Solana is becoming the Bloomberg terminal in the crypto world built for high speed trading, chain complexity and large-scale yield throughput.
Author: arndxt
Editor: Tim, Pannus
I know this is not what you want to say, but I’ll say it anyway.
Solana is becoming the Bloomberg terminal in the crypto world built for high speed trading, chain complexity and large-scale yield throughput.
Three data support my views:
The launch platform is currently based on SaaS. Letsbonk exceeds Pumpfun, with graduation rates and entry into liquidity pools, with daily revenues exceeding US$1 million. The creator’s loyalty is lost, and the retention weighted GMV becomes a new moat. Tokenized stocks are core collateral. This allows for 24/7 liquidity, modular margins and capital unlocking of private markets. The real market potential lies in the distribution of Reipo Fair. Solana has a diverse revenue structure. Second quarter revenue was $570 million, accounting for 46% of all public chains. Its revenue comes primarily from decentralized applications, robotic services, launchpads and production tools.
1. From PMF launch platform competition to actual combat testing
Letsbonk’s highlight moments are more than just digital competition.
Market share has reversed. On July 5th, the launch of new tokens accounted for 66% of the total market, while the PumpFun platform accounted for just 26%.
The quality of the fund is more important than the size of the fund. The Letsbonk platform has a graduation rate of around 60%, while Pumpfun has a graduation rate of just 31%.
Monetization: Daily revenues fell from about $0 to over $1 million, with pumps falling to $500,000. になったんです。 English: The first thing you can do is to find the best one to do.
My thoughts
Holding weighted GMV is a real moat. Graduation rates are basically the net profit retention indicator for the launch platform. Anyone who can institutionalize it first will beat the enterprise-level API integrated market (such as Telegram Robots, One-Coin Issuance SDK).
PumpFun accounts for the majority of creators’ mindshare (a cumulative revenue of around $700 million), but the Letsbonk platform proves that users’ conversion costs are close to zero. Pumpfun’s next user churn wave may not be natural, but it may be artificially planned. I imagine a top influencer offering a “24-hour replacement list” guaranteed service.
Project Scale Evaluation: Even with a stable revenue stream of $1 million per day, annual revenue can reach $100 million. The profit margin for the Solana infrastructure is around 80%, and although the protocol is only online for a year, it already presents a SaaS-level economic model. Even if dramatic fluctuations are ruled out, the valuation of $1 billion to $200 million remains valid based on 10-15 times the advance sales.
User minds are not truly owned and are rented, as switching costs approach zero.
The PumpFun platform reached cumulative revenue of USD 700 million in just 18 months, but Letsbonk, who came from behind, took advantage of trading competitions and seized a large market share within three weeks.
A paradigm shift in incentives means:
The loyalty of a creator is similar to the loyalty of a mercenary. Airdrop activities and “24-hour listings on the exchange” Internet celebrity promotion packages are enough to create a “jumpship” overnight for an entire group of creators. Defensive moats equal liquidity networking, not UI experience. PumpFun is expected to achieve linear pull-ups through native distributed exchange and liquidity provider bribery mechanisms, which increases exit costs.
Competitive strategy for newcomers: drives overinvestment in incentive strategies, tokens and everyday leaderboard visual effects, allowing monetization before the customer acquisition cost model is reset.
Funnel Economics suggests that while volume is easy to gain, graduation is king.
2. Tokenized inventory is a Trojan horse for introducing traditional financial liquidity
Tokenized inventory is more than just “Apple stocks on the blockchain.”
Open new class of collateral assets to cut back on traditional financial settlement delays to minutes, opening large private institution funding channels
The winning blockchain ecosystem must meet three core elements: a regulated token issuance mechanism, a sound oracle system, and a highly liquid permanent contract market. Winners become “Stripe Connect” level infrastructure in tokenized equity spaces, fully capturing value-increasing dividends.
Where is the “S-growth curve”?
XStocks and Robinhood Whitelist Synthetic Put Options on Apple ($aapl) on-chain convert non-current assets or private equity into configurable collateral.
Two basic structures that create tokenized inventory, not a mechanism, but a true value
3. Solana as a “revenue mechanism” for production and marketing chains
Solana’s second quarter revenue reached $570 million, accounting for 46% of the market share.
Ethereum: $213 million Tron: $165 million Vinance Chain: $150 million: Up to $75 million
You can see two facts:
The main application scenario for cryptocurrency is transaction as a service. Built for Professional Users: Professional Users drive profits and losses. After that, mainstream exchanges will enter the market for the public.
Why do “professional users” break “general people” in the field of encryption?
Solana optimizes the full lifecycle value of professional users, but centralized exchanges must bear the costs of KYC certification, FIAT currency channels and new user support.
Latency Arbitrage Loop: A 400ms trading session and near zero fees allow bots to update their orders dozens of times per second. All the small benefits are converted directly to protocol fees. Combinable leverage: With launching tokens → Instant AMM liquidity pool → Permanent contract mortgage, the entire process only takes a few minutes. The capital’s turnover speed is about one times higher than that of Ethereum L2. The network incentive mechanism is very consistent with the needs of whales. Professional users are willing to pay more, allowing them to build a liquidity foundation for their platform, thereby continually attracting and participating in a new generation of professional users.
Conclusion
Solana is committed to maximizing the lifecycle value of professional users, but centralized exchange costs KYC, Fiat Currency Channel maintenance and beginner support.
The fastest growing companies in crypto consider blockchain as a high-speed rail for the capital market.
