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Sluggish price action masked a busy week for Solana as the network onboarded one of <a href="https://xpertsstudio.com/crypto-goes-international-in-russia-as-new-law-takes-effect-from-sept-1/” title=”Crypto goes international in Russia as new law takes effect from Sept 1″>crypto’s largest altcoins, moved a battered decentralized finance (DeFi) protocol closer to recovery, and piloted a high-speed data rollout.
Solana’s SOL token ended the week down 0.75%, leaving its market capitalization just below $50 billion, as renewed macro jitters tied to the conflict in the Middle East weighed on markets.
The broader Solana ecosystem, however, surged about 67% week-over-week (WoW), driven largely by the onboarding of XRP (XRP), Ripple’s multi-billion-dollar utility token.
Meanwhile, Drift Protocol, one of Solana’s largest DeFi applications by volume, took a step toward recovery after a nearly $300 million exploit earlier this month, and DoubleZero rolled out new high-speed data infrastructure for the network.
XRP Debuts on Solana
Wrapped XRP is now available on the Solana network
Solana added another major external asset to its DeFi stack this week as wrapped XRP (wXRP) went live on the network.
The launch, handled by custodian Hex Trust and cross-chain protocol LayerZero, lets XRP holders use the token inside Solana-based apps for the first time without selling their underlying position.
Each wXRP is backed 1:1 by native XRP held in custody and can be redeemed at any time.
That gives XRP holders access to parts of Solana’s trading and DeFi ecosystem, including Phantom, Jupiter, Titan Exchange and Meteora.
Drift Secures Tether-Backed Recovery Plan
Drift Protocol took an important step toward recovering from its April 1 exploit
Drift moved closer to a relaunch this week after securing a proposed recovery package of up to $127.5 million from Tether following its April 1 exploit.
According to Drift’s latest update, the package centers on a $100 million revenue-linked credit facility, alongside an ecosystem grant and loans to market makers. The platform said the funds will support a dedicated recovery pool meant to address roughly $295 million in user losses over time.
Drift also plans to issue a separate recovery token to affected users. The token will represent a claim on the recovery pool and will be transferable, allowing users to access liquidity before full repayment.
The relaunch will also bring a broader reset. Drift said it plans to shift its settlement layer from USDC to USDT, with Tether providing market-making support to help seed liquidity.
The Solana-based protocol added that any recovered assets will flow back into the recovery pool, while its trading insurance fund remains untouched.
DoubleZero Brings Faster Market Data to Solana
DoubleZero rolled out high-speed data infrastructure for the Solana network this week
Solana also took a step further into Wall Street-style trading infrastructure this week as DoubleZero rolled out a new high-speed data product for the network.
The platform, called DoubleZero Edge, delivers a real-time feed of raw blockchain data from Solana, giving trading firms faster access to information that can move prices. DoubleZero said the system uses a dedicated fiber network rather than the public internet, cutting delays in how quickly data reaches market participants.
DoubleZero is also introducing a new revenue stream for Solana validators, which can earn income by supplying data to the platform. Trading firms, meanwhile, pay for access using USDC.
Total Solana Ecosystem Market Cap: $222.76B
Top 5 Solana Coins by Market Cap:
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