Jack Kubinec 

Mert Mumtaz

Jeffrey Albus

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

Lightspeed

Gm! This week, Brandon Millman &amp; Sam Rosenblum join the show to discuss what's next for Phantom. We deep dive into the state of Solana DeFi, the super-app vision, crypto's IPO window, growing through acquisition &amp; more. Enjoy! 
--
Follow Brandon: https://x.com/BChillman
Follow Sam: https://x.com/sjrosenblum
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 is a DeFi-first chain built for deep liquidity and real yield, by redirecting chain revenue back to active DeFi users. 
 
The 1 billion KAT campaign is live. Bridge and deposit directly into vaults in one simple click and start earning immediately on your ETH, BTC, USDC, and more. Go to app.katana.network to check it out.
--
Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
--
(00:00) Introduction
(01:40) The State Of Solana DeFi
(08:46) The SuperApp Vision
(10:33) Katana Ad
(11:31) Onchain Equities
(14:57) Partnering With Hyperliquid
(19:58) Owning The End User
(24:00) Phantom’s M&amp;A Strategy
(32:10) How To Make Successful Acquisitions
(35:49) Katana Ad
(36:48) Is Phantom Considering An IPO?
(43:23) Phantom’s Next Chapter
(56:20) Advice For Founders
--
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 Next Chapter For Phantom | Brandon Millman & Sam Rosenblum

Gm! This week, Emmett Hollyer joins the show to unpack the launch of the Solana Seeker phone. We cover the key lessons learned from the Saga release, how to challenge the mobile duopoly, the long-term vision for Solana Mobile over the next 5–10 years &amp; more. Enjoy!
--
Follow Emmett: https://x.com/m_it
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 is a DeFi-first chain built for deep liquidity and real yield, by redirecting chain revenue back to active DeFi users. 
 
The 1 billion KAT campaign is live. Bridge and deposit directly into vaults in one simple click and start earning immediately on your ETH, BTC, USDC, and more. Go to app.katana.network to check it out.
--
Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
--
(00:00) Introduction
(02:23) The Solana Seeker Is Here
(08:10) Lessons Learned From The Solana Saga
(13:13) Katana Ad
(14:10) What is TeePIN?
(24:12) Network Guardians
(27:57) Katana Ad
(28:55) Launching The SKR Token
(34:21) A New Era For Crypto In The U.S
(38:42) Apps On The Solana Seeker
(46:07) Does Seeker Need A Breakout App?
(50:05) What’s The Biggest Opportunity For The Solana Seeker?
(53:01) Zora &amp; SocialFi
(56:14) The Solana Mobile Vision
--
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 Solana Seeker Phone Is Here | Emmett Hollyer

Gm! This week we're joined by Lucas Bruder, Max Resnick &amp; Austin Federa to discuss the internet capital markets roadmap. We deep dive into how to bring more assets onchain, the latest happening with DoubeZero, how to improve Solana execution &amp; more. Enjoy!
--
Follow Lucas: https://x.com/buffalu__
Follow Max: https://x.com/MaxResnick1
Follow Austin: https://x.com/Austin_Federa
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
--
The Internet Capital Markets Roadmap - https://www.anza.xyz/blog/the-internet-capital-markets-roadmap
--
Katana is a DeFi-first chain built for deep liquidity and real yield, by redirecting chain revenue back to active DeFi users. 

The 1 billion KAT campaign is live. Bridge and deposit directly into vaults in one simple click and start earning immediately on your ETH, BTC, USDC, and more. Go to app.katana.network to check it out.
--
Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

--
(00:00) Introduction
(01:44) The Internet Capital Markets Roadmap
(15:19) Katana Ad
(16:16) Who Is Solana’s Largest Competitor?
(20:03) Asynchronous Program Execution
(23:54) Onchain Execution
(31:45) Katana Ad
(32:44) An Update On DoubleZero
(40:56) Multiple Concurrent Leaders
(50:34) Solana vs Ethereum’s Long Term Vision
(54:49) Could SpaceX IPO Onchain?
--
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 Internet Capital Markets Roadmap | Lucas Bruder, Max Resnick & Austin Federa

Donovan Choy

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"/>



Here’s a weekly snapshot of the Solana ecosystem.



SOL’s price briefly flirted with the $200 mark before it dipped to $193 amid a broader market dip this morning.



Unlike BTC and ETH, SOL does not enjoy an institutional bid (yet) from treasury companies. SOL DATs, mainly Upexi (UPXI) and DeFi Development Corp (DFDV), have accumulated about $596 billion in SOL, compared to $11 billion in ETH and $86 billion in BTC.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfo3qnUVE2EwsXbB3ctZI-7qkQ1miqzkVGMBKhAQgPGYvT0kpRmhwNcQhyLZUjW_E8h9viFaTkW9zcUgrFlvwWiJU7ZtfEFkVvC_B04TbZa9rUvmEM5Cpg9w818GtNgGc7GpUUEHA?key=lCGEZ20LQzDEgtY3bmAgFw" alt=""/></figure>



Looking at daily REV (all fees paid to transact onchain), Solana’s REV has stayed relatively stagnant at the $2.5 million to $3.5 million mark for months.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcWMB1FxPxzEY5E6gzvo0iwUJxtt8T-TWPWZuafG-SA2tKqylwxIFaqvxLAbPmk2FvbjuUCujqz0K0GSA-2MTDEnPc0yvYAH82fvJACo30UyRkzNW7BWePw2pWDm9Jt3kMvRp2rGw?key=lCGEZ20LQzDEgtY3bmAgFw" alt=""/></figure>



Net inflows into SOL’s sole institutional ETF — the <a href="https://blockworks.co/news/sec-rex-osprey-first-solana-staking-etf">REX-Osprey SOL Staking ETF</a> (SSK) — have slowed. The fund drew $3.7 million for the week of Aug. 4-10, compared to $58.3 million in its launch week. Daily net flows were $5.2 million on Tuesday.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXct3Z7-BJMyI0zuS63L0ZiIxoe7iKMmEkXZ9UpEw5JF1QSUVUKOzqHgdg5kfef8XDMD-7N-mkbtWTGuk8ce-rWYNps_6Hp2KpdYlwkB5b4MxLGpbkxmkyKUGZ6SxqlBJ3SfEpnsOg?key=lCGEZ20LQzDEgtY3bmAgFw" alt=""/></figure>



Over on the memecoin side of the world, Pump lost its dominance to Letsbonk through July, but recently reclaimed its spot in the last week. Yesterday, Pump saw 30,550 tokens launched compared to 1,499 on Letsbonk.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcDeKL_YMDtlTDWEb8gcdq50zqOhvnnDOxsKsG2-K6uIAVjQCKUxQTEkownKiknmlTyZ6BaNDxZpw-8INqb68Nz_ccjmQf5XK_idxIapkzuLvc9mmMRNdiGBfOyRJEJOF3r0zu1rQ?key=lCGEZ20LQzDEgtY3bmAgFw" alt=""/></figure>



The PUMP token has traded down to $0.0036, after it briefly touched its ICO price of $0.004 last night.



The Axiom trading bot continues to dominate the trading bot market, regardless of which launchpad is winning. Axiom has grown to 60% market share since its inception in February.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeug22PZabAQnYntB4Qmse1Enj0UAkrHrPkPZyx22I8JvI2_nJCh_surFQY2SjYJg14zH6v8Lmn6HOtPQ1IOi9uADXAXUzc9RVC9ec4nmzAw24YSMBmhQkiHeaX3nR-ZEnf1d-oqg?key=lCGEZ20LQzDEgtY3bmAgFw" alt=""/></figure>



Over on the perps market, Drift has been having a good month, <a href="https://x.com/cindyleowtt/status/1955668879398568134">hitting</a> $500 million in open interest yesterday. Its zero-fee trading for BTC and ETH introduced in mid-July has sparked a growth of volumes, as seen in the below chart.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXc8qZoCqS4QJUiHzCtAXqV9_2PsK38b2rAQTl8I53QYpjFamiVfbcZhCt-E-otlXFXUxQveTX5KpvWKoApbKa6_Aw8nZlFbf_QKDRnpYD87UFs5jNcG2QN8qqntT5i9OkjJh3oRrQ?key=lCGEZ20LQzDEgtY3bmAgFw" alt=""/></figure>



Despite its growth, though, the perps crown in Solana is still held by Jupiter. 



Based on trading volumes, Drift has about $17.1 billion in the last 30 days, compared to Jupiter perp <a href="https://defillama.com/protocol/perps/jupiter">volumes</a> of $23.1 billion. Both are of course still eclipsed by Hyperliquid’s trading volumes of ~<a href="https://app.blockworksresearch.com/analytics/hyperliquid?dashboard=135">$371 billion</a> within the same time period.



<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>

ETFs

The state of Solana in 6 charts

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"/>



Everyone is a storyteller.



Founders, investors, marketers, builders, academics, writers — we all make sense of our chaotic world by turning observable data into digestible narratives.



Problems can and do arise, however, when vanity metrics become a stand-in for real authoritative insights.



Take Uber, for instance. In the company’s early years, topline vanity metrics like total trips or total active riders were “meaningless” and almost never mentioned in internal meetings.



“Instead, the discussion was always centered on the dynamics of each individual network, which could be nudged up or down independently of each other, with increased marketing budget, incentive spend for either drivers or riders, product improvements or on-the-ground operational efforts,” former Uber growth exec Andrew Chen writes in his bestseller The Cold Start Problem.



Topline metrics convey an illusion of success, but obscure the context needed to track actual growth.



Crypto, too, suffers from many such vanity metrics.



The most egregious example is probably “daily active addresses.” The metric says so little for two reasons.



One, the creation of new wallets is completely frictionless. Two, this industry presents overt monetary incentives to spin up new wallets and game airdrops.



What about memecoin launchpad metrics?



If you’ve paid any attention to Solana lately, you’re probably aware that the ecosystem’s premier launchpad, pump.fun, has been ceding market share to Letsbonk in recent weeks.&nbsp;



The “launchpad wars” have commanded a fair bit of attention on Crypto Twitter — I guess because watching the decline of the consumer application single-handedly responsible for propelling Solana back into relevance post-FTX is intriguing.



But recently, Pump has made a bit of a comeback: 23.9k tokens launched on Pump yesterday, against 3,954 on Letsbonk.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXd_xSIcm8FUpjREM0C6Ndl_nLsyBTN8IBvkP3TfPLH_YYd5YQIoWHTOb_hyk87U0FSoF8ddD-hQXzUdM6XqfGYQvEEU00UoWcbBFkYpvD_kU3deyIFqdgKp-GO4t7fa2F8uaeexVg?key=eDR_jE1aWr1pPkufvNZlbA" alt=""/></figure>



In terms of graduation rates, 151 tokens graduated from Pump, while Jup Studio and Letsbonk graduated 64 and 51, respectively.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXexkokeFUQMKJg0lLZIBXmQu5EOlidx4BciBj-7ayiMg_MO6bdM-7jUfgQwK7sg3wzGgCXCCVEDSi5vV5bLmtotavOw4YR3UhNMW1176vGXbap3skK5MegGBaEtNCUK0122TQ8fDg?key=eDR_jE1aWr1pPkufvNZlbA" alt=""/></figure>



Now, do these numbers matter? Depends on who you’re asking.



For PUMP investors, it’s probably meaningless. Not only are they backwards-looking across a mere 24 hours, there’s little hope that these numbers sustain beyond a day or a week.



But Sebastian L., the founder of Mesa (a marketing agency for token launchpads) told me otherwise.



Degen traders in the memecoin “trenches” are eyeing graduation rates as a relevant signal of where the next winning memecoin is. The idea is that if Launchpad A is graduating 100 tokens daily while Launchpad B is graduating 10, then you’d probably want to put your chips on a token coming from A.



It’s not a strong moat, but it’s something. This temporary moat is what Theia’s Felipe Montealegre <a href="https://x.com/TheiaResearch/status/1950178570149777764/photo/2">refers</a> to as Pump’s “Schelling Point fairy dust.”



The wheels of fortune can spin in favor of Pump today, but they can spin in favor of another launchpad next week.



<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

Making sense of ‘launchpad wars’ data

Jack Kubinec

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"/>



Shortly after the Solana Saga debuted <a href="https://blockworks.co/news/solana-launches-saga-phone">in 2023</a>, the popular tech YouTuber Marques Brownlee, otherwise known as MKBHD, released a video titled “This is a Crypto Phone. Don’t Buy It.” Brownlee complained to his 20 million YouTube subscribers about the Saga’s mediocre specs, high price and overly niche crypto features.&nbsp;



Brownlee followed that video with another, naming the Solana Saga the biggest smartphone bust of 2023, which caused Solana Labs to <a href="https://decrypt.co/210739/solana-cancels-saga-orders-after-selling-phones-didnt-have">joke</a> that it had released an award-winning phone.



In creating the Solana Seeker, Solana Mobile seems to have taken its critics seriously, either reversing course or making significant upgrades on the Saga’s weak points. Overall, Solana Mobile seems to have exorcised its Saga demons to deliver a very solid new phone in the Seeker.



My first impression of the Seeker was how light the phone is. At 192g, it’s more than 20% lighter than the Saga. This was the first piece of evidence that Solana took its critics seriously, after the Saga was widely panned for being too heavy.



The portability may also be useful because many of the Seeker’s 150,000 putative buyers may use it as a second phone, but that’s by no means an indictment on the Seeker’s quality.



In general, the Seeker performs about as well as you could hope for a $500 phone in 2025. The battery life and display are quite solid. The camera is good but not spectacular. The Mediatek Dimensity 7300 chip isn’t top-of-the-line, and the phone did feel a bit hot in my hands after a bout of heavy usage, but the Seeker generally does everything I want it to do without lag or bugs.



<figure class="wp-block-image is-resized"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdruXvkIb4DexM5dxbQLZ1uuwUKdisM4StHnm4gjojAxQL5hB-Ly4qiPTsvoW5RYLMatftqXqjzY7HplF741wZkz7X2xNyT7wVQMEk-u8RbC9_XEP6zlmDcT7YVgy9erpqwwVuAKA?key=EPt2vB7VsF_eZmA7-m7DXg" alt="" style="width:387px;height:auto"/><figcaption class="wp-element-caption">Photo taken with the Seeker. Source: Jack Kubinec</figcaption></figure>



Like its predecessor, the Seeker comes with a built-in “seed vault,” which is basically a very secure way to store crypto wallet keys. The phone comes with a native wallet that’s integrated with the seed vault and can be fingerprint-protected, so a thief wouldn’t be able to access it (unless, of course, they stole your finger as well). The wallet has a stocks tab where non-US users can purchase xStocks, a new <a href="https://blockworks.co/news/backed-tokenized-equities-xstocks-kraken/">tokenized stock product</a> on Solana.&nbsp;



The Seeker has the Google Play store and features the return of the Solana-native dApp Store. The dApp store has expanded notably from 2023, when it featured <a href="https://unchainedcrypto.com/solana-saga-review/?utm_source=chatgpt.com">fewer</a> than two dozen apps. Now the store has well over 100 apps, some of which are only available on the dApp store. Not all dApp Store apps are created equal — the <a href="https://blockworks.co/news/sec-announces-mango-markets-settlement">now-defunct</a> Mango Markets has a (seemingly non-functional) app listed, for instance — but Solana Mobile granted some of the best ones primary real estate as featured apps.



Caitlin Cook, who works in growth at one of these featured apps in Moonwalk, stressed that becoming a Seeker launch partner was not a paid partnership, and Solana wanted to organically spotlight the new consumer crypto app.&nbsp;



“In terms of the process, getting listed on the Solana dApp store was a light lift for us. Since we already had a live Android app, it only took a few quick tweaks. From what I’ve seen more broadly, the Solana Mobile team has done a great job encouraging teams to move beyond browser-based UX and embrace mobile-native experiences in prep for the Seeker launch, and making the process for doing so smooth and painless,” Cook said.



One segment of Seeker buyers may receive the phone with disappointment, however, because after 24 hours of using the phone, crypto token airdrops have still yet to magically appear in my wallet. Airdrops — particularly of BONK tokens — were <a href="https://blockworks.co/news/solana-phones-sold-out">a major driver</a> of what commercial success the Solana Saga did see, but a core contributor at BONK confirmed to me that the memecoin project does not currently have any Saga-like airdrops planned for Seeker users.



The speculative saving grace for the Seeker may be the forthcoming SKR token, which Solana Mobile vaguely said will flow “directly to builders and users,” per a slide deck shared with Blockworks.



It’s unclear to me whether Solana Mobile will keep releasing phones after the Seeker, or if it will pivot its focus to onboarding more devices to its newly unveiled TEEPIN mobile architecture. But either way, Solana Mobile deserves credit for delivering a serious, grown-up smartphone. Put another way, I don’t see any unwelcome awards in the Seeker’s future.



Updated 8/7/2025 at 12:30 pm to reflect the weight of the Seeker.



<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>

Seeker review: Solana Mobile heard the critics

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"/>



Switchboard’s new “Surge” oracle network goes live on mainnet today.



As Solana continues to reckon with competition from high-speed upstarts like Hyperliquid, one of the network&#8217;s biggest price oracles is getting much faster. The oracle will be free to integrate, and is claimed by the Switchboard team to be the fastest on Solana yet.&nbsp;



How fast? Surge promises to deliver price feeds at a sub-100ms latency — a performance gain of about 8x faster and at roughly 1/100th the cost of existing oracle providers, according to the team’s press release.



That <a href="https://thepriceisright.xyz/">latency</a> falls even lower to 8-25 ms should protocols choose to colocate with a Surge node on their backend, rivaling the oracle speeds of even CEXs.



The performance gain is achieved by key architectural changes under the hood.



Conventional “pull” oracles collect data, post it onchain and wait for network consensus before apps can read it — a pipeline that typically adds 2-10 seconds of delay.



Surge <a href="https://docs.switchboard.xyz/switchboard-surge/surge-overview">replaces</a> that model with a direct WebSocket stream from the data source to applications, thereby bypassing the consensus step.



Prices are pushed by oracle nodes only when market prices change within a set range. This eliminates the wasteful slot-by-slot polling and gas spend that is standard fare on conventional “on-demand” oracles.



It’s an oracle targeted at high volume use cases in DeFi, in particular “latency-sensitive protocols/products like DeFi derivatives and oracle AMMs,” Switchboard co-founder Chris Hermida told Blockworks.



Surge is built on Switchboard’s open-source SAIL (switch forward attestation inference layer) framework, which uses trusted execution environment (TEE) hardware attestation to verify that each oracle node is running authorized Switchboard software code before it is allowed to onboard the network and serve data.&nbsp;



A snapshot of Solana’s oracle market today shows a fairly competitive market.



In terms of total value secured (TVS), Pyth leads the segment with $2.3b, followed by Edge ($2b) and Switchboard ($1.2b), <a href="https://defillama.com/oracles/chain/Solana">DefiLlama</a> data shows.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXe5jxk8tIOKTGsccp1F56z3xfItDRJyWw0SsxV1WUtJFvjyK3YKDd3rkHJd5oJT79PRR_iXjQltjZA7oUqLtHE44caEqnXj97BJ8P4fX4QtoDU1PruPZQwxBPyhCPJ0gc4MQXrb?key=NoBvhBfKDd5ihUChnXLLtg" alt=""/></figure>



Note, though, that TVS measures the value of collateral that an oracle touches, not how often an oracle feed is consumed.



Blockworks Research’s Ryan Connor has <a href="https://blockworks-research.beehiiv.com/p/3-blockchain-metrics-that-suck?_bhlid=e7ec9d125f96db219eb346b82d394dbd8574633a&amp;utm_campaign=3-blockchain-metrics-that-suck&amp;utm_medium=newsletter&amp;utm_source=blockworks-research.beehiiv.com">argued</a> that a better gauge for oracle market share is total transaction value (TTV) — the notional volume actually priced by the feed — because a high-frequency perps DEX can ping an oracle thousands of times more often than a passive money market securing the same dollar amount can.



If Surge gains adoption with high latency use cases, Switchboard’s share of activity could expand faster than its share of TVS.



For now, low-latency data on Solana is becoming a public utility — and Switchboard is first out of the gate.



<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>

Switchboard launches Surge, Solana’s fastest oracle yet

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"/>



Phantom has acquired the Solana trading and analytics platform Solsniper, Blockworks has learned exclusively. Phantom declined to disclose the deal terms.



Solsniper is one of a raft of platforms that provide advanced features and tracking tools for memecoin traders. Solsniper’s web app will continue to operate as a standalone platform, and Solsniper’s team, led by co-founder and CEO Max Zhuang, will join Phantom.



While Phantom cut its teeth as a crypto wallet, the acquisition perhaps signals the <a href="https://www.theblock.co/post/335305/phantom-wallet-raises-150-million-at-3-billion-valuation">well-funded</a> platform’s plans to deepen its trading capabilities, especially after Phantom began offering perpetual futures trading <a href="https://blockworks.co/news/phantom-hyperliquid-integration-winners">by way of Hyperliquid</a>.



Solana’s memecoin craze has been lucrative for token creation platforms like pump.fun and Letsbonk, but it has also been quite profitable for the picks and shovels that facilitate the discovery, tracking and trading of those memecoins.



DEX Screener, which offers popular trending token lists, made $2.9 million in the past month just by charging memecoin projects to update their token information, Solana onchain analyst adam_tehc <a href="https://x.com/Adam_Tehc/status/1952281150283808969">noted</a> recently.



Over time, popular trading venues have begun integrating these picks and shovels-like services. Jupiter and pump.fun both offer in-house trading terminals. With the Solsniper acquisition, Phantom may be poised to do the same, although it has not yet made announcements on that front.



“We see a wide variety of experience levels in crypto today, from new folks to professional traders. This acquisition helps Phantom provide more advanced tools that grow with the user’s expertise. Solsniper has done a great job of building a platform, and we’re excited to bring Phantom’s distribution and infrastructure into the product,” Phantom head of corporate development Joe Wadcan said.



Sweetening the deal further, Solsniper also offers a Telegram trading bot, which is a popular product among some memecoin traders.



Picks and shovels may be valuable to trading platforms because value often flows to the venues and platforms where users actually are. This is why memecoin industry watchers tend to be <a href="https://blockworks.co/news/why-owning-the-end-user-is-profitable-lessons-from-axiom-and-google">bullish on Axiom</a>, which is attempting to win end users while staying agnostic to specific networks or platforms.



By acquiring Solsniper, Phantom could take a segment of its users who currently leave the wallet app to go track, trade, or discover memecoins somewhere else and bring them back in-platform.&nbsp;



Phantom’s acquisition plans likely will not end with Solsniper.



“As we build the next evolution of Phantom, we expect to aggressively pursue acquisitions to expand our product surface area and build the leading consumer finance platform,” Phantom co-founder and CEO Brandon Millman said in a blog post.



<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>

Phantom acquires Solana trading terminal Solsniper

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"/>



It’s been a week and a half since <a href="https://blockworks.co/news/jito-upgrade-block-assembly-marketplace">Jito announced BAM</a> (Block Assembly Marketplace), Solana’s most <a href="https://x.com/Lightspeedpodhq/status/1951269192943968490">significant</a> transaction processing upgrade ever.



In my view, much of the public messaging surrounding the upgrade has focused on BAM’s privacy-preserving use of TEEs and ability to give apps better control over transaction execution. What hasn’t been covered quite as much, which both of my guests on the Lightspeed podcast spoke about this week, is how BAM plans to create additional revenue for Solana apps.



BAM plugins are programmable interfaces that apps can use to control how transactions are sequenced. One potential example could be taker speed bumps, a spread-tightening mechanism that the perps DEX Hyperliquid has deployed to great effect.



These plugins will also come with some “TBD fee model,” <a href="https://www.youtube.com/watch?v=nCnxsT5iCyA&amp;t=2301s">Jito Labs CEO Lucas Bruder told me</a>, meaning applications can start generating revenue from the sequencing of transactions through BAM. This value is currently being captured by takers or arbitrageurs in the market, Bruder added.



If BAM works as advertised, plugins could provide applications with a hefty payday.



“What I think we’ll see is applications earning multiples more than validators and stakers,” <a href="https://www.youtube.com/watch?v=oIYN4Xbuw_4&amp;t=1357s&amp;pp=0gcJCccJAYcqIYzv">Blockworks Research Analyst </a><a href="mailto:carlos.campos@blockworks.co">Carlos Gonzalez Campo</a> said.



While Crypto Twitter will probably be none too happy to see more revenue flowing to the likes of pump.fun, keeping applications happy is important if Solana wants to be the <a href="https://blockworks.co/news/solana-market-microstructure-ace">internet’s financial ledger</a>. One of Ethereum’s most successful apps in Uniswap recently created its <a href="https://blockworks.co/news/0xresearch-newsletter-uniswap-layer-2">own layer-2 </a>chain in Unichain, thereby internalizing more value relative to its home chain. And without changes to how value is shared, Solana’s popular apps may someday find it prudent to do the same.&nbsp;



Bruder hopes Solana apps will send this new revenue source back to their native tokens.



“Hopefully [apps] share those fees with the token holders and we&#8217;ll see a mass repricing of Solana DeFi,” Bruder said.



<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>

Jito

Jito’s BAM upgrade set to make Solana apps richer

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"/>



SEC Chair Paul Atkins dropped a crypto market bombshell this morning.



“Today I am announcing the launch of ‘Project Crypto’ — a Commission-wide initiative to modernize the securities rules and regulations to enable America’s financial markets to move onchain,” Atkins said in a <a href="https://www.sec.gov/newsroom/speeches-statements/atkins-digital-finance-revolution-073125">speech</a> to the America First Policy Institute.&nbsp;



Atkins’ talk came a day after President Trump’s crypto working group released its report, which contained a <a href="https://www.bloomberg.com/news/articles/2025-07-30/trump-crypto-group-unveils-proposals-to-boost-digital-finance">slew</a> of fairly boring crypto-linked policy suggestions.&nbsp;



Atkins has injected some excitement with his pledge to move financial markets onchain, though his speech was somewhat light on the particulars. Will onchain markets run alongside traditional financial rails, or replace them altogether? Will those outside the US be allowed to invest? Curious observers will have to wait on more concrete answers.



“No one knows what it means but [it’s] provocative,” a host of crypto podcast The Rollup <a href="https://x.com/ayyyeandy/status/1950960636239765729">said</a> of Atkins’ pledge on X, channeling Blades of Glory.&nbsp;



Nonetheless, Atkins’ onchain-markets line feels like a new high-water mark in the crypto industry’s repaired marriage with US regulators. It’s one thing to drop a bunch of onerous lawsuits, as the SEC has. It’s another thing altogether to begin the process of moving the world’s largest financial markets onchain.



In other words, crypto replacing TradFi rails is quickly going from a crypto investor’s pipe dream to a crypto investor’s PIPE dream.



Blockworks co-founder Mike Ippolito asserted onchain financial markets are “[m]assively bullish Ethereum,” which makes sense given retail giant Robinhood’s planned move to begin <a href="https://blockworks.co/news/robinhood-l2-staking-us">tokenizing US equities</a> on Arbitrum.



But Ethereum’s chief competitor in Solana will be looking to capitalize on the major shift in regulatory winds as well.



The Solana Policy Institute lobbying group has already begun <a href="https://www.theblock.co/post/358641/solana-phantom-orca-superstate-compliant-tokenized-securities-sec">pitching</a> the SEC on a framework to compliantly bring tokenized securities onchain. The SPI asked the SEC for exemptive relief for blockchain infrastructure, which would essentially allow crypto infrastructure to operate outside of existing regulations. Based on Atkins’ speech this morning, it seems like the SEC may be happy to oblige.



“I&#8217;m absolutely blown away by the breadth of the ambition of the agenda laid out in Chair Atkins&#8217; speech. Project Crypto, led by the SEC, is going to revolutionize financial markets generally, and ensure that the US remains at the forefront of Internet Capital Markets,” Solana Policy Institute CEO <a href="mailto:miller@solanapolicyinstitute.org">Miller Whitehouse-Levine</a>, who attended Atkins’ speech today, said.



<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>

institutional adoption

SEC Chair Paul Atkins pledges to move financial markets onchain

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

Jeff Albus

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"/>



Lightspeed has exclusively learned that Maple — one of Solana&#8217;s largest onchain asset managers — is bringing its yield-bearing syrupUSDC stablecoin into perpetual futures markets operated by Drift, Solana&#8217;s flagship perps DEX.



Drift, known for its deep onchain liquidity and capital-efficient margins, will accept syrupUSDC as margin collateral, allowing traders to earn a 7-8% APY on their margin while trading.



This will be the first time the exchange has allowed a collateral asset to serve dual purposes, earning yield while backing positions — sweetened by $100,000 in incentives and an initial $50 million cap.



One of Solana&#8217;s biggest wins is that its DeFi ecosystem can move at the speed of centralized markets. It doesn&#8217;t matter how advanced your strategies are or how complex your positions get.



The network&#8217;s speed means traders can rebalance instantly, while staying entirely onchain. That&#8217;s more than competing ecosystems like Ethereum can often promise without high fees or serious latency.



Often, though, the very need for collateral means capital ends up sitting idle as margin, earning nothing while waiting for trades to play out. That leads to higher opportunity costs, less capital efficiency and slower compounding for active traders.



But because users can now post syrupUSDC as margin on Drift, those same dollars can both secure your trades and earn passive income. Traders will be able to offset funding costs, free up cash flow and keep capital productive without changing their trading style.



More capital will flow into Solana&#8217;s onchain perps market, which also means Drift&#8217;s open interest should climb, and we&#8217;re more likely to see syrupUSDC adoption spread across more protocols.



SyrupUSDC is backed by Maple&#8217;s institutional lending pools and earns a steady yield from over-collateralized loans. Drift&#8217;s cross-collateral system treats it like USDC for margin purposes, but allows the yield stream to keep running while positions are open.



Altogether, their goal is to allow money to multitask, cutting out the dead time it would otherwise spend doing nothing.



<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>

Yield-bearing margin arrives on Drift

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"/>



Corporate blockchains have never looked so good.&nbsp;



In rapid succession, news broke that both payments giant Stripe and stablecoin darling Circle would be building their own layer-1 blockchains. While major companies coming onchain theoretically poses a competitive threat to all existing L1s, there may be reason to believe the news is particularly troublesome for <a href="https://www.youtube.com/watch?v=4pK5JGHHrEk">Solana’s vision</a> that “everything can fit in one computer.”



Stripe and Circle’s chains — named Tempo and Arc, respectively — are set to be EVM-based, which some Ethereum <a href="https://x.com/RyanSAdams/status/1955258607353684386">boosters</a> were quick to chalk up as bullish for Ethereum. That’s mostly engagement bait nonsense, in this newsletter writer’s view.&nbsp;



The EVM is a software environment. In my mind, the only way it directly implicates ETH the asset is by way of gas fees, but Circle is <a href="https://www.theblock.co/post/366540/circle-stablecoin-focused-evm-compatible-layer-1-blockchain-arc">using</a> USDC for gas fees. In Stripe’s case, it’s hard for me to imagine that the online payments behemoth won’t fight tooth and nail to pay as little in Ethereum gas fees as possible. Plus, both Stripe and Circle could put in jeopardy Ethereum’s mantle as the blockchain for stablecoins.



You have to squint a little bit to see why initiatives like Robinhood’s layer-2 would necessarily be bullish for ETH the asset. You may have to close your eyes fully to argue these EVM L1s are bullish ETH.



Still, Tempo or Arc seeing significant success could also turn out to be pretty bad for Solana, which is now 0/2 in the sweepstakes for big fintechs coming onchain this market cycle.



“Big companies launching L1s is kind of a rejection of the L2 thesis, but it&#8217;s even more of a rejection of the Solana thesis,” said mteam, the pseudonymous co-founder of Ethereum infrastructure firm Spire Labs.



When I asked them to elaborate further, mteam added: “I think the Solana thesis is more like this: Apps will want a shared state layer and thus will choose not to launch their own chains if they don&#8217;t need to. Any sort of L1 OR L2 premium being important to apps/infra/institutions looks to me like that thesis is even further from the truth vs. Ethereum&#8217;s L2 thesis.”



Basically, if major firms launch blockchains rather than launching apps on Solana’s blockchain, then the L2 thesis — which basically says most blockchain activity will take place on layer-2s settling to Ethereum — is less wrong than the Solana thesis.



“[This] is nonsense,” Helius CEO Mert Mumtaz said in response to mteam’s post. “It’s like saying ‘Yeah, the girl I love didn&#8217;t marry me, but she also didn&#8217;t marry another guy I don&#8217;t like and that&#8217;s worse for him!’&#8221;



I also think the bullish EVM L1 story lacks a value accrual mechanism for ETH — why would Stripe or Circle care about ether as money or a reserve currency? But, sure: The Solana thesis has not exactly been vindicated by where institutions have been deploying recently.



Although it may not really matter. Large firms approach blockchain with a range of seriousness and technical chops, and just because a big name announces a chain does not mean that chain will be a commercial success. <a href="https://blockworks.co/news/soneium-mainnet-censorship-complaints">Remember Soneium</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>

Circle

Do Stripe, Circle L1s refute the Solana thesis?

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"/>



ORCA is up 19.6% on the week as the Orca DAO prepares to deploy its treasury assets toward a token buyback initiative.



The governance <a href="https://v2.realms.today/dao/66Du7mXgS2KMQBUk6m9h3TszMjqZqdWhsG3Duuf69VNW/proposal/7tCCK3wSWvbRcQwvSuVRgvBFDqsZRNRSB9xZLjST5tKd/overview">proposal</a>, which opened for voting last Wednesday, would see the staking of treasury assets into the Orca validator node.&nbsp;



Then the Orca Council will withdraw assets when “deemed appropriate” to conduct buybacks over the next 24 months.



As of today, Orca’s <a href="https://solscan.io/account/DWo8SNtdBDuebAEeVDf7cWBQ6DUvoDbS7K4QTrQvYS1S">treasury</a> holds 55,127 SOL ($9.9 million) and 503k USDC.



The vote for the proposal ends in about 24 hours, and is likely to pass with currently a 100% “yes” response and a 51% quorum already met.



Orca is Solana’s third-largest DEX, with about $19-20 billion in July trading volumes.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfP5yYyYHcGNpHtbtSQ_NqLzNqoJagS8KYCzZEwz6LJcjnaU1Tvh3T49hWFks2QtJul3E9JbTevgoZRebjxDI5rmbL6KPMnzwcNDfh6vtTgKduRAzPN_e4O3RuBZBfJOA7zaIhL?key=B-8owsZhO3CYf42-JzF2GQ" alt=""/></figure>



On a YTD basis, Orca has generated about <a href="https://defillama.com/protocol/fees/orca">$115 million</a> in fees.



50% of these fees go toward protocol development, while 30% are directed to the treasury wallet that fuels ORCA buybacks should the aforementioned governance proposal pass.



The remaining 20% of fees are allocated to a separate ongoing ORCA buyback initiative that will eventually go toward ORCA staking.



The Orca team told me that staking is slated for launch in September, so that’s two potential value accrual streams for ORCA token holders in the near term.



On a market cap-to-revenue basis, ORCA trades about 24% lower (7.36x) than RAY (9.63x), which may suggest some relative upside for ORCA if revenues are consistent.&nbsp;



But that’s a big if when you take into account the rise of <a href="https://lightspeed-4bed7b.beehiiv.com/p/seek-peek">prop AMMs</a> on Solana that points to an increasingly hyper-competitive and commoditized DEX landscape.



Orca isn’t resting on its laurels, though. The team also launched <a href="https://blockworks.co/news/orca-solana-token-launchpad">Wavebreak in beta</a> two weeks ago, a memecoin launchpad built on Orca’s own proprietary in-house tech stack.



Compared to your average launchpad, Orca’s Wavebreak is <a href="https://docs.orca.so/wavebreak/what-is-wavebreak?utm_source=chatgpt.com">designed</a> to be “human-first,” meaning tokens in the bonding phase are designed to be protected from sniper bots.



Outside of Solana, Orca is also the dominant DEX on the SVM-based Ethereum L2 chain, Eclipse. Orca’s Eclipse deployment has far lower usage than Solana, though — about <a href="https://defillama.com/protocol/dexs/orca">93 million</a> in July volumes vs. 20 billion on Solana.



<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>