Jack Kubinec 

Donovan Choy

The essential source for all things Solana — exclusive news, deep analysis, and the latest trends.

Lightspeed

Gm! This week Henri Stern joins the show to discuss why Stripe acquired the wallet infrastructure company Privy. We deep dive into Stripe's crypto strategy, crypto payments, Henri's Solana thesis, what does crypto need to improve &amp; more. Enjoy!
--
Follow Henri: https://x.com/henri_stern
Follow Jack: https://x.com/whosknave
Follow Lightspeed: https://twitter.com/Lightspeedpodhq
Subscribe to the Lightspeed Newsletter: https://blockworks.co/newsletter/lightspeed
 
Join the Lightspeed Telegram: https://t.me/+QUl_ZOj2nMJlZTEx
--
Crypto’s premiere institutional conference returns to London in October 2025. Use code LIGHT100 for £100 off at checkout: https://blockworks.co/event/digital-asset-summit-2025-london
--
Katana directs chain revenue back to DeFi users for consistently higher yields.
 
It starts with VaultBridge, which turns bridged assets into yield streams that back a perpetually funded real yield, boosting rewards for DeFi users. Katana is pioneering Productive TVL, assets actually being used in DeFi and reinforces this with Chain-owned Liquidity, permanent liquidity the chain controls. Stop sleeping on your bags: https://app.katana.network/?utm_source=BW-Pod
--
Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
--
(00:00) Introduction
(03:03) Why Did Stripe Acquire Privy?
(11:22) Katana Ad
(12:24) Behind Stripe’s Crypto Strategy
(19:07) Are Crypto Payment Rails Actually Better?
(25:55) The Solana Thesis
(38:08) Katana Ad
(39:11) The Business Behind Crypto Wallets
(47:38) What Does Crypto Need To Improve?
(57:36) Agentic Payments
--
Disclaimers: Lightspeed was kickstarted by a grant from the Solana Foundation.

Nothing said on Lightspeed is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Jack, and our guests may hold positions in the companies, funds, or projects discussed.

Privy CEO: Why Did Stripe Acquire Privy? | Henri Stern

Gm! This week Robin A. Nordnes joins the show to discuss Raiku's most recent $13.5m raise. We deep dive into what is Raiku, transaction landing on Solana, why Robin moved from the Ethereum ecosystem to Solana &amp; more. Enjoy! 
--
Follow Robin: https://x.com/degenroot
Follow Jack: https://x.com/whosknave
Follow Lightspeed: https://twitter.com/Lightspeedpodhq
Subscribe to the Lightspeed Newsletter: https://blockworks.co/newsletter/lightspeed
 
Join the Lightspeed Telegram: https://t.me/+QUl_ZOj2nMJlZTEx
--
Crypto’s premiere institutional conference returns to London in October 2025. Use code LIGHT100 for £100 off at checkout: https://blockworks.co/event/digital-asset-summit-2025-london
--
Katana directs chain revenue back to DeFi users for consistently higher yields.
 
It starts with VaultBridge, which turns bridged assets into yield streams that back a perpetually funded real yield, boosting rewards for DeFi users. Katana is pioneering Productive TVL, assets actually being used in DeFi and reinforces this with Chain-owned Liquidity, permanent liquidity the chain controls. Stop sleeping on your bags: https://app.katana.network/?utm_source=BW-Pod
--
Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
--
(00:00) Introduction
(05:34) Moving From Ethereum To Solana
(13:00) Katana Ad
(14:03) What Is Raiku?
(18:20) How Are Pre Confirmations Decided?
(24:05) Validator Economic Incentives
(28:34) Validator Revenue
(36:17) Will Raiku Launch A Token?
(37:52) Katana Ad
(38:55) Transaction Landing On Solana
(46:38) Local Fee Markets
--
Disclaimers: Lightspeed was kickstarted by a grant from the Solana Foundation.

Nothing said on Lightspeed is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Jack, and our guests may hold positions in the companies, funds, or projects discussed.

Solana Gets Even Faster With Robin A. Nordnes

Gm! This week Ian Unsworth joins the show for a roundup of the latest Solana news. We deep dive into crypto's bullish catalysts in 2025/26, the state of markets, what's next for Frankendancer, stablecoins on Solana &amp; more. Enjoy! 
--
Follow Ian: https://x.com/Ian_Unsworth
Follow Jack: https://x.com/whosknave
Follow Lightspeed: https://twitter.com/Lightspeedpodhq
Subscribe to the Lightspeed Newsletter: https://blockworks.co/newsletter/lightspeed
 
Join the Lightspeed Telegram: https://t.me/+QUl_ZOj2nMJlZTEx
--
Crypto’s premiere institutional conference returns to London in October 2025. Use code LIGHT100 for £100 off at checkout: https://blockworks.co/event/digital-asset-summit-2025-london
--
Katana directs chain revenue back to DeFi users for consistently higher yields.
 
It starts with VaultBridge, which turns bridged assets into yield streams that back a perpetually funded real yield, boosting rewards for DeFi users. Katana is pioneering Productive TVL, assets actually being used in DeFi and reinforces this with Chain-owned Liquidity, permanent liquidity the chain controls. Stop sleeping on your bags: https://app.katana.network/?utm_source=BW-Pod
--
Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
--
(00:00) Introduction
(06:05) Solana’s Largest Treasury Company: Forward Industries
(15:20) Katana Ad
(16:22) Is There Another Bull Catalyst For Crypto?
(24:01) Stablecoins On Solana
(30:42) Katana Ad
(31:45) What Is Fogo?
(42:10) Pump Fun
(53:19) Frankendancer
(57:34) Jito Token Value Accrual
--
Disclaimers: Lightspeed was kickstarted by a grant from the Solana Foundation.

Nothing said on Lightspeed is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Jack, and our guests may hold positions in the companies, funds, or projects discussed.

The State Of Solana, Frankendancer & Crypto's Bullish Catalyst's | Ian Unsworth

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed" target="_blank" rel="noreferrer noopener">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Bee Maps has raised $32 million to scale its DePIN mapping network, with Pantera Capital, LDA Capital, Borderless Capital and Ajna Capital participating in the round. Hivemapper, Inc. now operates under the brand name Bee Maps.



Alongside the raise, Bee Maps is introducing a new subscription-based “Bee Membership” to improve accessibility for contributors. Instead of paying $589 upfront for the Bee LTE device, drivers in the US can now get hardware, LTE connectivity and Beekeeper fleet software bundled for $19 per month on a 24-month term.



Hivemapper CEO Ariel Seidman frames the network’s challenge as one of supply rather than demand. The funding is earmarked to quickly expand coverage and scale contributor rewards so Bee Maps can meet a backlog of enterprise needs across navigation, automotive and city planning.



The company’s go-to-market momentum has grown through a string of notable customers in the past year.



Bee Maps <a href="https://beemaps.com/blog/bee-maps-adds-lyft-as-customer">announced</a> in May that ride-hailing company Lyft was sourcing real-time, crowdsourced street-level data to improve routing and support its autonomous strategy, while Volkswagen’s autonomous vehicle unit was <a href="https://x.com/aseidman/status/1942600814591082523">revealed</a> in July to be leveraging Bee Maps for robotaxi mapping data.&nbsp;



Bee Maps’ site also highlights media and mapping companies like NBCUniversal, Mapbox and HERE (formerly Nokia HERE) among users of its technology.&nbsp;



CEO Ariel Seidman tells me: “These aren’t small pilots; some of these are six and seven-figure deals,” noting that interest from those companies is driven by Bee’s ability to deliver data they can’t obtain elsewhere.



Companies “want broader coverage, especially in smaller markets like Des Moines. Dropping the Bee price from a $500 upfront cost to $19 a month changes who can participate. It turns this from a niche device into something anyone can deploy anywhere.”



Built on the Hivemapper Network, Bee Maps uses an edge-based AI pipeline to convert contributor imagery into dynamic map features.&nbsp;



By bootstrapping the supply side of the network with token rewards, Hivemapper is able to produce fresher map data at about a faster rate of <a href="https://x.com/aseidman/status/1753600670857671092">5-6x</a> than those supplied by incumbents like Google Maps and Apple Maps that traditionally rely on infrequent fleet surveys to refresh data.



According to Hivemapper official data, the network has mapped 644 million km of roads in total, including 21 million km in unique roadway.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1442" height="482" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-13.png?w=1024&amp;h=1024" alt="" class="wp-image-108694" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-13.png?w=1442 1442w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-13.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-13.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-13.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-13.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-13.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-13.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-13.png?w=80 80w" sizes="auto, (max-width: 1442px) 100vw, 1442px" /><figcaption class="wp-element-caption">Source: <a href="https://hivemapper.com/">Hivemapper</a></figcaption></figure>







<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

DePIN

Hivemapper raises $32M, launches new subscription for Bee dashcams

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Titan announced today a $7 million seed round led by Galaxy Ventures, with participation from Frictionless, Mirana, Ergonia, Auros, Susquehanna and several angels.



“At Galaxy Ventures, we look for teams working to build foundational infrastructure with long-term impact,” said Will Nuelle, general partner at Galaxy Ventures. “We believe Titan is creating an advanced gateway to internet capital markets on Solana.”



Titan’s raise coincides with the public launch of its frontend meta-DEX aggregator, graduating from a private beta that has processed more than $1.5 billion in spot volume. Blockworks previously <a href="https://blockworks.co/news/jupiter-competitor-private-mainnet">covered</a> Titan’s launch in March.



Titan’s meta-DEX aggregator sits one layer on top of Solana DEX aggregators such as Jupiter, OKX, DFlow and its own router Argos, which the team claims outperforms competitors with better quotes in 70% of cases.



Argos (previously Talos) processed $87.4 million in volumes for August, per Blockworks Research <a href="https://blockworks.com/analytics/solana/solana-dex-activity">data</a>.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1048" height="498" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-130.png?w=1024&amp;h=1024" alt="" class="wp-image-107986" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-130.png?w=1048 1048w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-130.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-130.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-130.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-130.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-130.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-130.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-130.png?w=80 80w" sizes="auto, (max-width: 1048px) 100vw, 1048px" /><figcaption class="wp-element-caption">Source: <a href="https://blockworks.com/analytics/solana/solana-dex-activity">Blockworks Research</a></figcaption></figure>



While DEX aggregators hide the complexities of DEX mechanics to get users the best price, a meta-DEX aggregator like Titan abstracts the differences in how each aggregator’s algorithm works.



“Since algos behave differently, it’s better to have a mix of algos compete and see which quote is actually the best,” Titan co-founder and CEO Chris Chung told me.



Alongside the consumer frontend, Titan is also introducing Titan Prime API in its product suite, now open for public waitlist requests.



The “meta-aggregator” API compares quotes from leading Solana routers, including Titan’s own proprietary algorithm Argos, and is launching with a zero fee model. The goal with Titan Prime is to let users “get as close to a real market order as possible,” Chung explained on the <a href="https://www.youtube.com/@LightspeedpodHQ/videos">Lightspeed podcast</a>. “Users won’t have to worry about slippage, speed or landing the transaction — we handle all of that for you.”



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

DEXs

Titan raises $7M seed round alongside public launch of meta-DEX aggregator

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



In early 2021, the video game streaming platform Twitch faced a major PR problem.



Female streamers scantily clad in bikinis started streaming themselves hanging out with cocktails in jacuzzis — what viewers dubbed the “hot tub meta.”



Unsurprisingly, Twitch’s advertisers pushed back. Twitch responded by quickly tightening its policies, and <a href="https://x.com/Amouranth/status/1394699454654124033?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1394699454654124033%7Ctwgr%5Ebc8c994b17fa8f6c504b37ff0728acaef26c7d8d%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.theverge.com%2F2021%2F5%2F18%2F22442733%2Famouranth-twitch-ads-suspended-indefinitely">top streamers</a> saw ad monetization get deactivated overnight.



That category of streaming continues to exist today, but in a quarantined corner operating under highly permissioned <a href="https://twitchsupport.my.site.com/s/article/pools-hottubs-beaches?language=en_US">rules</a> most advertisers opt out of.



From a business standpoint, it was the right move for Twitch.&nbsp;



A significant chunk of Twitch’s revenue comes from advertisers, and brands aren&#8217;t interested in associating their names with risky content. The economics of Twitch don&#8217;t align with shock value.



That’s the market space Pump is leaning into.



Take, for instance, the 4-day-old BAGWORK memecoin.&nbsp;



Over the weekend, a creator duo ran the classic “do anything for attention” playbook: streaking across a live baseball game, getting slapped by famous fitness influencers, threatening to jump off the Santa Monica pier, shaving their heads…you get the idea.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Day 2 – From Jail to Twitch Fresh out (bailed out by creator fees), he crashes Bradley Martyn’s gym stream. Snatches Martyn’s hat, flashes the CA. Bradley slaps him on stream → 5M+ views in hours. That single slap = $40K in creator fees. <a href="https://t.co/tFag3TCcZu">pic.twitter.com/tFag3TCcZu</a>&mdash; maanav ⚡️ (@maanavjporwal) <a href="https://twitter.com/maanavjporwal/status/1967077859773870430?ref_src=twsrc%5Etfw">September 14, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The strategy worked. BAGWORK is trading at a <a href="https://dexscreener.com/solana/fbzsqpaygqjpmrt8l33qngwv6bcatx6xcjmtpvcw3gdz">$27 million</a> market cap now and the duo behind the token has pocketed a tidy $169K within four days of the token being live.



That’s thanks to Pump’s revamped <a href="https://pump.fun/docs/fees">fee model</a> in early September that lets token creators earn a cut every time their token is traded.&nbsp;



(Creators earn a 0.95% take-rate fee at a 420 SOL market cap, which scales down to 0.05% at a 98240 SOL market cap.)



This presents unusual incentives for Pump’s streamer creators.&nbsp;



Creators get paid on volume, not loyalty. If traders don’t see upside, volume dies, so creators are incentivized to keep the spectacle rolling to drive more trades. That’s very different from Twitch streamers or OnlyFans models who monetize from one-time gifts, tips or subscriptions from a dedicated fanbase.



It’s easy to see how Pump’s fee model incentivizes creators to supply not only shockbait content, but a constant stream of it.



Pump’s business model also only works because it isn’t beholden to advertisers (unlike Twitch). The platform takes a 0.05% protocol fee for every token traded on its platform.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="662" height="527" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-118.png" alt="" class="wp-image-107781" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-118.png?w=662 662w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-118.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-118.png?w=323 323w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-118.png?w=328 328w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-118.png?w=275 275w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-118.png?w=80 80w" sizes="auto, (max-width: 662px) 100vw, 662px" /></figure>



What makes Pump so unique compared to traditional streaming platforms is that the addressable “stunts for attention” surface area is basically infinite.&nbsp;



There are only so many video game streamers or OnlyFans models willing to strip for the camera, but there are endless ways to manufacture buzz that moves a memecoin and, by extension, creator fees.



Before you get any ideas, Pump creators don&#8217;t have it that easy. Only 819 addresses — ~0.094% of all wallet addresses that have created a Pump token — have earned more than $10K in creator rewards, according to Blockworks Research <a href="https://app.blockworksresearch.com/analytics/pumpfun">data</a>.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1045" height="562" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-119.png?w=1024&amp;h=1024" alt="" class="wp-image-107782" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-119.png?w=1045 1045w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-119.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-119.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-119.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-119.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-119.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-119.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-119.png?w=80 80w" sizes="auto, (max-width: 1045px) 100vw, 1045px" /></figure>



Creators literally have to “work for their bags” (hence BAGWORK, get it?), and only a small sliver of them see a lucrative payday.



The only question is what else creators would be willing to do for their bags.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Lightspeed Newsletter

What makes Pump livestreaming different from Twitch or OnlyFans?

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed" target="_blank" rel="noreferrer noopener">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Crypto Twitter loves its “Ethereum vs. Solana” debates.&nbsp;



But that framing is problematic.



Solana is built as a high-throughput execution layer. Ethereum, by design, offloads execution to L2 rollups and positions its L1 for settlement and data availability.&nbsp;



As such, the Ethereum vs. Solana comparison may amount to comparing apples to oranges.



This is explicitly acknowledged by leading developers on both chains. Solana’s co-founder <a href="https://x.com/aeyakovenko/status/1936813032996540479">Anatoly</a> has said that “Solana isn’t at war with Ethereum” but with “centralized sequencer L2s.”



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1159" height="396" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-91.png?w=1024&amp;h=1024" alt="" class="wp-image-107671" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-91.png?w=1159 1159w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-91.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-91.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-91.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-91.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-91.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-91.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-91.png?w=80 80w" sizes="auto, (max-width: 1159px) 100vw, 1159px" /></figure>



Ethereum researcher Justin Drake himself has <a href="https://x.com/DefiantNews/status/1861088679990587562?t=3244">echoed</a> this in the past: “In my mental model, it’s the L2s that are competing with Solana, not the Ethereum L1 directly.”



If the real battleground is execution, then the more appropriate matchup may be Solana vs. Base, Ethereum’s most active L2 backed by the full weight of Coinbase distribution.



Let’s look at how both these chains compare on headline network metrics.



<h2 class="wp-block-heading">Network usage</h2>



In August, Solana’s REV (all fees and tips paid to transact on the network) was $77.8 million, far exceeding Base at $6.2 million.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="948" height="496" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-96.png" alt="" class="wp-image-107677" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-96.png?w=948 948w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-96.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-96.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-96.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-96.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-96.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-96.png?w=80 80w" sizes="auto, (max-width: 948px) 100vw, 948px" /><figcaption class="wp-element-caption">Source: <a href="https://blockworks.com/analytics/solana">Blockworks Research</a></figcaption></figure>



Active addresses on Solana too, outpaced Base by 124% in August.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="959" height="707" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-94.png" alt="" class="wp-image-107674" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-94.png?w=959 959w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-94.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-94.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-94.png?w=349 349w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-94.png?w=354 354w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-94.png?w=297 297w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-94.png?w=80 80w" sizes="auto, (max-width: 959px) 100vw, 959px" /><figcaption class="wp-element-caption">Source: <a href="https://blockworks.com/analytics/solana">Blockworks Research</a></figcaption></figure>



<h2 class="wp-block-heading">Application revenues</h2>



One measure of how successful a blockchain is looks at the value captured by apps built on top of it.&nbsp;



On this measure, Solana too beats Base by a mile. Solana app revenues generated $136 million in August, vs. $21 million for Base.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="774" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-97.png?w=1024&amp;h=1024" alt="" class="wp-image-107678" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-97.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-97.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-97.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-97.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-97.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-97.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-97.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-97.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-97.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: <a href="https://blockworks.com/analytics/solana">Blockworks Research</a></figcaption></figure>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="772" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-98.png?w=1024&amp;h=1024" alt="" class="wp-image-107679" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-98.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-98.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-98.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-98.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-98.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-98.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-98.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-98.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-98.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: <a href="https://blockworks.com/analytics/base">Blockworks Research</a></figcaption></figure>



<h2 class="wp-block-heading">Spot DEX volumes</h2>



How much are users trading on Solana and Base? On spot DEX volumes, Solana has consistently outperformed Base. In August, Solana had about $118 billion in volumes, against $53 billion for Base.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1212" height="590" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/spot-dex.jpg?w=1024&amp;h=1024" alt="" class="wp-image-107715" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/spot-dex.jpg?w=1212 1212w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/spot-dex.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/spot-dex.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/spot-dex.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/spot-dex.jpg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/spot-dex.jpg?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/spot-dex.jpg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/spot-dex.jpg?w=80 80w" sizes="auto, (max-width: 1212px) 100vw, 1212px" /></figure>



<h2 class="wp-block-heading">Stablecoins</h2>



The below charts compare Base and Solana’s stablecoin supply. Base has $4.3 billion, considerably lower than Solana’s stablecoin supply of $11.2 billion.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="534" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-99.png?w=1024&amp;h=1024" alt="" class="wp-image-107680" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-99.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-99.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-99.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-99.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-99.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-99.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-99.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-99.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-99.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: <a href="https://blockworks.com/analytics/solana">Blockworks Research</a></figcaption></figure>



Despite lower supply, though, Base sees a higher velocity of stablecoin transfer volumes. Transfer volumes in August were $1.5 trillion, compared to Solana’s $292 billion.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="951" height="490" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-92.png" alt="" class="wp-image-107672" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-92.png?w=951 951w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-92.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-92.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-92.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-92.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-92.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-92.png?w=80 80w" sizes="auto, (max-width: 951px) 100vw, 951px" /><figcaption class="wp-element-caption">Source: <a href="https://blockworks.com/analytics/chain-comparison">Blockworks Research</a></figcaption></figure>



While Solana outcompetes L2s in most metrics, the one area where Solana pales in comparison is circulating stablecoins, especially relative to Ethereum ($167 billion), Blockworks Research’s Carlos Gonzalez Campo told me.



<h2 class="wp-block-heading">Memecoin wars</h2>



Solana’s top spot as the “memecoin chain” saw its first serious challenge last month. Tokens launched from memecoin launchpads on Base exceeded Solana, largely due to the <a href="https://blockworks.co/news/zora-latest-content-coin-fad">rise of Zora</a>.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="954" height="505" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-93.png" alt="" class="wp-image-107673" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-93.png?w=954 954w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-93.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-93.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-93.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-93.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-93.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-93.png?w=80 80w" sizes="auto, (max-width: 954px) 100vw, 954px" /><figcaption class="wp-element-caption">Source: <a href="https://blockworks.com/analytics/chain-comparison">Blockworks Research</a></figcaption></figure>



It’s too early to write Solana off, though. Launchpad tokens on Solana still command far higher trading volumes (and market caps) than their Base counterparts, a crucial data point since transaction activity is a key revenue stream for blockchains.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="955" height="495" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-95.png" alt="" class="wp-image-107675" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-95.png?w=955 955w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-95.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-95.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-95.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-95.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-95.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-95.png?w=80 80w" sizes="auto, (max-width: 955px) 100vw, 955px" /><figcaption class="wp-element-caption">Source: <a href="https://blockworks.com/analytics/launchpads">Blockworks Research</a></figcaption></figure>



Base’s recent lead in new token launches over Solana indicates increased developer interest — likely aided by its Coinbase integration, Blockworks Research’s Dan Shapiro told me.



“However, Solana remains the revenue juggernaut, pulling in consistently higher network fees and boasting a significantly larger active user base.&#8221;



<h2 class="wp-block-heading">Conclusion</h2>



Aside from stablecoin transfer volumes and memecoins launched, Solana outcompetes Base on most headline chain metrics.&nbsp;



Solana is still the frontrunner, but there are a few caveats worth noting.&nbsp;



First, this comparison isolates Solana against a single L2. Yet, Ethereum’s broader rollup ecosystem has at least a <a href="https://l2beat.com/scaling/summary">hundred</a> L2s. Put together, they may exceed Solana in aggregate throughput.&nbsp;



Second, benchmarking stablecoin supply and DEX volumes against Base alone doesn’t show the full picture. Ethereum itself posts <a href="https://blockworks.com/analytics/ethereum/ethereum-dex">larger figures</a> than Solana on these measures, and remains an economic hub for the EVM ecosystem in its own right.



Finally, Ethereum’s chain security and decentralization remain unmatched. Compared to Solana, Ethereum’s validator set is vastly larger, has lower barriers to entry and greater client diversity. From that perspective, one could argue that Base inherits stronger security because it settles on a more decentralized foundation.&nbsp;



The contest over “which chain is better” ultimately depends on the weight given to different metrics, making the comparison less an objective truth and more a matter of subjective perspective.



Updated 9/12/25 at 3:30 p.m. ET with the correct chart for DEX volumes.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Base

Solana vs. Base: How Ethereum’s most active L2 compares against Solana

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed" target="_blank" rel="noreferrer noopener">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



In his work on the pre-800 AD Classic Maya economy, the historian Philip Curtin recounts a striking finding: Archaeologists measured the ratio of cutting length to weight in obsidian blades and discovered that the ratio varied inversely with distance from obsidian sources.&nbsp;



The economist Deirdre McCloskey <a href="https://www.tandfonline.com/doi/abs/10.1080/08913819908443534">cites</a> this as evidence that the human impulse toward exchange and profit-seeking gain has always existed.



“If Mayans lived in a gainless, profitless, nonmarket economy, it would not matter to them how expensive obsidian was. But…the ratio varied inversely with the distance from the sources of the obsidian. By taking more care with more costly obsidian, the blade makers were earning better profits, as they did by taking less care with less costly obsidian.”



Formal markets add property rights and legal enforcement. But they channel innate human behaviors that were already there, contrary to the popular belief that capitalism “causes” consumerism.



Modern Japan (and parts of Asia) offers a vivid illustration of what that economic logic looks like in the extremes.



The average Tokyo street is chock-full of cute and colorful Gachapon capsule machines. People flock to them for the prospect of a rare collectible.&nbsp;



Yet a meaningful share of buyers in these markets aren’t pure collectors: Many chase quick flips.&nbsp;



Take Asia’s latest <a href="https://blockworks.co/news/labubus-succeeded-nfts-failed">Labubu</a> phenomenon, for instance. Resale prices of the wildly popular Pop Mart series <a href="https://www2.yicaiglobal.com/news/pop-mart-slumps-after-chinese-toymaker-boosts-labubu-supply-causing-resale-prices-to-plungehttps://www2.yicaiglobal.com/news/pop-mart-slumps-after-chinese-toymaker-boosts-labubu-supply-causing-resale-prices-to-plunge">reportedly</a> halved when the company announced a supply increase.&nbsp;



There’s also evidence that at least <a href="https://www.forbes.com/sites/joanverdon/2025/08/13/labubus-remain-king-of-the-collectibles-stockx-reports/">40%</a> of consumers buy such toys for “appreciation potential.”



But if profit-seeking is the dominant motive to make and sell these things, then it’s not surprising that the door to hyperfinancialization inevitably swings wide open.



Predictably, crypto entrepreneurs are the first ones kicking the door down.



In the last few months, Gachapon-like platforms have seen growing product-market fit. Total money spent on platforms like Courtyard, Collector Crypt, Phygitals and Emporium grew from $10.4 million in January to $61.1 million in August, according to <a href="https://mementoresearch.com/the-state-of-pokemon-rwa-tcg">Memento Research</a>.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="900" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-66.png?w=1024&amp;h=1024" alt="" class="wp-image-107455" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-66.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-66.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-66.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-66.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-66.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-66.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-66.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-66.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-66.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Last month clocked a monthly high of about ~$114 million of trading volumes.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="900" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-67.png?w=1024&amp;h=1024" alt="" class="wp-image-107456" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-67.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-67.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-67.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-67.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-67.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-67.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-67.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-67.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-67.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



These platforms have a similar business model:



<ol class="wp-block-list">
<li>Platforms keep a secure vault inventory of professionally-graded collectible cards (typically Pokemon/baseball).</li>



<li>The cards are tokenized as a NFT.</li>



<li>They are sold as randomized Gachapon items to users with paying stablecoins.</li>



<li>After a reveal, you can sell them back to the platform at a predefined buyback rate based on the insured market value of the card, sell it on a secondary marketplace or redeem the physical card from the vault for a fee.</li>
</ol>



There are exceptions. The Phygitals platform on Solana, for instance, does not necessarily have rare cards on hand, and relies on “dropshipping” procurement if the user decides to claim the card. Otherwise, users are offered refunds.



“That&#8217;s a drawback because they don&#8217;t really own the card,” Memento Research’s analyst zkayape told me. “On the other hand, Collector Crypt rare cards are quite well-stocked (759 epic cards at the moment) due to strong procurement on their end from Web2 rails and connections. They’ve been in the scene for quite some time.”



Gachapon spending also resembles a similar whale-like economy structure across all four platforms.



Memento’s research shows that on Polygon’s Courtyard platform, 90.5% of total spend came from just 5.9% of users. On Solana’s Collector Crypt, 93% of all Gachapon revenues came from 17.5% of users — about 50% of users spent above the “whale” threshold of $1000.



Revenues are conclusively driven by Gachapon spending, rather than secondary marketplace trading.



As far as I can tell, these platforms do not use a verifiable RNG, so users are still trusting that platforms are assigning cards at the stated tier probabilities.



Do users care?



The average consumer of real-world Gachapon or blind boxes certainly doesn’t. I don’t know any blind-box collectors complaining of the non-transparency involved with these products.&nbsp;



Financial speculators, however, are a different breed of consumers. These are the guys who live in “expected value” probability math, seeking to optimize every basis point for an edge.



The platforms are designed to buy back cards at a fair market value from users (to keep users gambling), so there’s at least a cap on the financial downside.



Even so, a trust gap remains. Verifiable randomness and zero-knowledge proofs could make Gachapon draws auditable, not just promised.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Gaming

Gachapon on the blockchain is already a hundred-million dollar market

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed" target="_blank" rel="noreferrer noopener">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



How was Solana doing in August? Let’s unpack some numbers.



About $78 million REV (fees + tips) was paid to transact on Solana in August. In 2025, that was Solana’s third-lowest REV month.



On a year-over-year basis, Solana’s REV saw about 24% growth.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="967" height="465" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-29.png" alt="" class="wp-image-107158" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-29.png?w=967 967w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-29.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-29.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-29.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-29.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-29.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-29.png?w=80 80w" sizes="auto, (max-width: 967px) 100vw, 967px" /></figure>



Total stablecoin supply on Solana has stagnated at the $10–$13 billion range since March.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="958" height="499" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-28.png" alt="" class="wp-image-107157" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-28.png?w=958 958w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-28.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-28.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-28.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-28.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-28.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-28.png?w=80 80w" sizes="auto, (max-width: 958px) 100vw, 958px" /></figure>



Solana is far from dead, but these numbers certainly don&#8217;t scream “growth on all cylinders” as they did in early 2025.



Application revenues tell a more optimistic story. Solana apps generated $148 million in August, a 93% increase on a YoY basis.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="984" height="498" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-34.png" alt="" class="wp-image-107162" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-34.png?w=984 984w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-34.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-34.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-34.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-34.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-34.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-34.png?w=80 80w" sizes="auto, (max-width: 984px) 100vw, 984px" /></figure>



I want to say the “fat app thesis,” but in Solana’s case, it’s probably more accurate to call it the “fat memecoin app” thesis. Broken down, the bulk of revenue-generating applications belong to the trading tools and memecoin categories, namely Axiom, Pump, Phantom, LetsBonk, Photon, etc.



In recent months, Solana has tried to position itself as the go-to venue for trading crypto assets, encapsulated by the “<a href="https://blockworks.co/news/solana-market-microstructure-ace">Internet Capital Markets</a>” meme.



The data seems to affirm that narrative. The below chart shows overall spot DEX volumes broken down for major L1 chains.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="975" height="452" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-31.png" alt="" class="wp-image-107161" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-31.png?w=975 975w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-31.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-31.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-31.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-31.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-31.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-31.png?w=80 80w" sizes="auto, (max-width: 975px) 100vw, 975px" /></figure>



BNB Chain claims the top spot with $214 billion in volumes, but those numbers are inflated by the ongoing “Alpha” incentive <a href="https://www.binance.com/en/support/announcement/detail/07e8c812091a49ae9eefaeabe3c35f53">campaign</a> that’s rewarding wash trading. When adjusted to exclude Alpha tokens, BNB Chain’s August volumes fall to an estimated <a href="https://dune.com/queries/5728540/9297734?category=abstraction&amp;namespace=dex&amp;id=dex.trades">$138 billion</a>.



That puts Solana in first place at $153 billion, with Ethereum in second at $143 billion.



Zooming into Solana DEX volumes, no-name AMMs (prop AMMs) are carving out a significant chunk of market share, about $47 billion in August. These AMMs use one single market-maker for liquidity provision, and route users by plugging into DEX aggregators on the backend (read more <a href="https://blockworks.co/news/solanas-proprietary-amms">here</a>).



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="793" height="456" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-33.png" alt="" class="wp-image-107163" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-33.png?w=793 793w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-33.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-33.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-33.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-33.png?w=454 454w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-33.png?w=381 381w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-33.png?w=80 80w" sizes="auto, (max-width: 793px) 100vw, 793px" /></figure>



Now let’s look at perps volumes. The two dominant perps exchanges on Solana are Jupiter Perps and Drift, with 4.9% and 3.3% volume market shares, respectively. Unsurprisingly, they’re eclipsed by Hyperliquid (71.6% market share) ,which is averaging about $10.4 billion in daily volumes over the last 90 days.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="984" height="498" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-34.png" alt="" class="wp-image-107164" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-34.png?w=984 984w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-34.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-34.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-34.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-34.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-34.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-34.png?w=80 80w" sizes="auto, (max-width: 984px) 100vw, 984px" /></figure>



Solana’s slowing growth can be attributed to Hyperliquid’s dominance over the past four quarters, Blockworks Research’s Ryan Connor told me.



“Making Drift (or something similar) work is critical to Solana’s success.”



Drift isn’t asleep at the wheel, though. The perps DEX did some of its best lifetime volumes in August, thanks to unique features like cross-margin capabilities.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1003" height="456" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-32.png" alt="" class="wp-image-107160" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-32.png?w=1003 1003w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-32.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-32.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-32.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-32.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-32.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-32.png?w=80 80w" sizes="auto, (max-width: 1003px) 100vw, 1003px" /></figure>



Finally, you can’t talk Solana without talking memecoins.&nbsp;



After a brief two to three weeks during which Pump appeared to lose its leading position, the platform has decisively regained its dominance over competitors like LetsBonk and Heaven. As of the last week, 148K tokens were launched on Pump’s launchpad — about 89% of total tokens launched.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="970" height="453" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-30.png" alt="" class="wp-image-107159" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-30.png?w=970 970w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-30.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-30.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-30.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-30.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-30.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-30.png?w=80 80w" sizes="auto, (max-width: 970px) 100vw, 970px" /></figure>



Solana’s largest tailwinds in the near future may have nothing to do with onchain products.



Last week saw <a href="https://lightspeed-4bed7b.beehiiv.com/p/sol-dats-are-here">reports</a> of three new SOL treasury companies coming to market with about $2.65 billion in total raised.&nbsp;



On the horizon is also a likely October approval of existing Solana ETF applications.



The new ETFs “will be more tax-efficient, have better distribution (from Fidelity, Bitwise, etc.) than REX-Osprey, and [will] likely include in-kind creations and redemptions, as well as support for staking,” wrote Carlos Gonzalez Campo in a Blockworks Research <a href="https://app.blockworksresearch.com/flashnotes/sol-coming-tailwinds">report</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Solana in 8 charts: August edition

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed" target="_blank" rel="noreferrer noopener">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Would you rather invest in the business model of a cinema or Netflix?



A theater needs real estate, seats, projectors and staff. When it’s full, you top out at ~200 paying customers per show.&nbsp;



Netflix beams the same video to its first customer and its millionth customer with basically the same operational cost.



That zero marginal cost is the intuition behind why investing in tech is attractive. Once you’ve built the product, each additional user generates a high gross margin, which produces sky-high multiples.



Now, that mental model — of zero marginal cost + uncapped demand — is being stress-tested.



In AI, for instance, serving the next user is not free. Your “software” rides on someone else’s model (OpenAI, Anthropic, Google, etc). Each user interaction burns inference tokens, which in turn costs real compute, power and data center capacity.&nbsp;



Even as unit prices per AI token trend down, token consumption per task rises, so the bill goes up.



For a few years, Anthropic aggressively courted developers with enterprise-friendly pricing mechanics (e.g. prompt caching, batch discounts).&nbsp;



That strategy worked! In enterprise usage share, Anthropic has overtaken OpenAI — 32% vs. OpenAI’s 25% by usage.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1303" height="581" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-19.png?w=1024&amp;h=1024" alt="" class="wp-image-107077" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-19.png?w=1303 1303w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-19.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-19.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-19.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-19.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-19.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-19.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-19.png?w=80 80w" sizes="auto, (max-width: 1303px) 100vw, 1303px" /></figure>



OpenAI lately responded by slashing prices. GPT-5’s API recently launched with $1.25/M input and $10/M output tokens, explicitly leaning into coding and agent use cases.



That’s dramatically cheaper than Anthropic’s Claude Opus’ prices at $75/M output tokens ($15/M input)!



With that, AI wrapper companies like <a href="https://www.youtube.com/watch?v=UbFtbiR7PrA">Lovable</a>, <a href="https://cursor.com/en/blog/gpt-5">Cursor</a>, <a href="https://www.linkedin.com/posts/boltdotnew_we-are-excited-to-launch-gpt-5-into-bolt-activity-7359288231617581056-XVpa/">Bolt</a> and more have quickly moved to integrate GPT-5.



&#8220;For the first time in SaaS history, the marginal cost of adding on a user is not close to zero,&#8221; said Amanda Huang of Bain Capital Ventures, per <a href="https://pitchbook.com/news/articles/how-long-can-ai-agents-like-cursor-keep-burning-cash-investors-are-divided?utm_medium=newsletter&amp;utm_source=daily_pitch&amp;sourceType=NEWSLETTER">Pitchbook</a>.



Crypto often looks like software economics. Once a chain is live, serving the marginal user is close to free.



That is theoretically true, but not necessarily so in practice.&nbsp;



Because while validators (proof-of-stake) incur zero marginal costs to produce the next block, when demand spikes, users want to pay to jump the queue.



That’s why MEV (maximal extractable value) persists. Being first in line is valuable, and blockchain networks explicitly price that preference.&nbsp;



On Ethereum, EIP-1559 formalized congestion pricing via a base fee plus optional tip. On Solana, “priority fees” exist precisely because blockspace is scarce at the margin — even if the average transaction is cheap.



Crypto investors like Multicoin’s Kyle Samani have explicitly <a href="https://x.com/KyleSamani/status/1838718619339100351">argued</a> in favor of valuing blockchains solely on MEV.



In the month of August, Solana did $68 million in MEV.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="686" height="486" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-17.png" alt="" class="wp-image-107075" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-17.png?w=686 686w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-17.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-17.png?w=363 363w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-17.png?w=368 368w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-17.png?w=309 309w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-17.png?w=80 80w" sizes="auto, (max-width: 686px) 100vw, 686px" /></figure>



Across the same month, Ethereum saw $32.5 million in MEV.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="691" height="524" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-18.png" alt="" class="wp-image-107076" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-18.png?w=691 691w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-18.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-18.png?w=339 339w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-18.png?w=344 344w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-18.png?w=289 289w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-18.png?w=80 80w" sizes="auto, (max-width: 691px) 100vw, 691px" /></figure>



Classic SaaS multiples assume high, stable gross margins and flat marginal costs.&nbsp;



But in both AI and crypto, that logic can be sometimes inverted. In crypto, even with low nominal fees, blockspace scarcity created pricing power (priority fees, MEV).&nbsp;



And in AI, “wrapper” applications that pass through model costs behave more like usage-metered utilities. Margins compress unless teams negotiate discounted batched rates.



What does this mean for the players involved? I guess you could just raise more venture money to subsidize usage.



Anthropic, for example, yesterday <a href="https://x.com/AnthropicAI/status/1962909472017281518">raised</a> $13 billion at a whopping $183 billion valuation to compete with OpenAI.



L1/L2 chains have also raised hundreds of millions historically, but you don’t need that much money to build a chain. Similarly to Anthropic, the money is merely a competitive weapon to fund subsidies, incentives and liquidity programs.



In both arenas, the bulk of venture dollars flow to subsidies aimed at entrenching network effects.&nbsp;



In the near term, consumers benefit from lower prices and better service. Enjoy it while it lasts.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Is zero-marginal-cost tech no more?

Fundamental insights and behind the scenes perspectives from the industry’s key operators and innovators

Empire

For savvy degens who want to think like researchers and analysts, from Blockworks Research

0xResearch

Investigates the macro landscape as the laws of investing are being rewritten, helping investors adapt to a rapidly changing environment.

Forward Guidance

Detailing Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.

Supply Shock

The Breakdown

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



It’s Token2049 week in Singapore.



The week kicked off yesterday with demo day of Ignition, a Y-Combinator-like initiative by Superteam Singapore.



This marks the fourth iteration of Superteam Singapore’s Ignition. Alumni from previous Ignition programs have collectively raised $24 million in the past, the team told me.



A total of 223 projects building on Solana sent applications in this cohort, but only six lucky finalist projects were shortlisted by judges to present: Home Harvest, Motif, Azza, Onta, DeCharge and Altify.



“Stablecoin-related projects are very popular now, we’re seeing lots of cross-border FX plays,” Superteam SG lead Nick Tong told me. He also noted a flood of memecoin and AI-themed projects.



The six teams seeking funding demoed their projects in front of a packed auditorium of at least 150 people, with VCs like Dragonfly, Hashed and Spartan in attendance.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Full house at <a href="https://twitter.com/SuperteamSG?ref_src=twsrc%5Etfw">@superteamsg</a> ignition! Thanks everyone for supporting <a href="https://t.co/alJage2FBl">pic.twitter.com/alJage2FBl</a>&mdash; Nick Tong (@tongnk) <a href="https://twitter.com/tongnk/status/1972576066398220412?ref_src=twsrc%5Etfw">September 29, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Of the six finalists, companies varied in three broad categories: stablecoin networks, AI-enabled wealth advisors and DePIN.



The first was Azza, a “stablecoin neobank” offering cross-border payments to consumers in Africa. Azza’s application is tightly integrated with Whatsapp messenger, which its CEO Toochukwu Okoro pointed to as a decision made to meet where “African consumers are.”



Azza has seen $5.7 million in volumes in the last eight months across ~7000 users, without any marketing spend.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1489" height="967" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-193.png?w=1024&amp;h=1024" alt="" class="wp-image-108492" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-193.png?w=1489 1489w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-193.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-193.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-193.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-193.png?w=396 396w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-193.png?w=402 402w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-193.png?w=337 337w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-193.png?w=80 80w" sizes="auto, (max-width: 1489px) 100vw, 1489px" /><figcaption class="wp-element-caption">Source: <a href="https://dune.com/devjosh/useazza-monthly-volume">Dune</a></figcaption></figure>



The second was Home Harvest, a DePIN team with the goal of reimagining everyday food production.&nbsp;



Rather than depending on imported fresh produce, Home Harvest hopes to empower consumers to grow their own greens with indoor hydroponic smart appliances.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="874" height="474" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-30-at-11.00.44.png" alt="" class="wp-image-108496" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-30-at-11.00.44.png?w=874 874w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-30-at-11.00.44.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-30-at-11.00.44.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-30-at-11.00.44.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-30-at-11.00.44.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-30-at-11.00.44.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/Screenshot-2025-09-30-at-11.00.44.png?w=80 80w" sizes="auto, (max-width: 874px) 100vw, 874px" /><figcaption class="wp-element-caption">Source: <a href="https://www.dropbox.com/scl/fi/dezzufmdyaexgvcnjrcwc/HomeHarvest-Colosseum.pdf?rlkey=pd760qn63fly2a96h4f2ygcho&amp;e=1&amp;dl=0">Home Harvest</a></figcaption></figure>



“We’re using the blockchain to verify and transfer the customer harvest data we are capturing from our growers — their harvests, meal plans, diets, recipes and how they are engaging with the product,” Home Harvest’s co-founder Hedley Aylott told me.&nbsp;



“We also plan to use the blockchain to verify the carbon offset created by each unit so that we can aggregate and sell these on the tokenized carbon market and return the income to customers via our tokenized rewards program.”



Home Harvest was a previous winner of Solana’s Colosseum hackathon and is currently raising in a $3 million seed round with $1.5 million pre-seed committed.



The third project to take stage was DeCharge, a DePIN team that touts itself as the “Helium of electric vehicle charging.”



3x more electric vehicles are hitting the road compared to the number of chargers being deployed, according to the framing of DeCharge co-founder Mohan Ponnada.



DeCharge hopes to address what centralized charge point operators like ChargePoint and Electrify America have failed to do, namely by incentivizing property owners with tokens to put idle parking spaces and power to productive use.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1280" height="960" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-194.png?w=1024&amp;h=1024" alt="" class="wp-image-108493" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-194.png?w=1280 1280w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-194.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-194.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-194.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-194.png?w=343 343w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-194.png?w=348 348w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-194.png?w=292 292w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-194.png?w=80 80w" sizes="auto, (max-width: 1280px) 100vw, 1280px" /><figcaption class="wp-element-caption">Source: <a href="https://x.com/DeCharge__/status/1972643661113626661/photo/3">DeCharge</a></figcaption></figure>



DeCharge claims to be generating $2.8 million in annual recurring revenues across 1000+ hosts onboarded.



Finally there is Altify, an investment platform operating at the intersection of crypto and artificial intelligence.



Altify’s thesis is simple: Most money to be made in investing are in private markets, an asset class that is locked out of the retail public. Altify wants to give you access.



Altify’s platform strives to source the best tokenized investments — private credit, structured products, crypto, commodities etc. — and make them available to their users.&nbsp;



The team has generated $1.4 million in annual recurring revenues, with 13,100 monthly active users.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Developers

Solana finalists: Ignition Demo Day at Singapore Token2049

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Every industry has its crown jewel worth fighting for. In crypto, that crown jewel is perpetual derivatives.



Perps give high-risk traders leveraged exposure to crypto markets, using periodic funding payments between longs and shorts to anchor prices to spot.



It’s a highly lucrative financial instrument that dominates trading flow. Perps account for at least 70% of CEX volumes and the majority of its revenues. Based on Kaiko data, <a href="https://www.wsj.com/finance/currencies/bitcoin-perps-cryptocurrency-trading-leverage-238e53ff">68%</a> of all bitcoin trading volume in 2025 came from perps alone.



Given Solana’s stated ambitions to rival Nasdaq, the absence of the chain’s very own flagship perp venue to rival CEX perps stands out as a deficiency that’s hard to ignore.



Measured by open interest, Solana’s largest perps DEXs, Jupiter and Drift, come in at ~$533 million, about 4% of Hyperliquid’s open interest. And while Hyperliquid dominates the perps DEX landscape, its ~$300 billion in monthly volumes is still only roughly 6% of total CEX perps volumes.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="972" height="529" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-180.png" alt="" class="wp-image-108423" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-180.png?w=972 972w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-180.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-180.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-180.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-180.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-180.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-180.png?w=80 80w" sizes="auto, (max-width: 972px) 100vw, 972px" /></figure>



<h2 class="wp-block-heading">Solana’s plan to compete on perps</h2>



To regain perp market share, Solana’s perp DEXs have taken divergent paths. Drift, for instance, is <a href="https://blockworks.co/news/jito-bam-solana-mainnet">leaning</a> on Jito’s newly launched Block Assembly Marketplace (<a href="https://blockworks.co/news/jito-bam-solana-mainnet">BAM</a>) to enable custom transaction-ordering logic.



Then there are teams like Bullet which have taken a far more radical approach, like building out a dedicated app-specific L2 rollup.



<a href="https://blockworks.co/news/solana-dex-network-extension-testnet">Bullet</a> was previously Zeta Markets, the first order book perps DEX on Solana. In its heyday, Bullet commanded $10 billion+ in annual volumes. That product was shuttered in May to focus on the development of its appchain.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1090" height="545" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-178.png?w=1024&amp;h=1024" alt="" class="wp-image-108421" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-178.png?w=1090 1090w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-178.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-178.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-178.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-178.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-178.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-178.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-178.png?w=80 80w" sizes="auto, (max-width: 1090px) 100vw, 1090px" /><figcaption class="wp-element-caption">Source: <a href="https://app.blockworksresearch.com/research/zeta-x-reimagining-perps-trading">Blockworks Research</a></figcaption></figure>



The team decided to build an app-specific L2 to scale beyond Solana’s 400ms block time limitations, Bullet co-founder Tristan Frizza told me.



Bullet’s appchain architecture is a highly customized <a href="https://x.com/Tristan0x/status/1971180825103540580">stack</a>: It runs native Rust code without a general-purpose VM, pairs it with an application-specific sequencer and processes transactions on a first-in-first-out (FIFO) model.



Despite the absence of a general purpose VM, Bullet still targets verifiability with zk proofs using a zkVM to attest state transitions. The long-term plan is to eventually transit to a full zk rollup and eliminate bridging altogether.



Based on early testnet numbers, Bullet’s bespoke stack is showing impressive ultra-fast latencies of 1.2ms, coming out far ahead compared to Solana’s 400ms or even Hyperliquid’s 70ms block time latencies.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="677" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-179.png?w=1024&amp;h=1024" alt="" class="wp-image-108422" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-179.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-179.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-179.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-179.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-179.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-179.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-179.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-179.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-179.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: <a href="https://x.com/Tristan0x/status/1971180825103540580">Bullet</a></figcaption></figure>



Importantly, Bullet’s sequencer also offers cancel prioritization, the feature that enables traders and market makers to reliably cancel orders during periods of market volatility — what many have considered instrumental to Hyperliquid’s success.



Frizza pointed to the lack of cancel prioritizations as Zeta’s “Achilles heel” on Solana last year, where traders would have to often compete with MEV arbitrage bots to cancel transactions.



<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="669" height="667" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-177.png" alt="" class="wp-image-108420" style="width:840px;height:auto" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-177.png?w=669 669w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-177.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-177.png?w=150 150w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-177.png?w=258 258w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-177.png?w=262 262w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-177.png?w=220 220w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-177.png?w=80 80w" sizes="auto, (max-width: 669px) 100vw, 669px" /><figcaption class="wp-element-caption">Reverted transactions on Solana peaked at 72% in April 2024</figcaption></figure>



“We had to pay so many priority fees to allow people to cancel their transactions. What if there&#8217;s a $50 million liquidation and that transaction is delayed [by] a minute? All this made me realize it&#8217;s difficult to scale and compete with Binance [on Solana].”



For data availability, Bullet is tapping Celestia, the team announced today at Token2049 Singapore.



“Solana is not optimized for a data availability use case, but for executing SVM transactions,” Frizza told me, pointing to Celestia’s multiple megabytes per second throughput as optimal for Bullet’s use case.



Bullet’s highly bespoke tech stack — customized execution, Celestia DA and an app-specific sequencer tuned to curb MEV — struck me as closer to the vision of Ethereum’s “modular” roadmap: spin up specialized chains for specific jobs rather than keep all state on a single base layer like Solana.



However, Frizza insisted that perps are the exceptional reason for L2s making sense.



“Perps may be the most complex DeFi use case — you need high performance, low fees, low latency and forcing it onto a general purpose chain that isn&#8217;t optimized for it is not ideal,” Frizza said. “What Bullet is optimizing for is…very hard to do on a geographically distributed validator set of 2,000.”



Frizza told me Solana’s global state machine still excels for most other use cases, so there’s little need for a&nbsp; general purpose rollup like Arbitrum atop Ethereum.



Slated for a mainnet launch later this year, Bullet is perhaps the most ambitious bet from a Solana-native project to contest perps at CEX scale.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

layer-2

Inside Bullet’s goal to compete with CEX perps

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Honeycomb Protocol has acquired GameShift from Solana Labs, combining two complementary tech stacks to push Web3 gaming into the consumer mainstream. Deal terms remain confidential.



Honeycomb co-founder Karthik M told Blockworks exclusively: “Our vision for Honeycomb + GameShift is we believe consumer crypto is the next big unlock that needs to happen for us to move the industry forward.”



“We see Solana positioned very well for consumer adoption.”



On the developer side, Honeycomb offers a modular toolkit of onchain game primitives — player profiles, character and resource systems, mission frameworks and staking — delivered via easy-to-integrate SDKs.



On the consumer side, GameShift brings a consumer-ready layer: abstracted gasless wallets, fiat payments, embedded marketplaces and seamless onboarding designed to hide blockchain friction for non-crypto natives.&nbsp;



GameShift was originally built inside Solana Labs to simplify the process of adding Web3 elements to games so studios wouldn’t need specialized blockchain engineers.&nbsp;



Together, the combined platform combines dev tooling to invisible Web3 UX aimed at solving distribution, monetization and usability hurdles that have slowed Web3 gaming adoption.



The plan is to make GameShift the “consumer portal” that bridges non-crypto gamers into Web3 with abstracted wallets, gasless transactions and other friction-killers, while Honeycomb’s SDKs powers the underlying game logic and performance-minded compression that slashes onchain costs.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>