Since July, with the dual boost of the Federal Reserve's dovish signals and the continuous influx of institutional funds, the Solana (SOL) ecosystem is quietly迎来 a new development turning point. From on-chain data to ecological expansion, and potential strategic layouts by institutions, the multi-dimensional benefits of Solana are reigniting the market's enthusiasm for the "biggest challenger to Ethereum."

According to the latest data from DefiLlama, the total locked value (TVL) of the Solana network quickly rebounded after hitting a low of $7 billion at the end of June, surpassing $9 billion in early July, with an increase of over 28% in just two weeks, making it one of the fastest-growing mainstream public chains during the same period.

In addition to the rebound in TVL, the trading volume of decentralized exchanges (DEXs), the circulation of on-chain stablecoins, and user activity in the Solana ecosystem have also risen simultaneously. In the first week of July, the total daily trading volume of decentralized exchanges on Solana (such as Jupiter and Raydium) exceeded $1.8 billion, approaching the peak of the year. The on-chain circulation of stablecoins USDC and USDT on Solana has also seen significant growth recently. CoinMetrics analysts pointed out that this indicates more funds are choosing to stay and circulate within the Solana ecosystem rather than being used solely for short-term arbitrage.

Meanwhile, the latest "Developer Ecosystem Report" released by the Solana Foundation shows that the number of active developers on the Solana network in the second quarter of this year increased by 36% compared to the same period last year, with DeFi, NFTs, and emerging AI on-chain applications being the main focal points for new projects.

In terms of ecological layout, Solana is trying to shake off the label of being a "pure DeFi chain" and is moving towards a more diversified narrative.

The most market-attended area is the DePIN (Decentralized Physical Infrastructure Network) track. Leading DePIN projects like Helium and Render are accelerating their migration to Solana or expanding directly within the Solana ecosystem. Analysts believe that Solana's efficient low fees and high throughput characteristics give it an advantage in scenarios like DePIN, which have high on-chain performance requirements.

The AI narrative is also bringing new opportunities to the Solana ecosystem. In June of this year, the Solana Foundation announced the launch of a $10 million "AI Incubator Fund" specifically to support innovative projects that combine AI and blockchain. Some emerging projects (such as GenesysGo and Dialect) are attempting to integrate AI smart agents with the Solana chain to achieve automatic generation and optimization of on-chain smart contracts.

Although the overall heat of the NFT sector is not as high as its peak in 2021, Solana has taken the lead in exploring the combination of NFTs and real-world assets (RWA). In July of this year, leading NFT projects like MadLads and Famous Fox Federation announced plans to link with real goods and IP, promoting the expansion of NFTs into membership systems, ticketing, and brand collaborations.

Confidence on the funding side is also gradually recovering. According to Lookonchain tracking, since the end of June this year, at least three whale wallets holding over $50 million have been found to continuously increase their holdings of SOL and related ecosystem tokens (such as Jito and Bonk). On-chain data shows that these whales have not chosen to quickly transfer funds to centralized exchanges but mostly lock them up through staking or liquidity staking protocols, indicating their optimism about the mid-term returns of the Solana ecosystem.

On the institutional level, there are also positive signals. Bloomberg cited sources saying that several leading hedge funds in the U.S. are evaluating plans to gain exposure to SOL through Grayscale Solana Trust or by directly purchasing SOL spot. Some family offices have even begun participating in private placements of Solana ecosystem tokens. Additionally, according to The Block, Solana Labs is in discussions with several traditional financial service providers to use the Solana chain as a new option for stablecoin issuance and settlement, to meet institutional demands for low-cost and efficient settlement layers.

However, Solana still faces potential technical controversies and market volatility challenges. Despite being criticized for network downtime issues over the past year, the latest version of network upgrades and client optimizations has significantly reduced the risk of outages. Solana Labs recently announced a partnership with Jump Crypto to launch a new validator client called "Firedancer," aiming to increase network throughput capacity to more than ten times the current level within the next year.

On the policy front, Solana also needs to address the uncertainties of tightening U.S. regulations. Although the Solana Foundation has repeatedly emphasized that its SOL token is not a security, the SEC mentioned Solana during its investigation into the FTX bankruptcy case last year, and this topic is still seen as a potential source of uncertainty. However, from the recent attitudes of U.S. regulatory agencies on issues like ETFs and stablecoins, the industry as a whole is transitioning towards a more defined compliance framework, which is likely to be more beneficial than harmful for leading public chain projects in the long run.

Overall, as on-chain funds continue to flow back, ecological multi-track layouts are being implemented, and strategic accumulation by institutions and whales is taking place, Solana is gradually restoring market confidence with actual data.

For investors betting on Solana, the third quarter is undoubtedly a crucial observation period: if the price of SOL can continue to break through key resistance levels along with the broader market, the implementation of DePIN and AI narratives will bring new funds and liquidity, while new opportunities in NFTs and stablecoins are expected to further enrich the value capture of the Solana ecosystem.

From a single high-performance public chain to a "super application chain" with multiple narratives and application scenarios, Solana is charting a path different from Ethereum. As market sentiment gradually warms up and the macro environment leans towards easing, Solana may be brewing its next explosive point.

Related: Robots are the driving force behind most tokens of Pump.fun and LetsBonk (BONK)

Original article: “Solana Ecosystem Reaches New Turning Point: Capital Inflows, Ecosystem Expansion, and Institutional Moves Intertwined”

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