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Solana

60 pieces · Jan 2022 to Aug 2026 · 10 flagship

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Solana38 L1/L230 Perps15 DeFi10 Ethereum7 ZK6

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Price and coverage

Solana $SOL

Calls: 2 bullish
Since first call, bullish: −50%
Since latest call, bullish: −47%
Now: $104.52

bullish thesis bearish thesis coverage, no call map, list or mentionWeekly closes in USD, log scale, as of 23 Oct 2026. Call figures turn cyan when the price moved the way the call pointed. Each marker links to its piece.

Start here · the strongest pieces on Solana

Breakdown12 Dec 2025Bullet: Hyperliquid-grade perp infrastructure as a Solana network extensionExplains Bullet's Rust-native, ZK-proven (SP1) trading network extension with Celestia DA, plus app-specific sequencing that prioritises maker orders and cancellations to cut adverse selection and tighten spreads.Article28 Oct 2025The Codec Thesis: Langchain of RoboticsArgues Codec is a model- and hardware-agnostic deployment layer for Vision-Language-Action models, like Langchain for LLMs. Covers local VLA inference, hybrid API-plus-VLA execution, operators, the optr SDK, a desktop-first GTM and the onchain marketplace.Breakdown22 Dec 2023Monad deep dive: parallel execution, MonadBFT, MonadDb and EVM equivalenceExplains why the EVM's sequential execution is a bottleneck and how Monad adds optimistic parallel execution, MonadBFT with deferred execution, superscalar pipelining and MonadDb while keeping bytecode equivalence, versus Solana's Sealevel approach.

Timeline · every piece, newest first

2026 5

23 Aug 2026Bulk pre-deposits and AURA: validator-embedded perp DEX on SolanaBulk validators run a bulk-agave fork beside Solana's client, forming leaderless consensus with 20-40ms finality and ~5% of stake. Portfolio margin against a correlation matrix can cut hedged margin up to 70%. Last week of AURA pre-deposits, zero maker fees for 30 days.BreakdownPerpsSolanaDeFi

13 Jul 2026Memecoins as casino: extraction, diverted capital and talent drainAgrees that memecoin chasing repeats toxic cycles: gains concentrate in insider cabals, normies entering via memes rarely become real users, and builder talent leaves. Says the industry has to choose between asset class and casino.Market takeMemecoinsSolanaMarket structure

12 Feb 2026Bullet mainnet: the onchain Nasdaq on SolanaExplains Bullet's network extension: a custom Rust runtime on the Sovereign SDK, Celestia DA, SP1 ZK proofs and Solana settlement, with maker-priority sequencing and dedicated blockspace. Mainnet rollout is gated by deposit caps.BreakdownPerpsSolanaZK

06 Jan 2026Solana's $1.3B REV in 2025: Jito tips, priority fees and base feesBreaks down Solana's 2025 Real Economic Value: Jito tips are over half, priority fees 35-40%, base fees under 1%. Jito tips are driven by DEX arbitrage, Telegram memecoin bots and oracle traffic.DataSolanaMarket structure

05 Jan 20262025 chain revenue ranking: Solana, Hyperliquid, Tron and EthereumHyperliquid's $816M revenue topped Ethereum and Tron and every L2, with no VC funding. Ethereum's fee compression shows blobs working, while L2 revenue lags L1s by a wide margin.DataHyperliquidL1/L2Solana

2025 26

28 Dec 2025Why 'cryptocurrencies' is the wrong label: digital assets as an asset classArgues the term implies digital fiat competitors when the sector spans commodity-like assets, reserve assets, equity-like tokens with cash flows, memecoins, stablecoins and RWAs. Institutional capital needs a clear taxonomy.ThesisMarket structureStablecoinsBitcoin

27 Dec 2025New vs returning wallets across Ethereum, Solana, NEAR, Polygon and SuiCompares 3-month new vs returning wallet trends. Real growth is new-wallet gains followed by rising returning wallets; Solana's new wallets rose while returning fell, and Sui's both declined, reading as churn.DataL1/L2EthereumSolana

12 Dec 2025Bullet: Hyperliquid-grade perp infrastructure as a Solana network extensionExplains Bullet's Rust-native, ZK-proven (SP1) trading network extension with Celestia DA, plus app-specific sequencing that prioritises maker orders and cancellations to cut adverse selection and tighten spreads.BreakdownPerpsSolanaZK

31 Oct 2025Bulk: a Solana validator-integrated CLOB execution layerBulk is an execution layer in a custom validator client giving a CLOB bypassing the L1 queue, with FIFO matching via cryptographic sort keys, gasless orders and fee sharing with validators.BreakdownPerpsSolana

31 Oct 2025Arcium C-SPL and Western Union's 2026 Solana stablecoinWestern Union plans a stablecoin on Solana in 2026, and Arcium's MPC-powered C-SPL confidential token standard could add private payments on top. Framed as an example of the value network extensions bring to an L1.Market takePrivacyStablecoinsSolana

28 Oct 2025The Codec Thesis: Langchain of RoboticsArgues Codec is a model- and hardware-agnostic deployment layer for Vision-Language-Action models, like Langchain for LLMs. Covers local VLA inference, hybrid API-plus-VLA execution, operators, the optr SDK, a desktop-first GTM and the onchain marketplace.ArticleRoboticsAISolana

28 Oct 2025Solana catalysts: ETF, Firedancer, Alpenglow, network extensionsLists Solana catalysts: spot SOL ETF filings, Firedancer, Alpenglow finality of 100-150ms in early 2026, Jito BAM, DoubleZero and network extensions like Bullet and Arcium. Concludes it may be the best bet among majors besides HYPE.ThesisSolanaL1/L2Regulation

26 Oct 2025Five reasons to watch Arcium: MPC privacy network on SolanaLists why Arcium matters: privacy narrative gaining traction, leading MPC network, acquisition of its largest Web2 competitor, confidential compute demand across AI, healthcare and DeFi, and a Solana-first but chain-agnostic design.ThesisPrivacySolana

25 Oct 2025Bullet: Solana ZK perp DEX appchain built on the Sovereign SDKBullet is a ZK-powered Solana network extension with a Rust matching engine (BulletCore), single FIFO sequencer, Celestia DA and SP1 proofs verified on Solana. Adds borrowing/lending, wallet and gas abstraction, and a planned BulletSVM.BreakdownPerpsSolanaZK

24 Oct 2025Why Solana TVL holds at $11B while user activity fellSolana TVL is near ATH while active users dropped since the meme and agent peak. Attributes the shift to perp appchains, Phantom's Hyperliquid integration, BNB Chain and Base retail competition, and prediction markets absorbing gambling flow.Market takeSolanaPerpsMemecoins

24 Oct 2025Developer growth by ecosystem: Solana, Base, Sui up; Polygon, Arbitrum downElectric Capital data shows Solana/SVM, Bitcoin, Base and the Move stack (via Sui) growing in developers over two years. Polygon and Arbitrum lost over 30%, Polkadot and Cosmos are down, Starknet and NEAR show modest gains.DataSolanaEthereumL1/L2

23 Oct 2025TL;DR of a16z State of Crypto 2025 reportCondensed key figures from a16z's report: $4T market cap, $175B in BTC/ETH ETPs, stablecoins at $250B, Hyperliquid and Solana capturing 53% of real economic value, RWAs at $30B, and rising privacy and quantum concerns.DataMacroStablecoinsRWA

23 Oct 2025Bullet architecture vs Solana L1 for HFT: summary of trevor_flipper's analysisSummarizes a third-party piece arguing Bullet's streaming execution with millisecond soft confirmations, single sequencer and ZK proofs on Solana beats L1 for high-frequency trading. Notes the sequencer enables custom order types and PFOF models.BreakdownPerpsSolanaZK

23 Oct 2025MPC primer: Arcium's BDOZ and Cerberus protocol explainedWalks through Arcium's MPC primer: secret sharing, Beaver triples, BDOZ MACs for malicious security, and Cerberus optimizations including multicast and identifiable cheating. Explains the offline/online phase split.ExplainerPrivacy

14 Oct 2025Dip buys: HYPE, SOL, ZEX, CODEC, ROBA and the reasoningExplains five dip buys after the Friday crash. HYPE showed zero downtime and a working ADL, SOL has multiple catalysts, ZEX migrates to BULLET at about $17M mcap, and CODEC and ROBA are robotics bets.ThesisHyperliquidSolanaRobotics

04 Oct 2025ZEX is BULLET: Bullet's token migrationPoints out that Bullet, the Solana network extension offering an onchain Nasdaq with 1ms latency and thousands of TPS, already has a tradable token as ZEX, which migrates to BULLET.ThesisPerpsSolana

02 Oct 2025Bullet: Solana's onchain Nasdaq with 1ms latency, TL;DR of A1 articleTL;DR of A1's Bullet article: a Solana network extension with 1ms soft confirmations, Rust CLOB, maker-priority sequencing, 100x perps, integrated lending, and ZK proofs on Solana. Positioned as Solana's answer to Hyperliquid.BreakdownPerpsSolanaZK

28 Sep 2025Why ZEX (Bullet) looks mispriced: Solana's answer to HyperliquidArgues Bullet is Solana's missing HL-style perp DEX, with 1.2ms latency versus 400ms on Solana L1, integrated lending and a strong team. Notes ZEX trades at a $23m mcap and $124m FDV, which he sees as a favourable risk/reward.ThesisPerpsSolanaHyperliquid

25 Sep 2025Bullet breakdown: Solana's trading layer and the perps paradoxBreaks down Bullet, an application-specific rollup using Solana for settlement with a Rust matching engine at about 1.2ms latency, cancel prioritization and ZK-verified sequencing. Covers cross-margin across spot, perps and lending and compares it with Hyperliquid and Solana DEXs.BreakdownPerpsSolanaHyperliquid

11 Jun 2025Bullet as Solana's answer to Hyperliquid and room for multiple DEX winnersDescribes Bullet as a hybrid rollup with ZK fraud proofs and settlement on Solana, with a purpose-built runtime and a CLOB at 2-3ms latency. Argues Hyperliquid stays king but, as DEXes eat CEXes, there will be more than one winner.ThesisPerpsSolana

10 Jun 2025Bullet: Solana network extension built for onchain CLOB tradingIntroduces Bullet as an optimistic rollup on Solana using ZK fraud proofs, designed for trading with a CLOB at thousands of TPS and 2ms latency. ZEX migrates 1:1 to the new token at mainnet.BreakdownPerpsSolana

08 Jun 2025Onchain CLOB design trade-offs and the race to be the decentralized NasdaqLists nine design axes for onchain CLOBs, from privacy vs transparency and speedbumps to L1 finality vs L2 latency and retail vs institutional design, and names the main contenders led by Hyperliquid.ThesisPerpsDeFiHyperliquid

08 Jun 2025Why Monad risks disappointing against faster-shipping high-performance chainsArgues Monad's long delay let rivals catch up: Sei at about 200k TPS, MegaETH at 100k TPS with sub-10ms blocks, Hyperliquid at 200k orders per second, plus Fuel and RISE. Having raised at billion-dollar valuations, Monad risks disappointment despite its community.Market takeL1/L2

25 May 2025Which chains win tokenized RWAs? Reaction to an RWA chain landscapeArgues tokenization is the biggest growth opportunity in crypto, asking whether RWA-specific chains, Solana, Ethereum L2s, Hyperliquid or fast new chains win. Expects multiple winners, each adding hundreds of billions in value.ThesisRWAL1/L2

22 May 2025Hyperliquid by the numbers: 64% perp share, $8.9B OI and buybacksHyperliquid has 64% of 30-day perp DEX volume, a record $8.9B open interest and 30-day revenue above $56M, over 3x Ethereum and Solana combined. Buybacks exceeded $45M and ecosystem TVL is $1.28B, up 89% MoM.DataHyperliquidPerps

21 May 2025Giga Sei: Scaling the EVM to Web2-Level PerformanceLong-form breakdown of Giga Sei's whitepaper: Autobahn multi-proposer consensus, decoupled asynchronous execution, a rebuilt Sei EVM with optimistic concurrency control, flat key-value storage, and the use cases a real-time EVM enables.ArticleL1/L2Ethereum

2024 20

25 Nov 2024io.net thesis: largest GPU network, rising daily earnings and agent demandArgues decentralized GPU networks are a key innovation of the cycle, with io.net the largest, offering geo-distributed clusters on Solana rails. Expects agents paying for their own compute to add demand and daily network earnings to rise.ThesisDePINAI

12 Nov 2024Why io.net ($IO): 5,079 GPUs vs Render 277 and Aethir 168Bets on io.net as the aggregation layer for geo-distributed GPU clusters, citing 5,079 GPUs on the network versus 277 on Render and 168 on Aethir. Solana orchestrates the compute marketplace.ThesisDePINAI

28 Oct 2024Solana network extensions: ecosystem map and how they differ from L2sLists projects under Solana's network extensions and argues the term is defined by functionality while L2 is defined by architectural criteria, so the two are not equivalent. Points to an A1 Research summary.MapSolanaL1/L2

25 Oct 2024Most transactions in 24h by chain: Aptos 326M vs Sui 67M, Solana 56MRanks chains by transactions processed in 24 hours, with Aptos far ahead of Sui and Solana. Cites it as evidence that MoveVM is leading on throughput two years after Aptos mainnet.DataL1/L2

26 Sep 2024Eclipse mainnet preview: SVM rollup on Ethereum with Celestia DABreaks down Eclipse as a modular SVM rollup combining Solana's parallel execution, Ethereum-based state validation and Celestia's cheap DA. Cites a $65M raise and a 38% share of all data posted to Celestia before mainnet.BreakdownL1/L2SolanaEthereum

18 Sep 2024Google Cloud joins Wormhole Guardians: what it means for WArgues Google Cloud running a Wormhole Guardian node strengthens decentralization of the validation layer and signals ZK interop work. Highlights Wormhole's product suite and its position as the main interop solution on high-performance chains.Market takeL1/L2Tooling

09 Sep 2024PICA and MANTIS: Solana restaking hub and SVM intents rollup31-part thread on Picasso as an IBC and restaking hub for Solana and Mantis as an SVM rollup with a solver-based intents system and native yield. Covers PICA tokenomics v2, AVS design and what intents are.BreakdownSolanaDeFiL1/L2

06 Sep 2024Skate: universal execution layer for stateless apps across chainsExplains Skate's kernel and periphery architecture: app logic on the Nollie chain (OP stack) with per-chain periphery contracts, and intents settled by executors and pre-confirmed by an EigenLayer AVS. Argues single-deployment, VM-agnostic apps unify liquidity and improve UX.ExplainerToolingEthereum

02 Sep 2024Wormhole 30-day flows: Ethereum 54% of volume, USDC top assetIn the past 30 days 54% of Wormhole volume originated on Ethereum, mainly bridged to Solana (49%) and Sui (44%). USDC leads bridged assets at $470M, followed by USDT ($125M) and RNDR ($116M).DataDeFiSolana

31 Jul 2024Mantis: first restaked SVM L2 on Solana and its intent settlement designPresents Mantis as the first restaked SVM L2 on Solana, with parallel execution, IBC interop, a decentralized sequencer secured by Picasso restaking and a cross-chain intent settlement framework with native yield.ExplainerSolanaL1/L2

27 Jul 2024Onchain activity share: Solana 66% of txs, Tron 25% of active addressesArtemis data shows Solana had 66% of txs last month, Tron 10% and NEAR 7%, while Tron leads active addresses at 25%. Solana activity is wallet transfers, tokens and DeFi, Tron is USDT transfers, NEAR is KAI-Ching and HERE wallet.DataL1/L2Solana

26 Jul 2024Mantis thread: restaked SVM L2, intents and cross-chain MEV on SolanaFrames cross-chain MEV and intent-based chain abstraction as an untapped multi-billion opportunity and presents Mantis as an integrated stack: SVM rollup, RFQ solver network, native yield and app layer. Covers MANTIS token utility.BreakdownSolanaL1/L2DeFi

26 Jul 2024Mantis: first restaked SVM L2 on Solana, intents and chain abstractionLong-form report on modularity, fragmentation and intents, arguing Mantis' IBC-powered cross-chain intent execution and settlement, secured by restaking, brings RFQ trading and decentralized solvers to Solana. Contrasts imperative transactions with declarative intents.ArticleSolanaL1/L2DeFi

22 Jul 2024Eclipse stack: SVM execution, RISC Zero proving, Celestia DABreaks Eclipse into its modular components: SVM execution, RISC Zero zkVM proving, Ethereum settlement and Celestia for data publication, delivering parallel SVM execution on Ethereum.BreakdownL1/L2SolanaZK

20 Jul 2024TVL wars charts: alt L1s vs L2s, and Solana vs OP, Arbitrum, BaseTwo TVL charts framing alt L1s against L2s: Aptos, Sui and Sei vs Scroll and Mantle, and Solana vs Arbitrum, Optimism and Base. The post itself gives no takeaways.DataL1/L2

04 Jun 2024Aptos parallel execution: 325M transactions in the Tapos cat clicker surgeExplains how Aptos handled a clicker game surge using Aggregators, a Move feature that lets conflicting writes run in parallel. Adds activity and DeFi metrics to argue Aptos is more than a Solana comparison.DataL1/L2

22 May 2024Fluent blended execution: unifying EVM, SVM and Wasm in one state machineExplains the limits of sequential EVM execution and Solana's isolated SVM, then how Fluent's blended execution compiles EVM, SVM and Wasm apps into one rWasm state machine with compatibility contracts. Argues atomic cross-VM calls need no bridging or shared sequencing.ExplainerL1/L2

17 May 2024Skate cross-chain intents on EigenLayer: OP Stack hub and pull-based AVSExplains Skate's architecture: an OP Stack optimistic rollup hub with a centralized sequencer at first, a BFT validator network on EigenLayer and a pull-based fast finality AVS that generates calldata for destination chains. A task already executed from its testnet onto Solana testnet.ExplainerL1/L2Tooling

05 Apr 2024pSTAKE Solana liquid staking and Persistence restakingNotes pSTAKE's entry into Solana liquid staking, where only three LSDs exist and about $56B of SOL is staked, and relays a rumour of a large PSTAKE airdrop. Also covers Persistence's plan to become the Cosmos restaking layer.Market takeSolanaDeFi

05 Apr 2024Wormhole W airdrop: bridge flow data and ecosystem airdrop mapData thread after the W launch at $10B FDV: Ethereum is the top source and destination by value, Solana leads by transaction count, and Sui looks whale-driven. Over 1B messages and $41B bridged; maps ecosystem apps that could airdrop to W stakers.DataL1/L2DeFi

2023 5

22 Dec 2023Monad deep dive: parallel execution, MonadBFT, MonadDb and EVM equivalenceExplains why the EVM's sequential execution is a bottleneck and how Monad adds optimistic parallel execution, MonadBFT with deferred execution, superscalar pipelining and MonadDb while keeping bytecode equivalence, versus Solana's Sealevel approach.BreakdownL1/L2EthereumSolana

13 Dec 2023Picasso restaking on Solana: SOL and LST staking through IBC guest chainExplains Picasso's plan to bring EigenLayer-style restaking to Solana, letting SOL, mSOL, jitoSOL and Orca LP tokens secure a Solana to IBC connection for extra yield, citing the size of Solana's staked supply.BreakdownSolanaDeFi

16 Aug 2023Sei as a faster Solana: parallel execution and native order matchingLists Sei's differentiators (high-speed consensus, parallel execution, native order matching engine and oracles, WASM, IBC) and frames it as potentially the better SOL.ThesisL1/L2

20 Apr 2023Sequential EVM execution bottleneck and parallel VM alternativesArgues sequential execution bottlenecks the EVM and lists parallel-execution alternatives: Solana Sealevel, Fantom VM, Fuel VM and Move VM, linking deep dives on Fuel, Fantom, Aptos and Sui.ThesisL1/L2Solana

17 Apr 2023Thesis: non-EVM rollups with parallel execution VMsPredicts a surge in rollups running parallel-execution VMs such as MoveVM, SealevelVM, FuelVM and Fantom VM, citing Eclipse bringing Solana's SealevelVM to Ethereum rollups.ThesisL1/L2Solana

2022 4

11 Dec 2022Fuel primer: UTXO-based parallel execution and the FuelVMPrimer on Fuel as a modular execution layer with a UTXO model and strict access lists enabling parallel execution, plus the Sway language, testnet status, team background and funding. Compares to Solana, Sui and Aptos parallelism.BreakdownL1/L2Ethereum

07 Sep 2022Moonbeam profitability vs Solana and Avalanche: security cost vs revenueCompares what L1s pay for security through emissions to the fee revenue they earn. Solana and Avalanche pay roughly 56x and 35x revenue, Moonbeam about 128x, with the case that Moonbeam is earlier in its adoption curve.DataL1/L2

18 Jun 2022Aleph Zero vs Solana: why AZERO could out-compete SOLRecaps Solana's design, centralization concerns and four outages, then argues Aleph Zero's DAG-based AlephBFT, rotating committees and planned privacy layer could make it a stronger high-throughput L1.ThesisSolanaL1/L2

22 Jan 2022Fantom flips Solana and Avalanche on TVL, mcap/TVL under 0.6Fantom passed Solana and Avalanche in TVL with about 130 protocols and over 9bn TVL against a 5bn market cap. The mcap/TVL ratio below 0.6 is read as undervaluation.DataL1/L2DeFi

Often covered with

Bullet33 Hyperliquid113 Sui24 Celestia145 Sovereign Labs13 Ethereum36 Sei34 Aptos39

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