Solana kept growing with more institutional investors getting involved. SOL's price rose 35% this quarter, beating Bitcoin's 6% but behind Ethereum's 67%. The increase was a result of increased institutional interest and companies starting to hold SOL in their treasuries.
Solana’s onchain fundamentals remained strong in Q3 despite cooler speculative activity. Daily active wallets averaged about3.1 million, reflecting a resilient user base.
DEX trading volume reached roughly $360 billion for the quarter, slightly higher than Q2, well ahead of Ethereum, and far above prior-year levels.
Transaction fees and validator revenue have settled at healthy, sustainable levels after last year’s surge, signaling a shift toward steady, utility-driven network activity. Year-to-date, Solana’s real economic value reached $1.3 billion, up 124% year over year—demonstrating meaningful growth at scale.
Stablecoin adoption continues to accelerate. Solana’s stablecoin market cap surpassed $10 billion by quarter-end, nearly200% higher year over year. Usage is growing even faster, with stablecoin transaction volume up 73% quarter over quarter and 357% year over year.
While Ethereum remains the leader by market cap, Solana is growing issuance and volume faster, supported by expanding adoption of PayPal USD, USDC, and USDm—positioning Solana as a leading payment and settlement layer for tokenized dollars.
Developer momentum remains strong, with Solana attracting more new developers than most other blockchain. Activity is expanding beyond trading and memecoins into enterprise and DePIN use cases, signaling the platform’s next growth phase. Solana also continues to lead asset issuance with an 83% share.
Q3 marked a breakout for Solana-based digital asset treasuries (DATs) as public companies began adopting SOL as a reserve asset. Over $2.5 billion in financing was announced across several vehicles, applying the MicroStrategy model to Solana by using equity capital to accumulate SOL and generate yield through staking and DeFi.
DATs can become a core pillar of Solana’s market structure by providing permanent capital, supporting the network, and introducing Solana to public-market and institutional investors who prefer equity exposure over direct token ownership.
SOL rose steadily during the quarter, increasing from $147 to $209 and briefly peaking at $248. Despite volatility, Solana has outperformed most altcoins year to date and remains one of the strongest-positioned Layer 1s, outperforming Bitcoin while trailing Ethereum.
As we enter the final quarter of 2025, Solana is as well positioned as it has ever been. The launch of spot Solana ETFs marks a major milestone, expanding institutional access and improving liquidity across the ecosystem.
We expect issuers such as Fidelity, Bitwise, and Grayscale to further increase awareness among both institutional and retail investors.
At the same time, digital asset treasuries are emerging as a durable new source of institutional demand for SOL. As more public vehicles launch and scale in 2026, these treasuries are expected to complement ETF inflows by providing permanent, yield-generating capital that strengthens Solana’s liquidity and market depth.
This letter is for informational purposes only and does not contain all information pertinent to an investment decision. Nothing in this letter constitutes an investment recommendation or an offer of investment advisory services. This letter cannot be relied upon in making an investment decision. Nothing contained herein constitutes an offer to sell, or a solicitation to buy, any securities. This letter contains information Solana Company believes to be reliable, and has been obtained from sources believed to be reliable, but Solana Company makes no representation or warranty (express or implied) of any nature, nor accepts any responsibility or liability of any kind, with respect to the fairness, accuracy, completeness, or reasonableness of the information or opinions contained herein. Analyses and opinions contained herein (including market commentary, statements or forecasts) reflect the judgment of Solana Company as of the date this letter was published and may contain elements of subjectivity (including certain assumptions) or be based on incomplete information. Investment decisions cannot be based solely on the graphs and/or charts presented herein.
.svg)
© 2025 solana company. All Rights Reserved.