Solana remained the top chain by decentralized exchange volume in the second quarter of 2026, but the network’s underlying revenue picture weakened as both trading activity and fee generation fell from earlier highs. In a quarterly report by Galaxy Digital Vice President of Research Lucas Tcheyan, Solana’s DEX volume dropped 45% from the previous quarter even as it held the No. 1 position for a seventh straight quarter. Network fees fell about 44%, while application fees declined 31% to $552 million, with revenue still heavily concentrated in meme-coin activity. At the same time, the report argues that Solana’s larger story is no longer just low-cost, high-throughput execution. The chain is trying to reposition itself as infrastructure for tokenized equities, stablecoins, lending, and other forms of on-chain finance. That shift showed up most clearly in real-world assets. Solana’s RWA value crossed $3 billion in June for the first time, tokenized stocks became the largest single RWA category on the chain, and Solana handled more than 95% of all tokenized equity trading during the quarter. The report says the key question for the second half of 2026 is whether that tokenized asset base can be turned into durable borrowing demand, collateral usage, trading activity, and fee income. In other words, the issue is no longer whether Solana can support these assets technically. It is whether the network can convert new issuance and distribution into lasting economic value.

Jito’s launch of JTX on July 14 has prompted a rethink of how JTO should be valued, according to a market analysis by ake Koch-Gallup and Sam Schubert cited by MarsBit. The core argument is that Jito should no longer be viewed only as a Solana back-end infrastructure business that passively depends on blockspace activity. With JTX, the company is beginning to price user flow instead. In the analysts’ base case, JTO is worth $1.18, implying about 57% upside from roughly $0.75. Their probability-weighted target reaches $2.75, or about 267% upside. The report also places Jito’s repricing in a broader market context. Over the past week, crypto miners led all crypto sectors with a 27.0% gain, helped by AI data center deals. DEXs rose 4.6%, the Bittensor ecosystem gained 4.3%, and the Ethereum ecosystem added 3.9%, while the broader equity market was nearly flat. Against that backdrop, the authors argue Jito’s shift matters because JTX changes both revenue mix and value capture. Early execution metrics show more than 77,000 trades since launch, median slippage of 5.5 basis points versus the oracle midpoint, and 29.1% of trades beating the oracle price. The analysis says that if JTX scales, it could become the dominant driver of Jito revenue and token buybacks.

This week’s project developments span token sales, shutdowns, hacks, protocol upgrades, and new product launches across crypto and adjacent sectors. Robinhood Chain reached $700 million in onchain assets three weeks after launch, with $430 million in stablecoins and about $500 million in TVL. Worldcoin Foundation sold 217.4 million WLD to institutions including Pantera Capital for about $52.5 million, implying a price near $0.24 per token, roughly 36% below the current market price, with a one-year lock-up. Movement has filed for bankruptcy after its onchain apps generated less than $800 in daily revenue for an extended period since last November, while daily chain fees stayed in the single digits and were just $1 over the past 24 hours. In another major incident, Wanchain’s Cardano bridge was hit by a suspected exploit that moved roughly 515 million NIGHT, valued at about $9 million, out of the bridge vault. Elsewhere, Stripe is in advanced talks to acquire OpenRouter at a valuation that could reach $10 billion. Odos said it will shut down operations and permanently close all services on July 30. Uniswap introduced a v4 Hook standard for permissioned pools, LayerZero partnered with Keeta on tokenized bank-deposit transfers, PumpFun’s developer posted a growth leadership role with a base salary of up to $1 million, and Jito launched the self-custodial Solana trading platform JTX.

Developments across crypto, regulation, trading infrastructure, and adjacent tech sectors piled up between July 21 and July 22. Jito Labs rolled out JTX, a self-custodial trading venue on Solana for spot trading in ecosystem tokens and tokenized real-world assets. Telegram founder Pavel Durov said the company plans to ship a native non-custodial Gram wallet inside every Telegram client this summer, a move he described as a wallet deployment for more than 1 billion users. In regulation, Russia’s State Duma passed its first comprehensive crypto law, while Pakistan’s FIA set up a virtual asset investigation unit focused on money laundering and terrorist financing. In the U.S., Coinbase published a postmortem on its July 14 outage, saying a Kubernetes resource naming conflict disrupted transfers, card payments, and on-chain services but did not put customer funds at risk. The broader news cycle also included ETF flow data, legal action over an Illinois digital asset tax, new trading products from Arcus and Kalshi, additional financing for Digital Asset, and a Chapter 11 filing by Movement Labs.

Jito Labs, a Solana blockchain infrastructure developer, has launched JTX, a self-custodial onchain trading platform built for professional traders, according to The Block. The product is aimed at bringing a more traditional finance-style trading experience to the Solana ecosystem while keeping assets under user control. At launch, JTX supports spot trading across Solana ecosystem assets, including cbBTC, SOL, HYPE, and various meme coins. It also supports tokenized real-world assets, or RWAs, such as stocks and exchange-traded funds. Jito said the platform is designed to address the trade-off between self-custody and execution efficiency. Its toolset includes posted limit orders, automated execution, and conditional orders. Users retain control of their private keys at all times, while trade settlement takes place directly onchain without relying on centralized custodians.

Jito Labs said on July 21 that it has launched JTX, a self-custodial trading platform built on Solana and aimed at professional traders. The platform дебuts with spot trading and supports a range of Solana ecosystem assets, including cbBTC, SOL, HYPE and meme coins. JTX also offers trading for tokenized real-world assets such as stocks and ETFs. In addition to its launch markets, the platform includes professional trading tools designed for on-chain markets, according to BlockBeats. The release positions JTX as a Solana-based venue that combines self-custody with products tailored to more active and sophisticated market participants.

A MarsBit feature published on July 17 argues that two separate developments may reshape parts of the crypto market: Jito DAO is trying to hardwire token value capture through JIP-38, while Ethereum treasury companies such as Bitmine and SharpLink are starting to fund protocol development as the Ethereum Foundation tightens spending. According to the article, JIP-38 would send JTX revenue allocated to the DAO into programmatic open-market buybacks and burns of JTO through at least the fourth quarter of 2027. The proposal gives the DAO 80% of JTX platform fees, with the remaining 20% reserved for reinvestment into the same platform. The piece argues that the real test is not rhetoric about “token-centric” models, but who receives revenue, who can shut off the burn mechanism, whether governance can remove operators, and whether company income has actually been redirected to token holders before. On Ethereum, the article says the funding mix is changing. After staff cuts and budget reductions at the Ethereum Foundation, new entities such as ETH Labs, Ethereum Institutional, and EthSystems emerged in quick succession. Behind that shift, the piece points to Bitmine, SharpLink, and Joe Lubin. It frames treasury companies’ move into protocol spending as a response to shrinking mNAV multiples and underwater ETH positions, with staking yield becoming a possible source of self-sustaining research and development capital.

JTX, a self-custody trading platform built by the Jito team, has officially launched. The platform supports spot trading on Solana and includes products tied to Meme assets, tokenized stocks, and major stock indexes. Access is currently being rolled out to 3,000 users on the waitlist. According to the available information, those users were ranked in two batches based on referral counts before receiving access. The launch marks JTX’s initial public rollout, though availability remains limited to the selected waitlist group at this stage.