Welcome to the first edition of The Sol Street Journal, your bi-weekly digest of selected news from Internet Capital Markets.
The past two weeks went from the glow of Token2049 to the largest crypto liquidation in history, wiping out over $19 billion in leveraged positions last Friday. Altcoin open interest got cut in half, then bounced back, with most assets already up ~85% from the lows.
As market sentiment spins its usual “it’s over / we’re back” cycle, here’s what happened on Solana.
👑 Big Weeks, Big Wins
Liquidity is chasing light speed - Solana metrics are all up and to the right:
Solana TVL hit an all-time high of $42.4B
Stablecoin supply crossed $16B for the first time
The network surpassed 1 billion total accounts
And led all major chains in real economic value for Q3 with $222M, marking four consecutive quarters at the top, according to ARK Invest’s Q3 DeFi report.
📊 DEXs & Prediction Markets
Axiom Exchange hit $300M in cumulative revenue in 263 days, becoming the fastest crypto project ever to reach that milestone.
PMX launched a liquidity layer for prediction markets powered by Meteora’s DAMM v2 liquidity pools.
“Predictify everything”: hackathon winner Deplay.fun launched one-tap music prediction markets on Solana mobile.
Umbra raised $155M through MetaDAO’s Unruggable ICOs, drawing 10,519 participants and ending up 1,169% oversubscribed against a $750M target. The sale spotlighted the potential of the futarchy model - Read more in this issue from Lightspeed.
💧 DeFi & Payments
Keel by Sky launched its on-chain capital engine to unlock tokenized assets at scale on Solana, with capacity for up to $2.5B across DeFi and tokenized real-world assets, and plans to launch a major RWA program to drive Solana-native issuances.
Phantom Wallet released Phantom Cash, a payments app powered by CASH stablecoin, soon to integrate with Stripe’s merchant network.
Soltice’s delta-neutral stablecoin $USX is live: $166M in TVL on day one.
USYC by Circle is now available as an SPL token, bringing the $700M+ tokenized money market fund that delivers yield-bearing collateral to Solana DeFi.
🔧 DePIN & Infra
IBRL: DoubleZero is now live on mainnet-beta.
Pipe launched on mainnet, powered by the PIPE token. By using Jito’s NCN for security and restaking existing SOL instead of running its own validators, the decentralized CDN aims to deliver faster and cheaper content without new infrastructure.
🧠 For the Overthinkers
Here’s a curated list of long-form reads, interviews, and research worth your bandwidth:
Article - 21shares: Solana’s diverse revenue engine surpasses Ethereum’s early growth
Guide - Capital Markets: Launching Stablecoins on Solana
Opinion - Keel: October 10th demonstrated Solana is the Network for Scale
Video Interview - Lightspeed: The Ultimate Solana Thesis With Michael Marcantonio (Galaxy)
That’s it for the first half of October. Thanks for reading all the way (you made it further than most traders).
See you on Wednesday, October 28 — same street, new stories.
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