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Grayscale Research: Solana's Next Growth Engine Shifts to Application Layer—DeFi, Consumer Apps, and DePIN Drive New Ecosystem Boom

Grayscale Research: Solana's Next Growth Engine Shifts to Application Layer—DeFi, Consumer Apps, and DePIN Drive New Ecosystem Boom

A
AI News Editor
2026-07-02 02:02:01
Grayscale's latest research report argues that Solana is transitioning from a high-performance L1 to a platform for large-scale economic activity, with its growth engine shifting toward application-layer prosperity. The report highlights Jupiter's role in building DeFi liquidity infrastructure, Pump.fun's validation of consumer-grade application revenue models, and DePIN projects like Helium that bridge blockchain with the physical world. Additionally, Solana is expanding into AI agent payments, stablecoins, RWA, and asset tokenization to pursue sustainable institutional adoption. This article provides an in-depth analysis of Grayscale's key findings.
Grayscale ResearchSolanaJupiterPump.funHeliumDePINRWAApplication Layer

Transition Background: From High-Performance L1 to Application Economy Platform

Grayscale's latest research report points out that Solana is undergoing a profound structural transition. In the past, market perception of Solana was largely framed by narratives such as 'Ethereum killer' and 'high-performance blockchain.' However, Grayscale argues that Solana's true potential lies in becoming a platform capable of hosting large-scale economic activities. With the maturation of L1 performance, Solana's growth engine has shifted from underlying infrastructure to the prosperity of the application layer.

Three Pillars of the Application Layer: Jupiter, Pump.fun, and Helium

The report highlights three landmark projects. First, Jupiter has become the core DeFi liquidity infrastructure within the Solana ecosystem, providing deep liquidity through aggregated trading, limit orders, and cross-chain functionality. Second, Pump.fun, as a representative consumer-grade application, has validated the business model of direct user payments in Web3. Its revenue data demonstrates Solana's feasibility in non-financial scenarios. Third, Helium and other DePIN (Decentralized Physical Infrastructure Networks) projects combine real-world IoT connectivity with blockchain incentives, extending Solana's reach into the physical world.

Future Expansion: AI Agent Payments, Stablecoins, RWA, and Asset Tokenization

Grayscale further notes that Solana is simultaneously expanding into several emerging areas. In AI agent payments, Solana's low latency and low fees make it an ideal settlement layer for automated AI agent transactions. In the stablecoin ecosystem, USDC has already accumulated significant liquidity on Solana, and Grayscale expects more native stablecoins to enter in the future. Additionally, RWA (Real World Assets) and asset tokenization are key directions for Solana to pursue institutional-grade commercial adoption. By bringing traditional financial assets on-chain, Solana can open up sustainable revenue streams.

Overall, Grayscale believes that Solana's next growth engine will be driven by application layer innovation, and the initial success of projects like Jupiter, Pump.fun, and Helium has validated this path. As AI payments, stablecoins, and RWA scenarios mature, Solana may evolve from a 'chain' into a 'digital economy operating system.'

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.
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