SOL Weekly Intelligence — August 10–16, 2026
Every week we answer the same five questions about the Solana ecosystem. The fixed format keeps us honest — you can compare any week directly against any other and see what is actually changing, rather than what is loud. At the end you will find a health check and a week-over-week change table.
How to read this brief
Each question gets a direct answer first, then the data behind it. Answers are intentionally short: the format is built for comparability, so the value is in the trend between weeks, not in any single week's prose.
Network — How active is the network?
Very active, and accelerating. Non-vote transactions totaled 352M for the week (+6.3%), peaking at a record 58M in a single day. Active addresses rose to 2.4M (+9.1%) and new addresses to 342K (+10.0%). Average TPS (network-wide, including validator votes) settled around 4,120.
- Record single-day throughput: 58M non-vote transactions, absorbed with zero congestion.
- Active addresses (7d): 2.4M — highest since May 2026.
- New addresses: 342K (+10%) — onboarding, not just re-engagement.
- Network health: 100% uptime, no incidents, no missed-slot streak.
Stablecoins — How is USDC performing on Solana?
Strongly. USDC supply rose to $9.1B (+4.6%), the highest since early 2025, and total stablecoin supply reached $10.2B. USDT on Solana is stable at ~$0.9B. Growth is being driven by exchange settlement and a new payments corridor — not speculation.
| Asset | Supply | 7d change | Role |
|---|---|---|---|
| USDC | $9.1B | +4.6% | Settlement, payments, DeFi collateral |
| USDT | $0.9B | Flat | Arbitrage and CEX flows |
| Others | $0.2B | Flat | Niche and emerging issuers |
USDC's share of the stablecoin stack rose to 89.2%. The next level to watch is $10B total — if USDC breaks that, it will be the first time since late 2024, and it will confirm the payments thesis rather than just the trading thesis.
DeFi — What happened in the DeFi ecosystem?
A busy week across the board. DEX volume rose 11.3% to $12.8B, perps volume rose 6.2% to $8.6B, TVL recovered to $9.4B, and restaking TVL jumped 12% to $1.3B on Kamino and Sanctum combined.
- DEX: Jupiter shipped a routing-engine upgrade; Raydium and Orca liquidity stable.
- Perps: $8.6B weekly volume — steady, not euphoric.
- Restaking: +12% w/w — the fastest-moving corner of the ecosystem.
- Lending: TVL up ~7.4% to ~$2.9B, following the broader market.
Sub-sector breakdown
| Sector | Volume / TVL | 7d change | Reading |
|---|---|---|---|
| DEX (spot) | $12.8B vol | +11.3% | Leading the move |
| Perps | $8.6B vol | +6.2% | Steady follow |
| Lending | ~$2.9B TVL | +7.4% | In line with market |
| Restaking / LST | $1.3B TVL | +12.1% | Fastest mover |
| Liquid staking share | ~7% of staked | +0.2 pp | Slow structural drift |
The restaking number deserves attention: 12% weekly growth on top of a rising market can be airdrop-chasing or the start of a real trend. We will know more in two to three weeks when early incentive-seeking deposits either stick or rotate out.
Fees & Staking — What happened in the fee and staking market?
Fee markets tightened. Average priority fees rose 25% to ~0.0001 SOL and Jito MEV tips jumped 40% to $0.7M for the week — congestion-driven validator income. Staking stayed at 65.1% with blended APY at 7.1%.
| Metric | This week | Last week |
|---|---|---|
| Avg priority fee | 0.0001 SOL | 0.00008 SOL |
| Jito tips (7d) | $0.7M | $0.5M |
| Network fees (7d) | $6.9M | $5.9M |
| Staking rate | 65.1% | 64.8% |
| Blended APY | 7.1% | 7.2% |
Rising priority fees funded by real activity is the healthy version of tightening. If fees stay elevated while activity rolls over — congestion without usage — that would be the version worth worrying about. Right now it is the former.
Outlook — What deserves attention next week?
- SEC formal acknowledgment of the amended SOL ETF S-1s — the 19b-4 clock matters more than the S-1 itself.
- Whether daily non-vote transactions hold above 55M or revert to the ~50M baseline.
- Restaking vault flows after the 12% jump — early deposits often chase incentives and can reverse.
- Jupiter's routing upgrade going fully live — watch DEX volume and large-order slippage.
- The public disclosure from the patched lending protocol — useful for the wider DeFi community.
- No major linear unlocks are scheduled on Solana next week, which removes a common volatility source.
Watchlist
| Event / metric | Why it matters | Signal to look for |
|---|---|---|
| SEC acknowledgment | Starts the ETF review clock | Formal 19b-4 docket entry |
| Non-vote tx baseline | Tells us if the record was a step-change | Holds above 55M/day |
| Restaking flows | Distinguishes trend from airdrop-chasing | Net deposits continue in week 2 |
| Jupiter volume share | Measures routing-upgrade impact | DEX share rises 1-2 pp |
| Lending-bug disclosure | Public lesson for DeFi | Details released, no funds at risk |
Overall: constructive. The combination of a live ETF catalyst, record usage and stable staking flows is rare — the main thing that could disrupt it is macro, not on-chain.
Health check
| Dimension | Signal | Status |
|---|---|---|
| Network activity | Record throughput, zero incidents | Green |
| Stablecoins | USDC +4.6%, payments-driven | Green |
| DeFi | TVL +5.6%, DEX volume +11.3% | Green |
| Fee market | Tightening with usage, not congestion | Green |
| Staking | 65.1%, APY stable | Green |
| Regulatory | ETF filings moving forward | Amber (watch the clock) |
| Meme concentration | Record day driven by launchpads | Amber (monitor) |
Six green, two amber, zero red. The ambers are both watch-items rather than problems: the ETF clock and the concentration of activity in launchpad traffic. Both are covered in the watchlist above.
Changes versus last week
| Indicator | Last week | This week | Direction |
|---|---|---|---|
| Non-vote txs (7d) | 331M | 352M | Up |
| Active addresses | 2.2M | 2.4M | Up |
| TVL | $8.9B | $9.4B | Up |
| DEX volume (7d) | $11.5B | $12.8B | Up |
| USDC supply | $8.7B | $9.1B | Up |
| Avg priority fee | 0.00008 SOL | 0.0001 SOL | Up |
| Jito tips (7d) | $0.5M | $0.7M | Up |
| Staking APY | 7.2% | 7.1% | Flat-to-down (noise) |
| SOL price | $178.84 | $187.42 | Up |
Nine indicators, eight up, one flat-to-down. Directionally this is the cleanest week-over-week table of the month — and it is consistent, which is what makes it meaningful. Single metrics can move for noise; nine moving together is a trend.
What does 'non-vote transactions' exclude?
It excludes consensus votes cast by validators, which make up the majority of raw Solana transaction counts. Non-vote transactions represent actual user and application activity — the number that matters for usage.
Is a rising priority fee bearish?
Not by itself. It means more users competing for blockspace, usually a demand signal. It only becomes a concern if fees stay elevated while activity rolls over — congestion without usage.
Why track Jito tips separately?
Tips are the measurable part of validator MEV income. They tell you how much of Solana's fee economy is driven by timing-sensitive trading (arbitrage, liquidations, launches) rather than ordinary settlement.
What would make you change the outlook to bearish?
Two consecutive weeks of declining stablecoin supply, TVL rolling over while price rises (leverage-driven), or the SEC formally delaying ETF timelines.
Why do you answer the same five questions every week?
Comparability. A fixed format means any two weeks can be placed side by side and the differences are immediately visible — that is more valuable for research than bespoke prose each week.
What does 'amber' mean in the health check?
Amber means 'watch, not worried': the item deserves attention but does not yet change the thesis. Items move from amber to red only when they persist across multiple weeks.
Need on-chain energy without the price tag?
Rent TRON Energy at Tronsell →A service we run and trust: a ~400M TRX self-operated energy pool, with 60-90% savings versus on-chain energy costs.