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Traders have been in limbo this week, with re-escalation in the Middle East and mixed quarterly earnings from giants like Google, Intel, and Tesla casting a cloud of uncertainty over global markets.
But while the TradFi bros are caught in the throes of CapEx, cashflows, and income statements, Solana’s builders have stoked the flames onchain, sparking the kind of ingenuity and creativity that only DeFi can provide.
Jito has finally opened the floodgates to JTX, giving over 100,000 waitlisted users full access to Solana DeFi’s first institutional-standard trading terminal. Melee Markets has unveiled a novel design for prediction market architecture, and Hylo has launched liquidation-free leverage on Bitcoin.
While the chain’s biggest brains are shipping hard at a product level, Solana’s smoothest brains are firing up their wallets for another round of degenerate euphoria. Over 62,000 wallets have blown out the cobwebs and rejoined the trenches amidst a newfound memecoin frenzy - and it’s starting to feel like the momentum might be here to stay.
And if you’re tired of watching from the sidelines and you’re ready to dip your toes back into internet capital markets, I might have something for you. Solana’s best and brightest traders are stepping up to the tradingFloor, dissecting assets, trading setups, and elaborate theses on SolanaFloor’s newest livestream.
Here’s everything you need to know 👇
After five years of laying the foundation for Solana’s infrastructure, Jito is climbing the stack and delivering the front-end trading terminal that onchain traders deserve. JTX is now fully live and ungated, giving Solana DeFi an institutional-standard trading venue complete with professional tools, diverse order types, and best-in-class execution.
Following the (likely) approval of JIP-38, Jito DAO is expected to allocate the entirety of its JTX revenue stream (80% of JTX protocol fees) to $JTO buybacks and burns over the course of one year.
Solana’s Prediction Market race welcomes a new challenger, one with a creative spin on design that enables permissionless market creation. As part of its drive to mainnet, Melee Markets has published a paper on its Parimutuel Market Maker, a liquidity primitive the team promises will reinvent how traders speculate on predictions.
After a blistering month of World Cup action, in which giants like Kalshi and emerging Solana-native venues like World.xyz both recorded all-time highs in weekly volume, prediction markets could be staring down the barrel of a slump in activity. With no landmark sporting or political events in the calendar until Q4’s midterms, prediction markets may witness a downturn in volumes.
Hylo is expanding its product offering, bringing its liquidation-free leverage model to crypto’s most recognizable asset, Bitcoin. $xBTC has enjoyed consistent growth since its debut, growing its market cap to $180k across over 360 holders in a matter of days.
Hylo’s expansion into Bitcoin marks the DeFi protocol’s first step into a broader range of asset classes. Under its new V2 engine, Hylo is expected to launch tokenized leverage products across a diverse range of asset classes, including the S&P 500, commodities, and yield-products.
Another day, another spanner in the works for the CLARITY Act. Senate Republicans have submitted an updated draft of the bill, which includes new measures that would ban officials from issuing digital assets. The draft reaffirms protections for developers and self-custodial platforms, while also promises to commit more resources to crime prevention and investigation.
But despite the Republican’s best efforts, the CLARITY Act is looking less likely to pass than ever. The revised draft looks unlikely to sway enough Democrats to cross the floor and vote in the CLARITY Act’s favor, and the Republicans may not have enough time to get the legislation across the line before the midterms in Q4.
Mubadala Capital, an UAE-based sovereign wealth fund boasting a self-reported $385B AUM, is tokenizing its Alternative Solutions Fund (MCAS) onchain. Launching on Solana, Base, and SUI, MCAS attracted over $75M in initial commitments, including an undisclosed amount from Coinbase.
It’s certainly an exciting time for RWAs. While sovereign funds are deploying assets onchain, issuers are broadening their horizons, with providers like xStocks announcing their intention to expand into APAC and European markets, tokenizing equities from the Hong Kong, Korean, British, and EU stock markets.
Solana’s trenches are reawakening, with over 62,000 dormant wallets coming back to life and splashing euphoria-driven liquidity across memecoins. After falling out of favor in recent months, memecoins are once again the most-traded asset class on Solana, commanding 30% of daily volume share based on Blockworks data.
Unsurprisingly, pump.fun has emerged as one of the biggest benefactors of the memecoin renaissance. The launchpad is once again generating over $1M per day in revenue, bolstered further by the launch of its new BOOST feature, which TWAPs around 17.6 $SOL worth of previously-dead liquidity into freshly graduated pairs.
Honorable Mentions
Cleopetra.fun launches Thesis Index, a basket-builder combining prediction markets and world-view theses
Raydium launches permissioned AMMs, enabling KYC-gated markets
Samsung to add native stablecoin support to Samsung Wallet
RipCards attracts $24M in commitments during MetaDAO ICO
Crypto credit card daily spending hit $36.82M on July 22nd, a new all-time high
Flint Trade unveils streamlined quoting layer for market makers, abstracting away the complexities of Solana-native execution
Beezie launches collectible claw machine on Solana
Toly was definitely on to something with the whole NASDAQ onchain north star.
Trading is the ultimate endgame for blockchain rails, and Solana is undoubtedly the best place to participate in Internet Capital Markets.
But trading shows, at least in their existing format, are still lacking in the objectivity department.
Trading shows have become a common outlet for market participants to pitch their theses. Traders, industry experts, or people with large followings, go live and outline a trade. Not wanting to offend their guest, the host confirms their bias with some supporting commentary about how it’s a “good take”, or “makes sense”.
Then nothing happens. No trades are taken, no thesis is challenged, no record is kept and no responsibility is taken for trades that go badly.
I think Solana’s traders deserve better.
ICYMI: Your favorite Solana-native news outlet and media company now has its own trading show.
Every week, 3 of Solana’s sharpest traders and elite builders step up to the tradingFloor, pitching a thesis to some of the chain’s most cynical and objective market participants: our journalists.
The tradingFloor opens at 11AM ET every Wednesday, inviting a curated list of experts, (and public submissions from all of you) to share a thesis, a ticker, and view of how markets will move next.
Every pitch, trade, and thesis can be tracked live on perp.so, awarding eternal onchain glory (and shame) to the best (and worst) traders Solana has to offer.
If you’re a value investor who’s researched an undervalued stock, an elite trader who’s spotted a high-probability setup, a bear foreseeing the end of a bubble, or any kind of market participant with a thesis, contact SolanaFloor and step up to the tradingFloor.
Have a thesis, but feeling camera-shy? Submit your trade on perp.so, and our hosts will review it live on stream.
New to Solana? Check out Solana Learn, a series of guides and videos to supercharge your crypto journey.
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