Did you touch grass following this week’s carnage? Degens need to clear their heads after the crypto market suffered its biggest liquidation, with $19 billion wiped away in 24 hours from over 1.6 million traders.
The consequences were even worse. Ukrainian crypto influencer Konstantin Galish was found dead in his Lamborghini in a potential suicide after apparently losing $30 million amid the historic crash.
The catalyst for the crash? U.S. President Donald Trump’s threats of 100% tariffs on China, effective November 1. The winner? A whale who profited +$160 million shorting Bitcoin and Ethereum just before the meltdown.
Altcoins, including top Solana tokens, are stabilizing. But the damage has already been done. Solana’s ecosystem saw its market capitalization decline by 15% to $257 billion, while trading volume edged up 46%.
Source: CoinMarketCap
Synthetix (SNX) is holding the fort with a 74% weekly gain while SOL charges to the $200 mark.
Sidestep the market’s mayhem and uncover what happened in Solana this week.
- •CME Group just launched regulated options on Solana futures, giving institutional traders powerful new tools for risk management and exposure.
- •Ethena and Jupiter are teaming up to launch JupUSD, a native Solana stablecoin set to drop this quarter. Jupiter will convert a massive $750 million of USDC into JupUSD.
- •Bitwise is coming in hot with a proposed 0.20% fee on its Solana Staking ETF, signaling serious competition in the race to dominate SOL ETFs.
- •Forward Industries just launched a Solana validator and staked nearly $1.7 billion in SOL, instantly landing in the network’s top 10. It’s a big institutional flex and a major boost for Solana’s decentralization.
- •Solana DePIN project Grass just scored a fresh $10 million raise from Polychain and Tribe Capital to fuel its next phase.
Solana's Performance
Source: CoinMarketCap
SOL has recovered to $198 after falling below $175 during the week. The bounce has trimmed Solana’s weekly losses to 15%.
As the dust settles, liquidity could be flowing back to Solana as DeFi Dev Corp partnered with Superteam Japan to launch the country’s first Solana-focused treasury.
L1 Ranking Update
Solana’s total value locked (TVL) slid 12% to $11.4 billion but still maintains a healthy lead over BSC in third place.
Source: DeFiLlama
Additionally, Solana’s Axiom exchange just became the fastest crypto platform to hit $300 million in revenue.
DeFi
Source: DeFiLlama
Solana’s weekly DEX volume grew 57% during the chaotic week, with the 30-day total cumulative volume rising to $138 billion.
Biggest Winners & Losers
Top Performers
- •Giants Protocol (G): +105.34%
- •Zerebro (ZEREBRO): +98.68%
- •Synthetix (SNX): +73.86%
- •Basic Attention Token (BAT): +36.43%
- •Liberals Tears (TEARS): +26%
Biggest Losers
- •Real (REAL): -74.96%
- •LOOK (LOOK): -50.59%
- •Roam (ROAM): -46.98%
- •DoubleZero (2Z): -45.71%
- •Mog Coin (MOG): -44.3%
Source: CoinMarketCap
Latest Solana News
Project 0 Powers Up With Kamino
Project 0 is joining forces with Solana DeFi heavyweight Kamino, unlocking smarter risk management, collateral control, and capital efficiency across its platform.
Umbra’s $155M Privacy Power Play
Arcium-backed Umbra pulled in a massive $155M in ICO commitments on MetaDAO, with over 10,000 supporters backing its mission to bring confidential DeFi transactions to the Solana ecosystem.
HYPE Lands on Solana
HyperliquidX’s native token HYPE is now live on Solana through Wormhole NTT, bringing new transfer routes and fresh DeFi opportunities to the network.
What You Can Do Now
- •Lock in profits to stay ahead of market swings.
- •Track fresh funding rounds to spot where new liquidity is moving.
- •Step away from the charts and clear your head after the week’s crash.