The Solana Ecosystem Call: Celebrating Growth and Innovation in May 2025

The Solana ecosystem has come roaring back with its latest ecosystem call, showcasing the remarkable progress and innovations that have taken place since the last update in December. Hosted by the charismatic Cash, this comprehensive overview of the Solana landscape painted a picture of a thriving ecosystem that continues to push the boundaries of blockchain technology and adoption.

Top Projects

Lulo

Score: 7,586.13

Bonk

Score: 4,806.12

Sphere

Score: 2,544.42

Moonwalk

Score: 2,026.11

Record-Breaking DeFi Performance

Solana's decentralized finance (DeFi) sector has shattered previous records, demonstrating the platform's growing dominance in the space. Total Value Locked (TVL) in Solana DeFi protocols has reached an all-time high of $7.8 billion, representing a staggering 105% year-on-year increase. This growth is not just in locked value, but also in actual usage, with DEX volumes hitting $107 billion last month – another 100% year-on-year jump.

Cash highlighted the importance of volume metrics, stating, "TVL is very important, but volume, I think we can all agree, is just as important, if not even more so, 'cause it shows actual usage, not just things that are sitting in stock." This emphasis on real-world utility and active participation in the ecosystem is a recurring theme throughout the call.

The Rise of Decentralized Physical Infrastructure Networks

Solana has emerged as the leader in decentralized physical infrastructure networks (DePIN), with $3.5 billion worth of market cap for tokenized projects in this category. The ecosystem is seeing tangible benefits from these networks, with participants earning $120,000 per week. Currently, there are 240,000 nodes participating in DePIN activities on-chain, although this number is likely an underestimate as it only includes projects with tokens.

Cash emphasized the real-world impact of these projects, stating, "Deep in, you maybe don't hear about it as much on Twitter. You're hearing about it now because it's one of the things that drives real value for real people in the real world."

Solana's Dominance in Dapp Revenue

One of the most impressive statistics shared during the call was Solana's dominance in decentralized application (Dapp) revenue. Solana Dapps captured a whopping 57% of all Dapp revenue across all crypto ecosystems, totaling $207 million earned by Solana teams in April alone. This achievement underscores Solana's position as a platform for building sustainable, revenue-generating businesses.

Cash drew a stark contrast between Solana and other ecosystems, stating, "On Solana, this is where you come if you want to build a real sustainable business." He further emphasized the importance of this metric by pointing out that Solana Dapps earned more than 2.5 times what the Solana network itself earned, highlighting the platform's ability to create value beyond its base layer.

Traditional Finance Embraces Solana

The ecosystem call revealed a growing trend of traditional finance (TradFi) institutions embracing Solana. Several publicly listed companies are following the "MicroStrategy playbook" by adding SOL to their balance sheets. Notable developments include:

• SOLStrategies securing a $500 million credit facility to accumulate SOL
• Jane Street rebranding as DeFi Technologies with another massive credit facility
• Seven live ETFs and ETPs across Canada and Europe, with potentially more coming in the APAC region

Cash noted, "TradFi likes Solana more than anybody else. I think we can probably say that." This increasing interest from traditional financial institutions signals growing confidence in Solana's long-term prospects and its potential to bridge the gap between traditional and decentralized finance.

The Launch of the Solana Policy Institute

In response to the growing need for advocacy and education in the regulatory space, the Solana Policy Institute was launched. This non-profit organization is dedicated to advocating for decentralized technologies, with a particular focus on Solana. The institute aims to help lawmakers understand the potential and implications of blockchain technology.

Cash expressed excitement about the institute, stating, "There are a surprising number of lawmakers who are actually pretty open-minded right now." This initiative represents a proactive approach to engaging with policymakers and shaping the regulatory landscape in favor of blockchain innovation.

Staking Innovations and Network Improvements

The Solana ecosystem continues to evolve with improvements in staking and network performance. Liquid staking TVL has increased by 100% year-on-year, approaching 42 million SOL. The introduction of SIMD 0123 enables validators to directly distribute block rewards to delegators, streamlining the staking process and increasing trust in the system.

Another significant development is the implementation of Firedancer, a new validator client. Currently, 6% of the total stake is running on validators using Frankendancer, a hybrid between the existing validator client and Firedancer. This upgrade is expected to improve network performance and reliability.

Cash emphasized the importance of continuous improvement, stating, "When you look at other ecosystems, a lot of the times, they kind of stand very hard for them to move forward and improve, right? If Solana continuously gets better and at a rapid pace, that's the thing that I really love about this ecosystem."

Solana as the Home for On-Chain Payments

Solana is positioning itself as the go-to platform for on-chain payments. The ecosystem's stablecoin supply has reached an all-time high of 12 billion, with market share for global stablecoin supply doubling. This growth is facilitating real-world use cases, such as the ability to spend stablecoins directly from wallets like Fuse to bank accounts.

Cash shared his vision for Solana's role in payments, stating, "I think Solana is going to end up being number one and it's quickly getting better and better on that side, which is a core use case for crypto going forward."

The Internet Capital Markets Thesis

A significant portion of the ecosystem call was dedicated to explaining the "Internet Capital Markets" thesis, which is gaining traction within the Solana community. This concept represents a vision for the future of finance, where capital formation and allocation occur seamlessly on a global, decentralized network.

Cash explained, "Internet capital markets do the same thing. They allow everybody around the world free access on an even playing field to participate in what we call capital formation process." He outlined several key benefits of this approach:

1. Easier access for asset issuers to reach global investors
2. Equal opportunities for investors worldwide to access diverse investment options
3. Improved operational efficiency for institutions
4. Bridging the gap between talent and opportunity on a global scale

The Solana ecosystem is seeing rapid experimentation in this space, with projects like Believe, Let's Bonk, and Radium's Launch Lab facilitating new forms of capital formation and token launches.

Addressing MEV and Sandwich Attacks

While celebrating the ecosystem's successes, Cash also addressed challenges, particularly in the area of Maximal Extractable Value (MEV) and sandwich attacks. He noted that as more activity moves on-chain, MEV becomes a potential issue that needs to be addressed.

Several teams within the Solana ecosystem are working on solutions to mitigate these risks. Triton is releasing Shield, a whitelist for RPCs to block malicious validators, while Jito has implemented measures to reduce MEV opportunities, even at the cost of potential profits.

Cash praised the collaborative spirit of the Solana ecosystem in tackling these challenges, stating, "We're filled with teams who are actually here to kind of grow the ecosystem. Obviously, Jupiter, which is where I work, focuses on this a lot. But it's not just Jupiter, it's Jupiter, it's Jito, it's Triton, it's Helius, it's many, many other teams that are out there pushing this forward all in the same way."

Global Expansion and Upcoming Events

The ecosystem call highlighted Solana's global reach, with numerous events and initiatives taking place worldwide. Eno, the "global correspondent" for the call, provided an overview of upcoming Solana events:

• Startup Village in Toronto (May 1-16)
• Accelerate New York (May 20-24)
• Solana Summit in Da Nang, Vietnam
• Builders Mansion in Paris
• Berlin Blockchain Week
• Solana Apex in Budapest
• Onion Dao pop-up in Chicago (June 16 - July 11)

These events demonstrate the Solana ecosystem's commitment to fostering global communities and supporting builders worldwide. Eno emphasized the life-changing potential of attending these events, sharing his personal experience: "My life was changed when I went to my first hacker house in Singapore of 2022. And when I met builders there, I fell in love with Solana and I never turned back."

Solana Incubator and Educational Initiatives

For those looking to dive deeper into building on Solana, the ecosystem offers several opportunities:

1. The Solana Incubator is accepting applications for its third cohort, providing intensive support for serious builders.
2. The Greed Academy, an educational program teaching safe usage of Solana protocols, offers a $120,000 prize pool for participants.

These initiatives underscore the ecosystem's commitment to nurturing talent and ensuring safe, responsible growth of the platform.

Innovative Products Enhancing User Experience

The ecosystem call showcased several innovative products that are making it easier for users to interact with the Solana ecosystem:

1. Cast: A card that allows users to spend stablecoins at 150 million merchants worldwide, with instant top-ups and multiple stablecoin support.
2. Qutas: A rewarding longevity protocol that combines wearable technology with blockchain incentives to promote healthier lifestyles.
3. SNS: A domain name service for Solana, simplifying on-chain identity and transactions.

These products demonstrate the practical applications of Solana technology in everyday life, furthering the ecosystem's goal of mainstream adoption.

Anonymous Solana Founder Survey Results

The ecosystem call concluded with the results of an anonymous survey of 101 Solana founders, providing insights into the community's perspectives on various aspects of the ecosystem. Some notable findings include:

• Jupiter was voted as the project most founders would join if their own shut down
• Mert from Helius was named the best operator on Solana
• Camino Finance was considered the most underrated project
• Multicoin Capital was voted the best VC firm for Solana projects
• AI agents were surprisingly voted as the "dumbest trend" on Solana
• Phantom was overwhelmingly chosen as having the best social media presence

These survey results offer a unique glimpse into the thoughts and opinions of the builders driving the Solana ecosystem forward.

Conclusion: A Thriving Ecosystem Poised for Further Growth

The May 2025 Solana Ecosystem Call painted a picture of a vibrant, innovative, and rapidly growing blockchain platform. From record-breaking DeFi performance to groundbreaking experiments in internet capital markets, Solana is pushing the boundaries of what's possible in the world of decentralized technology.

The ecosystem's focus on real-world utility, global expansion, and continuous improvement sets it apart in the competitive blockchain landscape. With a strong community of builders, supportive infrastructure, and increasing interest from traditional finance, Solana appears well-positioned for continued growth and adoption in the coming years.

As Cash concluded, "You don't have to go home, but you cannot stay here." The energy and excitement surrounding the Solana ecosystem suggest that this is just the beginning of a long and innovative journey in reshaping the future of finance and technology.

Facts + Figures

• Solana DeFi TVL reached an all-time high of $7.8 billion, up 105% year-on-year
• DEX volumes on Solana hit $107 billion last month, a 100% year-on-year increase
• Solana Dapps captured 57% of all Dapp revenue across crypto ecosystems, earning $207 million in April
• Decentralized physical infrastructure networks on Solana have a $3.5 billion market cap for tokenized projects
• 240,000 nodes are participating in DePIN activities on Solana
• Liquid staking TVL on Solana increased by 100% year-on-year, approaching 42 million SOL
• 6% of total Solana stake is now on validators running Frankendancer
• Solana stablecoin supply reached an all-time high of 12 billion
• SOLStrategies secured a $500 million credit facility to accumulate SOL
• Seven live ETFs and ETPs for Solana exist across Canada and Europe
• The Solana Policy Institute was launched to advocate for decentralized technologies
• 101 Solana founders participated in an anonymous survey about the ecosystem
• $4.3 million in MEV has been extracted with 105,000 victims in the last 30 days on Solana
• Cast offers spending of stablecoins at 150 million merchants worldwide
• SNS has registered 270,000 domains on Solana
• The Solana Incubator is accepting applications for its third cohort
• The Greed Academy offers a $120,000 prize pool for participants learning about safe protocol usage

Questions Answered

What are the latest developments in Solana's DeFi sector?

Solana's DeFi sector has seen remarkable growth, with Total Value Locked (TVL) reaching an all-time high of $7.8 billion, representing a 105% year-on-year increase. DEX volumes have also surged to $107 billion last month, doubling from the previous year. This growth demonstrates not only increased locked value but also significant active usage of Solana's DeFi protocols.

How is Solana performing in terms of dapp revenue compared to other ecosystems?

Solana is dominating in terms of dapp revenue, capturing 57% of all dapp revenue across crypto ecosystems. In April alone, Solana teams earned $207 million from their dapps. This achievement highlights Solana's strength as a platform for building sustainable, revenue-generating businesses in the blockchain space.

What is the "Internet Capital Markets" thesis and how does it relate to Solana?

The Internet Capital Markets thesis represents a vision for the future of finance where capital formation and allocation occur seamlessly on a global, decentralized network. On Solana, this concept is being realized through projects like Believe, Let's Bonk, and Radium's Launch Lab, which are experimenting with new forms of capital raising and token launches. This approach aims to provide easier access for asset issuers, equal opportunities for global investors, improved efficiency for institutions, and better matching of talent with opportunity worldwide.

How is Solana addressing the challenges of MEV and sandwich attacks?

Solana is actively working to mitigate the risks of Maximal Extractable Value (MEV) and sandwich attacks. Teams like Triton are developing solutions such as Shield, a whitelist for RPCs to block malicious validators. Jito has implemented measures to reduce MEV opportunities, even at the cost of potential profits. The ecosystem is collaborating to tackle these challenges, with multiple teams including Jupiter, Helius, and others pushing forward solutions to ensure a fair and efficient network.

What global events are upcoming in the Solana ecosystem?

The Solana ecosystem has a packed global events calendar, including Startup Village in Toronto (May 1-16), Accelerate New York (May 20-24), Solana Summit in Da Nang, Vietnam, Builders Mansion in Paris, Berlin Blockchain Week, Solana Apex in Budapest, and Onion Dao pop-up in Chicago (June 16 - July 11). These events demonstrate Solana's commitment to fostering global communities and supporting builders worldwide.

How is traditional finance (TradFi) embracing Solana?

Traditional finance institutions are increasingly embracing Solana. Several publicly listed companies are adding SOL to their balance sheets, following the "MicroStrategy playbook." Notable developments include SOLStrategies securing a $500 million credit facility to accumulate SOL, Jane Street rebranding as DeFi Technologies with another massive credit facility, and seven live ETFs and ETPs across Canada and Europe. This growing interest from TradFi signals increasing confidence in Solana's long-term prospects.

What innovative products are enhancing user experience in the Solana ecosystem?

Several innovative products are improving user experience in the Solana ecosystem. Cast allows users to spend stablecoins at 150 million merchants worldwide with instant top-ups. Qutas combines wearable technology with blockchain incentives to promote healthier lifestyles. SNS provides a domain name service for Solana, simplifying on-chain identity and transactions. These products demonstrate practical applications of Solana technology in everyday life, furthering the ecosystem's goal of mainstream adoption.