Solana is becoming the high-speed trading hub of the encryption world

Solana is gradually becoming the high-speed trading hub of the encryption world, designed for fast transactions, on-chain composability, and large-scale yield processing. The following three key data points support this view:

1. The SaaSization of launch platforms: Emerging platforms have surpassed established ones, achieving a 60% success rate and entering liquidity pools, with daily revenues exceeding $1 million. Creator loyalty is declining, and retention rates and trading volumes have become new competitive advantages.

2. Tokenized stocks become core collateral: they bring around-the-clock liquidity, modular margining, and capital unlocking to private markets. The real market potential lies in the circulation of relisted equity.

3. Solana's revenue structure is diversified: In the second quarter, revenue reached 570 million USD, accounting for 46% of all public chain revenue. The main sources of income include decentralized applications, robot services, launch platforms, and productive tools.

New Landscape of Launch Platforms

The rise of emerging platforms is not just a digital game:

• Market Share Reversal: On July 5th, the token issuance of the new platform accounted for 66% of the total market, while the established platform only accounted for 26%.
• The quality of funds is better than scale: the new platform has a success rate of about 60%, far higher than the 31% of established platforms.
• The ability to monetize has significantly improved: daily income grew rapidly from nearly zero to over $1 million, while established platforms declined to $500,000.

Market Insights

Retaining high-value trading volume is the true competitive barrier. The project success rate essentially reflects the net revenue retention rate of the launch platform; whoever can institutionalize it first will win the enterprise-level API integration market.

Although established platforms still occupy a large share of creators' minds (with cumulative revenue of about $700 million), new platforms have proven that the cost of user migration is close to zero. The next round of user attrition may be planned, such as top influencers offering "24-hour listing exchange" guarantee services.

Project Valuation: Even with a daily revenue stabilizing at 1 million dollars, the annual revenue can reach 100 million dollars. With a profit margin of about 80% on the Solana infrastructure, this protocol, which has only been online for a year, has already demonstrated a SaaS-level economic model. Even excluding extreme volatility factors, based on a 10-15 times forward sales calculation, a valuation of 1-2 billion dollars is still possible.

The near-zero conversion cost indicates that users' mindset is temporary rather than a long-term ownership. Established platforms accumulated $700 million in revenue within 18 months, but new platforms captured a large market share in less than three weeks.

The reform of the incentive mechanism means:

• Creator loyalty is unstable, and airdrop events and the "24-hour listing exchange" promotional packages may lead to quick shifts among creators.
• Defensive competitive barriers rely on liquidity networks rather than user interface experience. Established platforms are expected to improve user retention through native decentralized exchanges and liquidity provider incentive mechanisms.

Competition strategy for newcomers: Invest heavily in incentive measures, promote leaderboard effects centered around tokens and days, and achieve profitability before resetting the customer acquisition cost model.

From the perspective of funnel economics, gaining trading volume is relatively easy, but project success is the key.

Tokenized Stocks: A New Entry Point for Liquidity in Traditional Finance

Tokenized stocks are not just stock mirrors on the blockchain; they:

• Reduce traditional financial settlement time to minutes.
• Created a new category of collateral assets
• Provides new financing channels for large private institutions

The ultimately successful blockchain ecosystem needs to have three core elements: a regulated token issuance mechanism, a sound oracle system, and a highly liquid perpetual contract market. The winner will become the infrastructure in the field of tokenized equity, fully capturing value growth opportunities.

realization of value of tokenized stocks

Some platforms have put the synthetic put options of Apple Inc. ($AAPL) on-chain, while converting illiquid assets or private equity into composable collateral.

Two fundamental structures that realize the true value of tokenized stocks:

1. 24/7 liquidity
2. Modular Margin

Solana as an encryption ecosystem's revenue engine

Solana's revenue for the second quarter reached $570 million, accounting for 46% of the market share. The revenue of other major public chains is as follows:

• Ethereum: $213 million
• TRON: $165 million
• Binance Chain: 150 million USD
• Others: Up to $75 million

This reflects two facts:

1. The main application scenario of cryptocurrency is still trading services.
2. Built for professional users: Professional users drive profit and loss; mainstream exchanges will lead public participation in the future.

The reason driven by professional users

Solana optimizes the full lifecycle value for professional users, while centralized exchanges must bear the costs of identity verification, fiat channels, and new user support.

• Delayed arbitrage loop: A trading period of 400 milliseconds and extremely low fees allow the bot to refresh orders dozens of times per second; each minor advantage is directly converted into protocol fees.
• Composable Leverage: From launching tokens to establishing liquidity pools and then to perpetual contract collateral, the entire process only takes a few minutes. The capital turnover speed is far higher than that of other public chains.
• The network incentive mechanism is highly aligned with the demands of large traders: professional users are willing to pay higher fees, have a lower churn rate, and can establish a liquidity foundation for the platform, continuously attracting a new generation of professional users to join.

Conclusion

Solana is committed to maximizing the full lifecycle value of professional users, while centralized exchanges bear the costs of identity verification, fiat channel maintenance, and novice support.

The fastest-growing companies in the encryption field view blockchain as a high-speed channel for capital markets.