2026-01-07 03:26:45

The annual report of the Solana Foundation indeed presents issues of selective disclosure. As an ecosystem participant, I am concerned about several core problems facing Solana.

**Fake Prosperity in Memecoin Trading Volume**. Year-over-year data appears to show growth, but monthly and weekly figures indicate a clear decline in trading volume, with the number of participants in trading dropping off sharply. This delayed effect could cause significant negative impacts next year.

**Vulnerability of the Ecosystem Revenue Structure**. Major projects on Solana with revenues exceeding $100 million, whether launchpads or DEXes, essentially rely on memecoin trading. In contrast, new sectors like prediction markets, RWA, and AI still lag behind other competing chains. Additionally, the lock-up mechanisms of launch platforms lock a large amount of SOL, reducing circulating supply, but the growth rate of TVL is also slowing significantly, which is unfavorable for SOL’s inflation pressure.

**Poor Performance of Financial Products**. The SOL ETF has a size of about $1.5 billion, and the total locked value of token stocks is less than $4 billion. The growth momentum is clearly weak, and the foundation’s annual report surprisingly does not mention this separately, which itself indicates a problem.

**Continuous Loss of Market Share in Stablecoins**. Compared to the beginning of the year, Solana’s stablecoin market share has dropped from 5.27% to 5.19%, and its monthly trading volume share has fallen from the 12-40% range to 4%, dropping from first place to fifth. This change is quite alarming.

**Main Drivers of Data Distortion**. The annual data has been largely inflated by the wave of token issuance sparked by Trump’s crypto hype at the beginning of the year. This set of data does not accurately reflect the true operational state of the Solana ecosystem.

SOL-1%

MEME0,63%

TRUMP-0,55%

RWA-1,99%

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bridgeOops

· 01-10 01:21

Playing with numbers in the annual report, this routine is so old-fashioned The cliff-like drop in memecoin trading volume is really heartbreaking, no wonder the ecosystem's popularity is cooling down Stablecoins dropping from first to fifth? That’s quite shocking, it feels like they are being overtaken by polkadot and other chains The lock pool mechanism doesn’t seem to solve the inflation problem; instead, it has dragged down the TVL Solana should think about how to develop the RWA and AI tracks, rather than relying on memecoin to survive, right?

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OldLeekMaster

· 01-09 23:25

Wait, SOL stablecoin dropped from first to fifth place? How outrageous is that... The foundation report actually avoided mentioning it, no wonder it's being scrutinized.

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MysteryBoxBuster

· 01-08 11:32

Damn, the hype around memecoin is just虚的, now looking at the monthly data, it's clear it's going to cool down The Sol ecosystem structure is really fragile, relying entirely on memecoin to support it From the first drop to the fifth? The stablecoin sector has indeed崩了 The wave of Trump tokens at the beginning of the year directly pushed the data to the max, now it all seems幻觉 ETF 1.5 billion USD, not even worth mentioning, is the foundation throwing the blame? TVL slowdown is just the beginning, circulation is locked up, which is quite uncomfortable for Sol Listen to the prediction markets and RWA, other chains are taking off, why is Sol still relying on old tricks?

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TrustMeBro

· 01-07 03:53

Listen, the data speaks for itself... The hype around memecoin has long passed, and they're still talking about growth? That's funny. The AI and RWA projects on the neighboring chain have already taken off, while Sol is still stuck in the old memecoin game. Who can believe that? The ETF size of 1.5 billion USD... they don't even dare to mention it, which says everything. Stablecoins have dropped from first to fifth place, such a big drop is no joke. The Trump effect at the beginning of the year inflated the data to a crazy high, but now that reality has set in, how do they continue? That's the question. The foundation reports selectively, I just pretend I didn't see that annual report. Sol's ecosystem structure is too simple, and that's the real problem.

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WhaleWatcher

· 01-07 03:51

Annual reports are really a joke; all the data is inflated by the meme hype. Now that the buzz has cooled down, all the flaws are exposed. This ecosystem has always been overly dependent on memecoin, with the top projects relying entirely on this niche. When the trend shifts, they disappear immediately—too fragile. The ranking of stablecoins dropping from first to fifth? If it weren’t for deliberate concealment, I wouldn’t believe it. The foundation’s selective presentation is quite obvious. I can clearly see the cliff in memecoin trading volume; the weekly data has long been broken. Next year’s impact could be significant, but it’s hard to say.

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DaisyUnicorn

· 01-07 03:50

The wave at the beginning of the year was indeed a bubble. Now looking at the memecoin trading volume plummeting, many top projects are all caught in this situation. How fragile is this ecosystem... Wait, stablecoin rankings dropped from first to fifth? That's the most alarming sign, indicating that real funds are fleeing .

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PancakeFlippa

· 01-07 03:40

Speaking of the wave of TrumpCoin hype earlier this year, it indeed pushed the data very high. Looking back now at the foundation's report, this selective presentation is really a bit hard to swallow.

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AirdropBuffet

· 01-07 03:37

The core is that the memecoin trend is no longer blowing, and the annual report data is all supported by Trump Coin.

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