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Big week is an understatement.
Today is a historic day, not only for financial markets, but for crypto at large. Yes, SpaceX’s $1.7T market debut is the largest IPO in history, but the kicker here is not necessarily the firm’s valuation.
Thanks to Sunrise, Backpack, and a few other issuers, $SPCX will be tradeable on Solana on Day One. Anyone with an internet connection can trade today’s landmark IPO at any size, from anywhere in the world.
This is the kind of financial inclusion and democratization that crypto has been working towards for over a decade.
All eyes are on the NASDAQ today, but that doesn’t mean that it’s been quiet elsewhere in SolanaLand this week.
The Solana Foundation has inked a deal with the World Series of Poker, the sharks are circling in the DAT race, and Bulk has amassed over $25M in pre-deposits ahead of its launch.
Here’s everything you need to know 👇
Today’s $SPCX IPO will be tradable on Solana, bringing what could arguably be the biggest liquidity event in financial history to the entire world via crypto rails. Tokenization of $SPCX is overseen by Backpack Securities, the new equities-arm of the Backpack exchange, while Sunrise DeFi handles the portability element, bringing a canonical $SPCX to the Solana network.
Backpack’s tokenized $SPCX goes beyond what we’ve seen from rival issuers. In a first for onchain equities, Backpack Securities enables holders to exchange tokenized stocks for their real-world equivalent via integrated brokerages, unlocking previously untapped corporate actions like dividends and shareholder rights.
The Solana Foundation has announced a partnership with the World Series of Poker, a household name in the Poker circuit responsible for distributing over $4B in prizes over 6 decades.
The partnership puts Solana branding front and center across WSOP events, and lets players purchase tournament entries via Moonpay. Onchain infrastructure will play an even bigger role at the 2026 WSOP Paradise event in the Bahamas, enabling winners to receive prize money paid in stablecoins on the network.
It’s starting to get scrappy in DAT land. With $SOL pricing plunging over 70% since the highs of September last year, most $SOL DATs are down horrendously, making them easier pickings for aggressive M&A takeovers.
Forward Industries, the largest Solana DAT, is actively seeking to buyout Solmate, one of its smaller rivals. After Solmate originally rejected the private deal, Forward Industries has taken its bid public, informing shareholders of its intention to buyout $SLMT stock at a 30% premium.
Negotiations come at a difficult time for Solmate. As if the $SLMT chart wasn’t bad enough, internal power struggles between the Solmate board and some of its backers. Earlier this year, RockawayX CEO Viktor Fischer submitted a filing to remove and replace the entire board of Solmate’s parent company, Brera Holdings.
Brera’s shareholders have reportedly pushed back on Fischer’s attempt, protecting the firm from “opportunistic investors seeking to take control of the Company.”
$HNT tokenholders and network contributors are deeply skeptical of Helium Network’s “New Era”. A new governance proposal designed to help the Helium Network expand into the future has floated the idea of minting 141M new $HNT tokens (among other things), boosting the circulating supply by 77% over 36 months.
This dramatic change to the network’s economics comes after Helium revealed that the network was well short of its financial targets. As it turns out, telco carriers were only paying ~20% of what was being paid out to hotspot operators as rewards, sparking concerns over the protocol’s sustainability. $HNT has dropped 39% in the last 7 days.
Bulk, an emerging Solana perps DEX, is gaining some serious pre-mainnet momentum. After opening the floodgates to its pre-deposit campaign, the venue has amassed over $25.9M in TVL, which will be converted to margin at launch and ensure thick day one liquidity for traders.
Granted, many depositors have allocated capital to the campaign in a bid to stack as many points, or Aura, as possible. Farmers are evidently seeking a juicy slice of an eventual Bulk airdrop, which is expected to distribute 30% of the token’s supply to users.
Outside of airdrop speculation, Solana’s perps scene has been slowly trending upwards, with volume, open interest, and trade count hovering around YTD highs.
Helius, a leading Solana infrastructure provider and operator of the network’s largest validator, is doubling down on privacy, building out what it calls Solana’s most complete privacy layer.
In the interest of bringing this vision to fruition, Helius has announced its acquisition of Light Protocol, a reputable Solana team with a strong history in zero-knowledge technology. Helius’ upcoming privacy protocol is expected to be fully composable, fully onchain, and fully open source.
Honorable Mentions
Solana Foundation launches Frontier Traders initiative, a global community for elite traders
Phoenix lists NVDA, AAPL perps with 20x leverage
Solana joins Mastercard’s Agent Pay for Machines
Arcium Mainnet Alpha crossed 1M confidential computations
Loopscale launches Loopscale Earn, packing multiple complex strategies into a single position
Backpack Securities launches in public beta
Over 215,000 TCG packs were opened this week on Collector Crypt, a new all-time high
New to Solana? Check out Solana Learn, a series of guides and videos to supercharge your crypto journey.
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