Grayscale Report: Solana Network Key Metrics
On July 1, Grayscale head of research Zach Pandl published an analysis stating that Solana has transformed from a high-performance blockchain into a settlement layer for large-scale applications. The network now hosts over 1,000 decentralized applications (dApps) and processes more than 100 million transactions daily since 2026, averaging over 1,200 transactions per second (TPS). Daily active users stand at approximately 4.3 million, who have collectively contributed around $100 million in transaction fees. Grayscale emphasizes these figures demonstrate Solana's emergence as a blockchain infrastructure capable of supporting truly mass-scale applications.
Three Pillars of Solana Ecosystem: DeFi, Meme, and DePIN
Grayscale's analysis highlights that Solana's ecosystem spans decentralized finance (DeFi), social trading, and decentralized physical infrastructure (DePIN). In DeFi, the Solana DEX ecosystem, led by Raydium, has recorded cumulative trading volume exceeding $360 billion this year, reflecting strong on-chain liquidity demand. In the meme coin issuance sector, Pump.fun boasts about 1.3 million monthly active users and generates approximately $690,000 in daily revenue, making it one of the hottest launch platforms on Solana. Meanwhile, DePIN project Geodnet focuses on providing centimeter-level positioning infrastructure for autonomous driving, robotics, and drones — physical AI systems — demonstrating Solana's potential in real-world applications.
SOL Investment Thesis and Grayscale View
Grayscale states that Solana continuously generates on-chain economic activity through its rich application ecosystem. From DeFi to memecoins to DePIN, diverse use cases have accumulated genuine transaction volume and active addresses on the network. As the native asset of the Solana network, SOL offers investors a way to participate in the network's long-term growth. Grayscale did not provide a specific price forecast but noted that as ecosystem applications expand further, the infrastructure value of Solana will become increasingly apparent.
