solana projects to watch this week (23–29 Mar 2026)
1️⃣ @Backpack – $BP: TGE live March 23. Airdrop distributed to points holders and Mad Lads.
2️⃣ @sanctumso: Sanctum App launched exclusively on @solanamobile Seeker. Earn yield, stack XP, unlock exclusives.
3️⃣ @_alphaarena: AI agents competing in chess and poker with live crypto stakes.
4️⃣ @PlayBabylon: Humans vs AI agents in a multiplayer prediction game. Gates are open.
5️⃣ @bulktrade: Public testnet live. 110,000 wallets and 45,000 traders onboarded in the first few days. High-performance Perp DEX on Solana.
6️⃣ @GoDark: Early access live. Decentralized dark pool DEX on Solana, private execution, MEV-reduced routing.
What did we miss this week? Drop your project below. 👇
2
4
39
1,766
Defi Stream retweeted
The ticker is $BP.
BPxxfRCXkUVhig4HS1Lh7kZqV6SPJhzfEk4x6fVBjPCy
197
194
1,596
414,398
🚨 Backpack TGE officially confirmed: March 23!
Why @Backpack stands out heading into TGE:
> One of the top Solana wallets aggressively shipping features
> Zero fees on swaps & bridges (beats Phantom/MetaMask's ~0.85%)
> On-chain IPO access, multi-chain support (Solana + ETH + more), xNFT pioneer
> Polymarket FDV odds flipped: 97% chance >$100M day 1 (down from high hype earlier)
Limbo mode activated! Re-verify your claim by Sunday 23:59 UTC or miss out!
1
3
136
Top Yield-Bearing Stablecoins on Solana right now (March 2026)
1. High Yield, often leveraged/looped/boosted - higher risk
- PST @humafinance
- hyUSD / sHYUSD @hylo_so
- USD* @perena
2. More stable & attractive
- ONYC @onrefinance
- USX / eUSX @solsticefi
- pbUSDC @piggybank_fi
3. Mid Yield, safer
- jupUSD @JupiterExchange
- USDY @OndoFinance
- sUSD @solayer_labs
- CRT @DeFiCarrot
- USDC+ @reflectmoney
APY fluctuates with markets & leverage risks. Always DYOR, check DeFiLlama yields or official apps for real-time!
Which one are you earning with Solana?
2
7
272