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Solana is moving beyond a meme coin-driven growth model and expanding into institutional finance, Bloomberg reported, citing a Galaxy Research report.
Meme coins’ share of Solana trading volume fell sharply to 15% to 20% in the second quarter from more than 50% at the end of 2024, while Solana’s share of the on-chain perpetual futures market dropped to 6% from 17% over the same period, according to the report. SOL is down about 20% from the start of the year, and U.S.-listed spot and staking SOL ETFs posted total outflows of around $50 million over the past two weeks in October.
The Solana Foundation plans to broaden practical financial use cases such as stablecoins and tokenized assets to attract participation from Wall Street institutional investors. Bloomberg said a key question for Solana’s future growth is whether it can secure a stable base of assets, developers, and users amid a weak crypto market and the rise of rivals such as Hyperliquid.