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Solana: From "dead" to the return of the king

Anatoly 2026-3-22 20:51 81807人围观 SOL

If you want to find the "toughest" project in the encryption world, Solana (SOL) is definitely on the list. At the end of 2022, with the collapse of FTX, this public chain that was once highly praised by SBF was sentenced to "death" - the price plummeted
If you want to find the "toughest" project in the encryption world, Solana (SOL) is definitely on the list. At the end of 2022, with the collapse of FTX, this public chain that was once highly praised by SBF was sentenced to "death" - the price plummeted by more than 90% from its high point, and the Internet was filled with voices of "Solana is dead". However, just two years later, SOL not only survived, but also hit a record high of $295 in January 2025, and is now firmly in the top ten cryptocurrency market capitalization. More importantly, it seems to have gotten rid of the embarrassment of frequent "downtime" in the early years, and even ushered in the US SEC-approved spot ETF this year - this is another major recognition of crypto assets in the traditional financial world after Bitcoin and Ethereum. Has today’s Solana really been transformed?

01

Why is Solana so fast?
I have talked about the impossible triangle of blockchain before. Unlike Ethereum, Solana has embarked on a "high-performance" radical route since its inception: Proof of History (Proof of History) is Solana's original consensus mechanism. Simply put, it works by creating a "cryptographic timestamp" that allows network nodes to confirm the order of transactions without having to communicate with each other. It's like giving each transaction a serial number, which saves a lot of coordination time. The terrifying throughput theoretical peak can reach 65,000 TPS (transactions per second), and it can stably handle thousands of transactions in actual operation. For comparison, Ethereum currently can only handle 15-30 transactions per second, and even with Layer 2, the gap is obvious. Transfer money on Solana with extremely low transaction costs, with fees typically less than $0.01. This "almost free" experience makes it the first choice for high-frequency transactions and micro-payment scenarios. Of course, high performance also comes with a price - before 2022, Solana experienced multiple downtimes due to network congestion, and was nicknamed the "downtime chain." But data shows that as of now, the network has been running stably for more than 21 months, and the technical team has obviously found a balance point.

02

Three major turning points
If you pay attention to traditional finance, you will find that 2025 is the "Year of Institutions" for Solana:
  1. U.S. spot ETF approved: In July this year, U.S. regulators officially approved the Solana spot ETF. This means that pension funds and traditional financial institutions can now configure SOL through compliance channels. Giants such as Fidelity have quickly submitted applications, and the effect of capital inflows is emerging - at the end of October alone, the net inflow of the US SOL spot ETF in a single day reached US$47.9 million.
  2. Western Union chooses Solana to issue stablecoin: Global remittance giant Western Union recently announced that it will launch its USDPT stablecoin on Solana. It’s worth mentioning that they abandoned Ripple’s XRPL in favor of Solana, citing the network’s superior “reliability, scalability, and compliance.”
  3. The hardware ecosystem is blooming: The second-generation blockchain mobile phone "Seeker" launched by Solana Mobile will be officially launched in August 2025. At the same time, the first Solana-based handheld gaming device PSG1 has also been shipped, marking the penetration of Web3 into physical hardware.


03

DeFi renaissance, NFT second spring
The data doesn’t lie, Solana’s ecosystem is experiencing a “silent explosion”:
  • DeFi lock-up volume exceeds 10 billion US dollars: Solana’s DeFi TVL currently exceeds 10.9 billion US dollars, accounting for 8.9% of the entire DeFi market, firmly ranking second. Protocols such as Jupiter, Marinade, and Jito performed well, with Jupiter alone accounting for 52.8% of the DEX trading volume.
  • DEX trading volume exceeds US$430 billion: Since January 2024, the cumulative trading volume of Solana’s decentralized exchanges has exceeded US$430 billion, and the number of active wallets has exceeded 34.5 million.
  • The NFT market ranks second: the NFT secondary market transaction volume exceeded 41.3 million SOL (approximately 2.25 billion US dollars), and 800,000 independent wallets obtained a total of 17.3 million NFTs. As the popularity of Ethereum NFT cools down, Solana has become a new frontier for creators.
  • The pledge rate is extremely high: more than 67% of circulating SOL is currently pledged, showing holders’ confidence in its long-term value.

Solana's story is very much like the classic "Phoenix Nirvana" in Silicon Valley - falling from the top, struggling with technical debt and trust crises, and finally regaining the market through solid engineering improvements. Whether you hold SOL or not, the project’s resurgence provides a valuable sample to watch
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In the blockchain world, performance, cost, and user experience may ultimately be more commercially viable than the purity of "degree of decentralization."
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