State of Solana This autumn 2025

Key Insights

• The Utility Income Seize Ratio (Chain GDP divided by Actual Financial Worth) grew from 262.8% to 375.5%. An growing App RCR indicators that an ecosystem is more and more monetizing exercise occurring on the community.
• Stablecoin market cap on Solana grew 5.3% QoQ to an all-time excessive of $14.9 billion. USDC stayed flat at $10 billion whereas PYUSD grew 95.5% QoQ to $871 million.
• RWA worth on Solana grew 58.7% QoQ to $1.1 billion, pushed by the expansion of merchandise like BlackRock’s BUIDL and Determine’s PRIME.
• Validator shopper range superior as Firedancer surpassed 100 days on mainnet and Frankendancer adoption grew, marking a vital step towards resilience and long-term efficiency forward of Alpenglow’s anticipated launch.
• 5 new spot SOL ETFs launched and cumulative flows reached $1.0 billion, led by Bitwise’s BSOL and Rex Osprey’s SSK.

Primer

Solana (SOL) is an built-in, open-source Layer-1 community with the purpose of synchronizing world data on the velocity of sunshine. Solana optimizes for growing bandwidth and decreasing latency. It accomplishes this via options comparable to its novel timestamp mechanism known as Proof-of-Historical past (PoH), a block propagation protocol known as Turbine, and parallel transaction processing. Since mainnet launch in March 2020, a number of community upgrades have introduced additional community efficiency and resilience, together with QUIC, stake-weighted High quality of Service (QoS), and native payment markets.

The community’s growth and progress, and its ecosystem are supported by the non-profit Solana Basis, for-profit Solana Labs, and numerous third-party organizations, together with Anza, Colosseum, Helius, Superteam, and plenty of others. Solana Labs has raised over $335 million in personal and public token gross sales. Solana contains a rising ecosystem of initiatives throughout many sectors, together with DeFi, client, DePIN, and funds. To remain up-to-date with all issues Solana, go to the Solana Portal.

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Key Metrics

Ecosystem Evaluation

Utility Income

Chain GDP is outlined as the whole software income generated on a community. In Q3 2025, Solana’s Chain GDP fell 41.8% QoQ from $584.3 million to $339.9 million. The leaders by software income in Q2’25 have been as follows:

1. PumpFun: $102.3 million (13.7% QoQ lower)
2. Jupiter: $33.3 million (25.7% QoQ lower)
3. Axiom: $31.2 million (63.1% QoQ lower)
4. Meteora: $26.8 million (22.0% QoQ lower
5. Phantom: $24.0 million (43.5% QoQ lower)

These purposes facilitate the buying and selling of belongings, resulting in income being straight correlated to hypothesis exercise.

App Income Seize Ratio (App RCR)

A community’s App Income Seize Ratio (RCR) is the ratio of income generated by its apps to its Actual Financial Worth (REV). REV is outlined because the sum of base transaction charges, precedence charges, and MEV ideas paid to validators. App RCR displays the effectivity with which purposes leverage financial exercise on the community. The upper the app RCR, the extra successfully apps seize the financial exercise being generated on the community, suggesting a mature ecosystem with monetizable purposes. A low App RCR might sign untapped potential for app builders or inefficiencies in income seize. Alternatively, it might sign a nascent ecosystem not but prepared for monetization.

If App RCR equals 20%, this means that for each $1 of REV generated by the community, $0.20 is captured as income by apps. In This autumn 2025, App RCR on Solana was 375.5%, up from 261.7% in Q3’25. This may be interpreted as when $100 is spent in transaction charges (and/or Jito ideas) to work together with Solana, purposes on Solana earn $375.50 in income.

A community’s App RCR can exceed 1 when its purposes efficiently monetize exercise, driving income streams for undertaking groups and, probably, tokenholders. Examples embody DEXs like Raydium, which cost buying and selling charges on each swap. The buying and selling payment is dependent upon the given pool, 25bps for normal AMM swimming pools, and a spread of 1-100bps for CLMM and CPMM swimming pools, a portion of all of that are used to purchase again RAY tokens.

DeFi

DeFi TVL (USD) on Solana fell 30.2% QoQ to $8.0 billion. Solana maintained its second-place rating amongst networks in DeFi TVL after surpassing TRON in November 2024. The main protocols on Solana, ranked in response to DeFi TVL in Q3, have been:

• Jupiter: Took the highest spot as its TVL solely decreased 17.9% QoQ, ending with $2.1 billion and a 26.1% market share. At Speed up 2025 in Could, the Jupiter crew introduced the Jupiter Lend product, powered by Fluid. The product launched in August 2025, and on the finish of This autumn’25, had $962.7 million in TVL. At Breakpoint 2025, Jupiter introduced Provide Guide after it acquired Rain.fi. Provide Guide permits for peer-to-peer lending and is launching in Q1’26.
• Kamino: Fell to the second place in TVL, ending with $1.9 billion and a market share of 23.1% as TVL fell 33.3% QoQ. At Breakpoint 2025, Kamino introduced a refreshed model and 6 new merchandise: fixed-rate lending, borrow intents, offchain collateral, personal credit score, an RWA DEX, and Kamino BuildKit.
• Raydium: Maintained its third spot, with TVL lowering 38.8% QoQ to $1.4 billion and 17.6% market share.

Spot DEXs

Common every day spot DEX quantity (USD) stayed flat QoQ at $4 billion in This autumn 2025. The main protocols on Solana, ranked in response to common every day spot DEX quantity in Q3, have been:

• HumidiFi: Claiming the highest spot, as its common every day spot quantity elevated 92.0% QoQ to $1.1 billion with a 27.0% market share. HumidiFi launched its WET token on Dec. 4, 2025, utilizing Jupiter’s DTF ICO platform.
• Meteora: Maintained its second spot, as its common every day spot quantity elevated 4.4% QoQ to $782.9 million, a 19.8% market share. The vast majority of this rise could be attributed to the anticipation of the MET TGE, which occurred on Oct. 23, 2025.
• Raydium: Common every day spot quantity decreased 33.5% QoQ to $545.9 million with a 13.8% market share.

In This autumn’25, the Solana Ecosystem continued to see a number of Prop AMMs rise to dominate SOL-stablecoin pairs. Prop AMMs are programmable liquidity swimming pools that use offchain value oracles for real-time value discovery, providing tighter spreads and higher costs for merchants. Prop AMMs like HumidiFi and SolFi don’t function with front-ends and might solely be traded on via DEX aggregators like Jupiter or Titan.

At Breakpoint 2025, Coinbase introduced that in Q1’26 all Solana tokens can be tradable via their app. On Jan. 23, 2026, the combination went stay.

Perp DEXs

Solana’s common every day perp DEX quantity (USD) remained flat at $1.6 billion, following a document month in October when $65.4 billion was traded. The leaders for the quarter are listed beneath:

• Pacifica: Launched mainnet in June 2025 and began monitoring quantity on Sept. 9, 2025. Pacifica averaged $789.6 million in every day perp buying and selling quantity, a 104.3% enhance QoQ, ending the quarter with a 49.6% market share.
• Jupiter: Averaged $494.0 million in every day perp buying and selling quantity, a 31.9% lower QoQ, ending the quarter with a 31.0% market share.
• Drift: Common every day perps quantity fell 42.2% QoQ to $268.8 million, leading to a 16.9% market share.

In Q1’26, two extremely anticipated Solana perp DEXs are anticipated to launch:

• Phoenix Perps: Ellipsis Labs, the crew behind Phoenix Spot and SolFi, is now pursuing Phoenix Perps. This implementation is essentially the most experimental, because it makes use of prop AMMs because the liquidity supply for its perp DEX. Phoenix Perps plans to deliver the advantages of prop AMMs, together with tighter spreads, deeper books, and extra adaptable quoting, to the perp house. Phoenix Perps launched in personal beta at Breakpoint 2025.
• Bulk: Bulk is introducing a sidecar implementation for Solana perps by forking the Jito-Agave shopper, enabling validators to run Bulk-Agave. Customers’ positions stay on mainnet, however matching happens via Bulk Tile, which runs on each validator node operating Bulk-Agave. This structure separates order propagation and matching from onchain settlement, enabling low latency and quick propagation. Bulk has additionally acknowledged that they may share 12.5% of income with validators operating their shopper.

Stablecoins

Stablecoin market cap (USD) on Solana grew 5.3% QoQ to $14.9 billion, rating it third amongst all networks. Solana outperformed Ethereum’s This autumn progress (4.2% QoQ enhance), however underperformed Tron’s This autumn progress (6.9% QoQ enhance). A lot of this 12 months’s progress got here after the TRUMP token launched on Jan. 17, 2025, which introduced an inflow of liquidity to Solana and led to varied high-liquidity USDC pairs. The sustained enhance in stablecoin market cap signifies that a lot of the brand new capital remained on the community. The stablecoin market cap on Solana hit an all-time excessive of $15 billion shortly after the quarter started on Oct. 4, 2025.

USDC ended the quarter with a market cap of $10 billion with a 67.0% market share. USDT was the second-largest stablecoin on Solana by the tip of This autumn’25, with $2.2 billion in circulation (a 9.9% QoQ lower) and a 14.5% market share. PYUSD grew to the third-largest stablecoin by market cap with $870.6 million (a 95.5% QoQ enhance) and a 5.9% market share.

RWA

Whole real-world belongings worth (USD) on Solana ended This autumn’25 at $1.1 billion, a 58.7% QoQ enhance. The leaders within the RWA class have been as follows:

• BUIDL is a tokenized U.S. cash market fund developed by BlackRock, in partnership with Securitize, that holds money and short-term U.S. Treasuries. As of Dec. 31, 2025, BUIDL was the most important yield-bearing RWA by market cap on Solana, with $255.4 million in market cap, a forty five.8% QoQ enhance.
• Ondo Finance’s USDY, launched in August 2023, is a token backed by U.S. Treasuries and financial institution deposits, designed to perform as a yield-bearing stablecoin with broad accessibility. As of Sept. 30, 2025, USDY was the second-largest yield-bearing RWA by market cap on Solana, with a market cap of $179.4 million, down 0.6% QoQ.
• Determine’s PRIME is a tokenized deposit into Democratized Prime, a warehouse lending facility. PRIME launched on Solana in December 2025 and shortly claimed the third-largest RWA by market cap on Solana, with $161.2 million.

Different RWA Associated Occasions

• xStocks is a set of tokenized U.S. equities and ETFs supplied by Backed, a regulated Swiss issuer, in partnership with Kraken. Introduced in Could 2025 and launched on June 30, 2025, with over 74 merchandise starting from Apple and Tesla to broad index funds. On the finish of This autumn’25, that they had a complete market cap of $188.6 million. On Dec. 2, 2025, Kraken acquired Backed.
• At Breakpoint 2025, J.P. Morgan introduced the primary debt issuance on Solana, which was accomplished on behalf of Galaxy Digital for $50 million.
• At Breakpoint 2025, State Road and Galaxy introduced their tokenized personal liquidity fund SWEEP, which can be seeded by Ondo Finance with $200 million.

Learn extra about Solana’s RWAs developments in Messari’s State of Solana: Actual-world Property report.

Liquid Staking

The liquid staking charge on Solana elevated from 11.6% to 17.6% QoQ. With 68.3% of SOL’s circulating provide staked, liquid staking is especially vital, as its progress will increase the provision of yield‑bearing SOL that may be deployed throughout DeFi purposes.

• Jito’s jitoSOL remained the liquid staking token (LST) chief on Solana, although its liquid staking market share fell from 23.4% to 19.3%. jitoSOL had a complete market cap of $1.8 billion at 12 months’s finish.
• DoubleZero’s DZSOL claimed the second spot after launching on Nov. 13, 2025. On the finish of This autumn’25 DZSOL had a market share of 17.8% and whole market cap of $1.6 billion.
• Sanctum’s LST fell to the third spot after its market share decreased from 17.8% to fifteen.9% QoQ, LST had a market cap of $1.5 billion at 12 months’s finish.

AI

Solana continued to emerge as a number one ecosystem for crypto-native AI purposes in This autumn’25, significantly throughout agentic funds, onchain coaching infrastructure, and decentralized information networks. The community’s low charges, excessive throughput, and composability have made it a most well-liked settlement and coordination layer for AI brokers interacting onchain.

Notable AI-related developments in This autumn’25 embody:

• Agentic Funds (x402): Solana has develop into essentially the most lively ecosystem for x402, a regular enabling AI brokers to autonomously transact and pay for companies. The community leads in x402 transaction depend and quantity, with rising initiatives comparable to Corbits, t54.ai, Unbrowse, and PayAI experimenting with machine-to-machine funds. Tooling comparable to x402scan has additionally improved visibility into agent-driven financial exercise.
• OpenClaw and Onchain Agent Expertise: OpenClaw’s rise in recognition has accelerated the event of self-hosted AI brokers able to interacting with onchain protocols. Builders have more and more developed Solana-specific “skills” that enable brokers to commerce, stake, handle wallets, and execute DeFi methods programmatically. Group assets such because the Solana Basis’s “awesome-solana-ai” repository have helped standardize tooling and integrations.
• Onchain RL and Decentralized Coaching: Solana has seen experimentation with reinforcement studying (RL) coaching runs straight coordinated onchain, together with work related to Nous and Psyche. These efforts intention to make use of blockchain-based incentives to coordinate distributed mannequin coaching and verification.
• Decentralized Information Networks: Initiatives comparable to Grass, Kled AI, and Perle continued constructing information infrastructure designed to serve massive AI labs as clients. These networks concentrate on distributed information assortment, labeling, and inference coordination, utilizing token incentives to supply high-quality datasets for frontier mannequin coaching.

As AI brokers more and more require programmable funds, composable monetary rails, and verifiable coordination, Solana’s efficiency traits place it as a pure base layer for crypto-native AI experimentation.

Client

NFTs

Common every day NFT buying and selling quantity (USD) on Solana secondary NFT marketplaces fell 33.2% QoQ to $663,400 in This autumn 2025. In This autumn’25, buying and selling card sport (TCG) platforms Phygitals, Collector Crypt, and Emporium did a collective $409.4 million in quantity, when combining gacha (customers pay the platform to get a random card) and secondary quantity.

Gaming

• On Oct. 1, 2025, Dupe introduced its beta, which permits customers to purchase and promote CS2 skins, a well-liked first-person web2 sport.
• In October 2025, Addicted, a weed farm simulator, launched on Solana, bringing in over $3.5 million in income in 48 hours, flipping PumpFun’s income for a 24-hour interval.
• On Oct. 20, 2025, SolPrize launched a beta with skill-based raffles for crypto and bodily/digital prizes, with deliberate streamer partnerships and hosted giveaways, and a future Solana token targeted on utility.
• In October 2025, Ore relaunched as a gamified model of its earlier mining protocol. In This autumn’25, Ore earned $15.4 million in income.

Different Client-related Information

• In September 2025, Kalshi launched a Builders Program, offering funding, technical experience, and advertising and marketing help to advance the prediction markets ecosystem. This follows Kalshi’s choice to allow native deposit help for SOL and USDC in Q2 2025. Jupiter additionally introduced their prediction market product, powered by Kalshi’s liquidity, in October 2025. In December 2025, Kalshi introduced that each one prediction markets are tokenized on Solana in collaboration with DFlow.

DePIN

Solana continues to be a hub for DePIN purposes, internet hosting Helium, Hivemapper, GEODNET, Render, Nosana, Jambo, NATIX, and extra. Notable This autumn’25 occasions embody:

• Helium Cellular: By the tip of This autumn’25, Helium had 2 million every day customers and 595,846 Helium Cellular subscribers. Learn extra about Helium’s current developments in Messari’s State of Helium Q3 2025 report.
• XNET: By the tip of This autumn’25, XNET had offloaded over 310 terabytes of knowledge from over 35 million customers.
• Hivemapper: By the tip of Q3’25, Hivemapper had mapped about 13.7 million distinctive miles, 37% of world protection, or the floor space of the streets inside an city space.
• Geodnet: On the finish of This autumn’25, Geodnet surpassed 20,700 lively Satelite Miners worldwide, reinforcing its place because the world’s largest RTK community. Learn extra about Geodnet’s current developments in Messari’s State of Geodnet Q3 2025 report.

Infrastructure

Notable infrastructure-related occasions from This autumn’25 embody:

• In July 2025, the Jito crew introduced its Block Meeting Market (BAM). Jito BAM brings verifiability, privateness, and programmability to Solana’s transaction pipeline. Builders will have the ability to develop plugins which all have distinctive capabilities to the pipeline. Some examples of use instances included just-in-time oracle updates, cancels and maker precedence, and feeless transactions. On the finish of This autumn’25, 11.4% of whole stake was operating Jito BAM.
• On Nov. 11, 2025, Temporal introduced Harmonic, an open block constructing infrastructure for Solana. Harmonic auctions blocks from builders, which the validator selects the very best block based mostly on standards they set. On the finish of This autumn’25, 2.9% of whole stake was operating Harmonic.
• On the finish of This autumn’25, about 38% of Solana mainnet stake was operating on DoubleZero’s testnet. On Oct. 2, 2025, DoubleZero’s mainnet went stay, together with its 2Z token.

Development

In Q3 2025, 14 initiatives introduced funding rounds, a 39.1% QoQ lower. These initiatives raised a mixed $217.1 million, a 2.5% QoQ enhance. A few of the notable funding rounds embody:

• Daybreak: A decentralized protocol for broadband networks raised a $13 million Sequence B with investments led by Polychain Capital and participation from Archetype.
• Harmonic: An open block builder infrastructure raised a $6 million Seed spherical with investments led by Paradigm.

Occasions

Breakpoint 2025 was held in December in Abu Dhabi the place over 6,000 members of the neighborhood got here collectively. A recap of the occasion, with all of the highlights could be discovered right here.

Occasions occurring in Q1:

• MTN DAO: Feb. 1-28, 2026
• Webinar – Funds on Solana: Feb. 10, 2026
• Solana Speed up APAC at Consenus: Feb. 11, 2026

The total listing of neighborhood occasions could be discovered right here.

Community Evaluation

Utilization

Community exercise, measured by non-vote transactions and payment payers, lower in This autumn 2025. Common every day payment payers decreased 19.6% QoQ to 2.2 million, and common every day non-vote transactions decreased 21.5% to 75.2 million.

The common transaction payment decreased by 23.8% QoQ to 0.000047 SOL ($0.007), and the median transaction payment decreased by 7.8% QoQ to 0.000006 SOL ($0.0009). The decline in common and median transaction payment could be attributed to total enhancements to the community. One instance is the rise in CUs that every block can maintain and builders optimizing transactions to eat much less CUs. There was a spike in common transaction charges in January when the TRUMP token launched earlier than President Trump took workplace. On January 19, the typical payment paid was $0.41, however the median payment was $0.003, highlighting the ability of native payment markets. Helius constantly landed 100% of transactions throughout this era, with charges as little as $0.001.

Safety and Decentralization

Whole stake (USD) reclaimed an all-time excessive of $102 billion on Sept. 18, 2025, when SOL hit roughly $248. Staked SOL (USD) decreased 38.6% QoQ to $52.5 billion in This autumn’25, down from $85.5 billion on the finish of Q3’25. The lower could be attributed to the decline in SOL’s value all through the quarter, as whole stake (SOL) grew 3.0% QoQ, from 409.6 million to 421.8 million.

The Nakamoto coefficient is the minimal variety of nodes wanted to interrupt liveness. The metric will also be measured throughout different dimensions vital to the resilience of a validator community, together with distribution of stake by location, internet hosting supplier, and purchasers.

Solana’s Nakamoto coefficient ended This autumn’25 at 19, which is above the median of different networks. Solana’s 791 lively validators (down 17.9% QoQ) are hosted in 39 nations. Solana validators are hosted throughout 196 distinctive information facilities, down 5.8% QoQ, and its Nakamoto coefficient for internet hosting information facilities remained at 6.

Nonetheless, for the reason that change in technique for the Solana Basis Delegation Program (SFDP) that started on Apr. 24, 2024, the standard of validators has elevated. The quantity of stake coming from the SFDP fell from 12.4% on the finish of 2024 to solely 6.1% of whole stake on the finish of 2025, a 50.9% YoY lower. Additionally, the quantity of validators with greater than 50,000 SOL staked elevated 15.2% YoY, from 515 to 593.

Efficiency, Upgrades, and Roadmap

Agave Updates

On the finish of This autumn’25, about 80% of validators have been operating Agave V3.0 or later. The opposite 20% have been operating both Frankendancer or Firedancer.

On the Speed up occasion in Could 2025, the Anza crew introduced Alpenglow, a brand new consensus protocol. Alpenglow is aimed squarely at remodeling transaction finality by collapsing core legacy techniques, together with Proof of Historical past, Tower BFT, and gossip‑based mostly vote propagation, into two streamlined mechanisms: Rotor for information propagation and Votor for offchain voting. By standardizing a set 400ms block time and eliminating per‑slot vote transactions in favor of light-weight BLS‑aggregated certificates anchored onchain, Alpenglow is projected to cut back finality latency dramatically from roughly 12.8 seconds to 100–150ms, representing a 100× enchancment in responsiveness. Concurrently, the elimination of vote charges and streamlined shopper logic lowers operational prices, making smaller validators extra viable and simplifying ledger progress by shrinking pointless onchain information.

Underneath its new fault‑tolerance mannequin, Alpenglow supplies “20 + 20” resilience. Security is preserved if as much as 20 % of stake is adversarial, and liveness is maintained even when an extra, separate 20 % of stake goes offline, providing strong safety in different community situations. As a result of each Rotor and Votor are designed to function with out chief coupling, the protocol naturally helps improvements like a number of concurrent proposers, opening doorways to diminished MEV and parallel block proposals. Whereas some protocol particulars, comparable to slashing mechanics and relay compensation, stay unresolved, the proposal is scheduled for neighborhood assessment and testnet activation, pending governance and SIMD approval. The replace is anticipated to launch close to the tip of Q1’26 or the start of Q2’26.

Firedancer/Frankendancer Updates

At Breakpoint 2025, the Leap Crypto crew introduced that Firedancer had been stay on mainnet for over 100 days, placing its activation in October 2025. Firedancer is a high-performance validator shopper that’s separate from Agave. This marks the primary time Solana has two distinct purchasers. On the finish of This autumn’25, 3 validators representing 1% of whole stake have been operating Firedancer, with one other 20.6% of stake operating Frankendancer, which could be anticipated to run Firedancer in some unspecified time in the future.

Monetary Evaluation

Actual Financial Worth (REV), which is the sum of vote transaction charges, base transaction charges, precedence transaction charges, and MEV ideas paid to validators, decreased 53.3% QoQ in SOL phrases to 588,632 ($90.5 million). Of this, 25.3% got here from MEV ideas, with the remainder coming from transaction charges.

SOL ETF

In This autumn’25, 5 Solana ETFs launched, becoming a member of Rex Osprey’s SSK, which started buying and selling on July 2, 2025. The full flows for all of the ETFs by the tip of This autumn have been $1.0 billion, and the cumulative flows for every ETF are as follows:

• Bitwise’s BSOL: $472.6 million
• Rex Osprey’s SSK: $414.2 million
• Constancy’s FSOL: $115 million
• Grayscale’s GSOL: 104.7 million
• VanEck’s VSOL: $18 million
• 21Share’s TSOL: -$101.2 million

To view up-to-date flows, view Farside’s ETF dashboard.

Closing Abstract

Solana’s ecosystem in This autumn 2025 was outlined by enhancing capital effectivity and increasing institutional relevance, whilst broader market exercise cooled. Utility monetization strengthened, with App RCR climbing to 375.5%, signaling that main protocols are capturing considerably extra worth per unit of community spend. Development in stablecoins to $14.9 billion and RWAs to $1.1 billion highlighted Solana’s growing use as a high-throughput settlement layer for onchain finance, supported by merchandise like BlackRock’s BUIDL, Ondo’s USDY, and newly launched tokenized equities.

Community utilization metrics softened throughout the quarter, with common every day payment payers and non-vote transactions declining QoQ, largely reflecting diminished speculative depth following October’s peak buying and selling exercise. Regardless of this, payment dynamics remained favorable, with median transaction charges underneath one cent even throughout congestion occasions. Validator decentralization remained strong, whereas progress on shopper range accelerated as Firedancer surpassed 100 days on mainnet and Alpenglow superior towards testnet, positioning Solana for vital enhancements in finality and throughput.

Trying forward, Solana enters 2026 with a stronger structural basis than prior cycles. The launch of a number of U.S.-listed Solana ETFs, continued growth of RWAs and liquid staking, and ongoing infrastructure upgrades counsel a community more and more optimized for sustained, non-cyclical demand. As software income, institutional participation, and protocol resilience converge, Solana is evolving from a high-performance buying and selling chain right into a mature monetary and client platform. To remain up-to-date with all issues Solana, go to Messari’s Solana Portal.