SOL Weekly Intelligence — August 24–30, 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, at a sustained elevated baseline. Non-vote transactions totaled 374M for the week (+2.2%), with a daily peak of 56M — steady, with no single day dominating. Active addresses rose to 2.6M (+4.0%) and new addresses to 382K (+3.8%). Average TPS (network-wide, including validator votes) settled around 4,230.
- Baseline held: no day below 49M, all week in a 49M-56M band.
- Active addresses (7d): 2.6M — the highest reading since May 2026.
- New addresses: 382K (+3.8%) — onboarding, not just re-engagement.
- Network health: 100% uptime, no incidents, no missed-slot streak.
Stablecoins — How is USDC performing on Solana?
Strongly, for a fourth straight week. USDC supply rose to $9.7B (+3.2%), a new local high, and total stablecoin supply crossed $10.8B. USDT on Solana is stable at ~$0.9B. Growth continues to be driven by settlement and payments corridors — three new ones added this month — not speculation.
| Asset | Supply | 7d change | Role |
|---|---|---|---|
| USDC | $9.7B | +3.2% | 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 89.8%. The next level to watch is $10B USDC alone — a break would be the first time since late 2024 and would confirm the payments thesis rather than just the trading thesis.
DeFi — What happened in the DeFi ecosystem?
A steady, broad-based week with a milestone. DEX volume rose 5.2% to $14.1B, perps volume rose 6.6% to $9.7B, TVL reached $10.0B (first time since early 2025), and restaking TVL extended to $1.42B — re-accelerating to +5.2% after last week's deceleration.
- DEX: Jupiter's routing upgrade still showing in large-order flow; Raydium and Orca liquidity stable.
- Perps: $9.7B weekly volume — the fastest-growing sector, now with Kamino entering the venue set.
- Restaking: +5.2% w/w — direction positive, slope re-accelerating; trend intact.
- Lending: TVL up ~3.3% to ~$3.1B, following the broader market.
Sub-sector breakdown
| Sector | Volume / TVL | 7d change | Reading |
|---|---|---|---|
| DEX (spot) | $14.1B vol | +5.2% | Broad-based |
| Perps | $9.7B vol | +6.6% | Fastest mover |
| Lending | ~$3.1B TVL | +3.3% | In line with market |
| Restaking / LST | $1.42B TVL | +5.2% | Re-accelerating |
| Liquid staking share | ~7.2% of staked | +0.1 pp | Slow structural drift |
The restaking question now has several consecutive weeks of inflows behind it: after two stronger weeks and a decelerating week, this week grew a further +5.2% to $1.42B. The direction is up and the slope is back to compounding — if deposits stick through next week, we call it a durable trend rather than incentive-chasing.
Fees & Staking — What happened in the fee and staking market?
Fee pressure firmed modestly with volume. Average priority fees held at ~0.00008 SOL, Jito MEV tips rose 20% to $0.6M for the week, and network fees settled at $6.3M (+6.8%). Staking held at 65.7% with blended APY at 6.9%.
| Metric | This week | Last week |
|---|---|---|
| Avg priority fee | 0.00008 SOL | 0.00008 SOL |
| Jito tips (7d) | $0.6M | $0.5M |
| Network fees (7d) | $6.3M | $5.9M |
| Staking rate | 65.7% | 65.2% |
| Blended APY | 6.9% | 7.0% |
Rising fees on rising usage is the demand version of the fee story — it confirms last week's record-adjacent traffic was high-frequency, fee-sensitive activity rather than congestion, and that this week's growth came from ordinary economic activity. The thing to watch is the flip side: if fees stay high because activity fades without settlement growth replacing it, that is a concentration story, not a capacity story.
Outlook — What deserves attention next week?
- Whether the 45-day ETF clock stays unextended — an extension pushes the decision into Q1 2027.
- Whether SOL closes above $200 on volume — the breakout test after this week's rejected probe.
- Whether daily non-vote transactions hold above 52M — the new-baseline confirmation.
- Restaking flows into next week — trend solidification or a one-week re-acceleration.
- Whether more asset managers file staking-wrappers or join the ETF race.
Watchlist
| Event / metric | Why it matters | Signal to look for |
|---|---|---|
| 19b-4 comment clock | Sets the decision timeline | No extension request filed |
| SOL $200 level | The breakout test | Close above $200 on volume |
| Non-vote tx baseline | Confirms the step-change | Holds above 52M/day |
| Restaking flows | Trend solidification | Net deposits continue |
| New ETF entrants | Race broadening | Additional S-1 / wrapper filings |
Overall: constructive. The ETF process moved to active review, usage held at a new baseline, TVL reclaimed $10B, and fee pressure firmed with demand rather than congestion. The main risks are macro (a broad risk-off tape) and the fee-basis concentration on launchpad activity — both are watch-items, neither has flipped.
Health check
| Dimension | Signal | Status |
|---|---|---|
| Network activity | New baseline held, zero incidents | Green |
| Stablecoins | USDC +3.2%, payments-driven | Green |
| DeFi | TVL $10.0B, perps volume +6.6% | Green |
| Fee market | Firming with demand, no congestion | Green |
| Staking | 65.7%, APY stable | Green |
| Regulatory | 19b-4 comment letters filed; clock running | Amber (watch the clock) |
| Meme concentration | Launchpad share elevated but cooling | Amber (monitor) |
Five green, two amber, zero red. The ambers are both watch-items rather than problems: the ETF comment period 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) | 366M | 374M | Up |
| Active addresses | 2.5M | 2.6M | Up |
| TVL | $9.7B | $10.0B | Up |
| DEX volume (7d) | $13.4B | $14.1B | Up |
| USDC supply | $9.4B | $9.7B | Up |
| SOL price | $190.26 | $198.70 | Up |
| Avg priority fee | 0.00008 SOL | 0.00008 SOL | Flat |
| Jito tips (7d) | $0.5M | $0.6M | Up |
| Network fees (7d) | $5.9M | $6.3M | Up |
| Staking APY | 7.0% | 6.9% | Flat-to-down (noise) |
Ten indicators: eight up, one flat, one flat-to-down. The split is the message. Usage, price, TVL, stablecoins and volume all rose; fee metrics rose with demand rather than falling with capacity — both readings are healthy, and both are the opposite of the congestion narrative that dogged Solana in earlier cycles.
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 when usage is rising. It means more blockspace is being used by ordinary economic activity at a stable average priority fee — the demand story. It only becomes a concern if fees rise because activity is rolling over.
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), a close below $190, an ETF comment-period extension, or any formal setback in the review.
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.
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