Solana, the blockchain platform known for its high throughput capabilities, recently made headlines by settling Bullish’s $1.15 billion IPO entirely in stablecoins. This move has sparked speculation about whether Solana’s native token, SOL, is finally ready to make its mark on Wall Street.
While Solana has been lagging behind Ethereum in terms of monthly returns, with only a 5% increase compared to ETH’s 15%, the network has been achieving significant milestones on-chain. Solana recently hit a peak throughput of 100k transactions per second, showcasing its operational efficiency. However, the most notable achievement was settling Bullish’s massive IPO entirely in stablecoins, making it the first Layer 1 blockchain to handle such a large-scale financial transaction.
The fact that Solana was able to process a $1.15 billion stablecoin transaction has caught the attention of institutional investors. This milestone signifies that Solana is capable of handling Wall Street-level flows, positioning it as a serious contender in the world of decentralized finance.
Despite these impressive on-chain accomplishments, there is a noticeable disparity between Solana’s technical capabilities and its market recognition. The SOL/ETH ratio has been declining steadily, indicating a lack of market enthusiasm for Solana compared to Ethereum. Additionally, Solana’s daily active addresses have seen a decline, suggesting a decrease in network activity and engagement.
However, recent data shows that Solana’s daily active addresses have started to pick up again, signaling renewed interest in the network. With the success of the Bullish IPO and the growing recognition of Solana’s network strength, there is a clear bullish signal for SOL. It is evident that Solana is not just attracting attention for its potential but is actively moving substantial capital on-chain.
In conclusion, Solana’s recent achievements and on-chain strength are positioning it as a serious contender in the blockchain space. As the platform continues to handle large-scale transactions and attract institutional interest, SOL’s Wall Street credibility is steadily growing. While there may still be challenges to overcome, Solana’s potential for mainstream adoption and market recognition is becoming harder to ignore.