In a report published on July 1, Grayscale Research Head Zach Pandl highlighted that Solana has evolved from a basic smart contract platform into a settlement layer supporting large-scale applications, now hosting over 1,000 decentralized applications on-chain.
Network Performance and Ecosystem Activity
Since 2026, Solana has processed an average of more than 100 million transactions per day, with a peak throughput exceeding 1,200 transactions per second (TPS). The daily active addresses stand around 4.3 million, and these frequent on-chain activities have generated cumulative transaction fees of approximately $100 million. Grayscale emphasized that such high transaction volumes and user base demonstrate Solana's mature infrastructure capable of supporting everything from high-frequency trading to complex on-chain logic.
Diverse Sub‑Sectors: DeFi, Meme Coins, and DePIN
The report highlights three representative areas within the Solana ecosystem. In decentralized finance (DeFi), the Solana DEX ecosystem, led by Raydium, has recorded cumulative trading volume exceeding $360 billion in 2026, reflecting strong user demand for on-chain asset swapping.
In the meme coin issuance space, Pump.fun has become a standout project on Solana, boasting about 1.3 million monthly active users and average daily revenue of approximately $690,000. The proliferation of such projects underscores Solana's appeal—low fees and high throughput—to emerging Web3 social and financial applications.
In decentralized physical infrastructure (DePIN), Geodnet is a key case. The project focuses on providing centimeter-level positioning infrastructure for autonomous driving, robotics, and “physical AI” systems, leveraging Solana's on-chain data for location verification and incentive distribution, demonstrating the real-world impact of blockchain in infrastructure.
Grayscale's View: SOL as a Long‑Term Exposure Vehicle
Grayscale believes that Solana continues to generate on-chain activity through its rich application ecosystem, attracting more developers and users. SOL, as the native asset of the network, captures value closely tied to network activity. Grayscale stated that SOL offers investors exposure to the long-term growth of the Solana network, similar to other major L1 blockchains but with a distinct execution strategy.