Author: Nancy, PANews
Recently, the crypto market has once again been shrouded in coldness, with Bitcoin briefly falling below the $60,000 mark, and mainstream crypto assets generally weakening.
In contrast, Solana has shown a relatively independent market trend, rising approximately 14.9% in the past week. The price increase is driven by a partial recovery in the ecosystem and upgrades in on-chain governance.
The ecosystem shows signs of warming, with both RWA and Meme coins heating up
Recently, the Solana ecosystem has released signals of warming, especially in the tokenized stocks and Meme coins sectors.
In the RWA field, RWA.xyz data shows that as of July 3, the number of wallets holding RWA on the Solana chain has exceeded 293,000, accounting for about 31.1% of the total network, ranking first among all public chains, while Plume and Ethereum rank second and third with approximately 248,000 and 205,000 wallets, respectively; at the same time, the number of RWA assets on the Solana chain has reached 2,119, also ranking first, surpassing mainstream public chains such as Arbitrum, Ethereum, and BNB Chain.
However, from the perspective of asset scale, Solana still has substantial room for catch-up. Currently, the total value of RWA on its chain is approximately $3.55 billion, which still shows a considerable gap compared to Ethereum. But in terms of capital flow, over the past 30 days, the net inflow of RWA on the Solana chain has exceeded $1 billion, significantly surpassing Ethereum, BNB Chain, Arbitrum, Base, XRP Ledger, and Aptos, indicating that funds are currently flowing into the Solana ecosystem.
The growth of Solana's RWA market in this round is driven by the rapid expansion of the tokenized stock market.
According to the latest data from Blockworks, tokenized assets now account for about 10% of Solana's weekly spot trading volume, compared to only 1% at the beginning of the year, now becoming the second-largest trading category after Meme coins.
At the same time, the weekly trading volume of tokenized stocks on Solana has also reached an all-time high, breaking $1.42 billion, showing a 30.9-fold increase from the beginning of the year, capturing about 96% of the entire tokenized stock market's trading share. This growth is mainly attributed to the launch of the tokenized stock business by Backpack last month. Currently, Backpack has become the largest tokenized stock issuance platform on Solana, with its launched SPCX and MU tokenized stocks contributing approximately 95% and 99% of the trading volume on Solana, respectively.
On the other hand, the long-dormant Meme coin market is also starting to warm up.
Recently, crypto KOL Ansem publicly supported the similarly named Meme coin ANSEM, quickly igniting trading enthusiasm on the Solana chain’s "trench." Utilizing factors such as celebrity effect, high control (Ansem holds 65% of the total supply of tokens), and airdrop expectations, the market cap of ANSEM briefly exceeded $180 million in just a few days.
Dune data shows that as of July 3, Ansem has airdropped ANSEM tokens worth over $12.57 million to 979 addresses. At the same time, about 94.75% of ANSEM traders are in profit, further stimulating market sentiment.
Driven by the ANSEM trend, the activity level of the Solana Meme ecosystem has also rebounded. Taking Pump.fun as an example, Dune data shows that the number of tokens successfully graduating from this platform has reached a new high since April, with daily trading volume more than doubling compared to a month ago. Meanwhile, Blockworks data shows that the daily income of Solana ecosystem trading platforms such as Axiom, Phantom, GMGN, and Fomo has also hit new highs since February this year.
Solana’s on-chain governance welcomes key upgrades, 100,000 SOL can initiate proposals
Recently, the on-chain governance mechanism of Solana has been upgraded, further enhancing the decentralization of protocol decision-making and is expected to promote the further healthy development of the ecosystem.
On July 2, the Solana Foundation announced the official launch of the on-chain governance mechanism Solana Governance Proposals (SGP), allowing validators to submit, support, and vote on core protocol decisions through SGP, with the entire governance process completed on-chain, utilizing a staking-weighted voting mechanism validated by Merkle proofs.
According to the rules, any validator who receives at least 100,000 SOL delegated (approximately $800,000 at current prices) can initiate governance proposals, while previously, stakers mainly participated indirectly by delegating to validators. Voting weight will be calculated based on the amount staked, while delegators can cover the voting choices of their delegated validators, which enhances community participation to a certain extent and further lowers the governance threshold.
Before the launch of SGP, Solana's protocol governance mainly relied on the SIMD (Solana Improvement Documents) process.
Developers typically submit technical proposals on GitHub, which, after public community discussion and core developer review, are developed and released by the core team. Subsequently, validators autonomously decide whether to upgrade their node software, and when the proportion of actively staked validators running the new version reaches a sufficient threshold and the network is stable, the corresponding features will be officially activated in the specified Slot or Epoch through the Feature Gate.
This governance model essentially combines off-chain consensus with actual client adoption, effectively avoiding network splits caused by hard forks while maintaining a high iteration efficiency, but the community's direct participation level in significant governance matters is relatively limited.
It is worth noting that SGP will not replace SIMD; both will coexist with distinct roles. SIMD will continue to focus on protocol upgrades and technical improvements, while SGP will concentrate on important issues of ecosystem governance, providing a unified and transparent on-chain decision-making channel for the community and validators, further lowering the governance threshold. This clear division of governance roles enhances community participation and is conducive to maintaining the independence and efficiency of core protocol development.
To prevent governance resources from being consumed by low-quality proposals, Solana has also set thresholds; governance proposals must first go through the SGP process and gain support from at least 15% of the active staking amount to officially enter the on-chain voting phase, ensuring that the proposals reaching the voting stage have a certain basis of community consensus. Currently, the total staking amount on the Solana network is approximately 42.8 million SOL (accounting for about 68% of the total supply), meaning that a proposal needs approximately 6.42 million SOL in staking support to enter the voting phase.
In addition to the upgrade of the governance mechanism, Solana is also advancing the optimization of token economics, with proposals SIMD-550 and SIMD-553 expected to be implemented in 2026. These two proposals aim to raise the annual inflation reduction rate of SOL from 15% to 30%, and it is expected to reduce the issuance of approximately 18.9 million SOL over the next 6 years.
From the perspective of the entire ecosystem, the current recovery is still mainly concentrated in hot sectors. Whether in terms of on-chain active addresses or overall trading scale, there remains a significant gap compared to the peak of the last bull market, which indicates that the Solana ecosystem is still in a partial warming stage and is still somewhat distant from a full recovery.
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