The main dishes to remember:
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The perpetual soil -term financing rate has become negative, highlighting a lack of confidence among traders.
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Despite fundamental solids, institutional actors continue to avoid Solana due to the MEV concerns.
The native token of Solana, soil (soil), has not reached the level of $ 180 since the end of May, which has doubts among traders as to whether a bull in 2025 is still possible. The demand for long leverages on soil has dropped strongly, negatively affecting the feeling of the market.
On Monday, the rate of financing of perpetual soil term contracts has become negative, indicating that short (sold) positions are more requested. Since cryptocurrency merchants are generally optimistic about the price department, this change is relatively rare and signals a large lack of confidence among bullish investors.
Solana faces an increasing L2 competition
Some analysts argue that the competitive soil edge has been eroded by the rapid expansion of the Ethereum layer 2 ecosystem. Others highlight the more integrated user experience of Solana as a continuous force. While Sol has seen a drop after the same manner, new use cases have emerged.
Jito, currently the largest decentralized application in Solana (DAPP), has 17.92 million soil in total locked value (TVL), marking an increase of 12% since January. By providing maximum extraction value (MEV) and integrated decentralized financing services, Jito demonstrates that Solana continues to innovate and does not depend on the launching platforms.
Solana also has a 66.5%ignition ratio, which means that fewer soil chips are easily available for sale on exchanges. In comparison, less than 30% of the ether (ETH) is marked out on Ethereum, while the Cardano ADA has a 58% implementation rate. The current level of annualized soil -annualized yield of 7.3% offers strong incentives to chip holders in order to put their parts.
The income of the Q2 of Solana exceeded Ethereum and Tron
According to an article on X of Solanafloor, Solana led all blockchains in network revenues for the third consecutive quarter.
In the second quarter of 2025, Solana generated $ 271.8 million in income, 64% higher than TRON and more than $ 129.1 million from Ethereum. The domination of Solana also shows in its DAPP activity, users spending $ 460 million in 30 -day costs. This reflects a healthy ecosystem and encourages developers to rely on the platform.
Despite continuous criticism of failed transactions and the high concentration of activities, these are the result of deliberate design decisions and represent optimization opportunities rather than structural weaknesses. If the BOT activity alone influenced volumes, there would be little justification for the $ 62.6 million in network fees paid in June.
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Vlad Tenet, CEO of Robinhood, would have said that the construction of Solana had been dismissed due to Mev’s concerns, adding that they wanted “a complete validator”. X The Forrestorwood User Duration noted that Coinbase and Robinhood opted for maximum control, preferring transaction control guarantees on their own L2. “”
If these complaints have true institutions and large institutions continue to bypass Solana, this could cap the advantages for soil. These concerns help to explain the interest of discoloration for upward soil positions with leverage and are ultimately linked to the roller incentive Ethereum with extremely low data costs.
The critical question for soil holders is whether Ethereum will eventually abandon its predatory pricing model and be forced to compete on an equal footing. For the moment, the chances of recovering the level of $ 180 remain thin.
This article is for general information purposes and is not intended to be and must not be considered as legal or investment advice. The points of view, the thoughts and opinions expressed here are the only of the author and do not reflect or do not necessarily represent the opinions and opinions of Cointellegraph.
