Crypto news

The past week was a landmark one for the Solana ecosystem: the blockchain captured a dominant 95% of all tokenized stock trading volume across all networks. The total transaction volume reached a record $1.29 billion, exceeding the combined figure for the entire previous month. The main catalyst for this surge was the launch of the SPCX token, tied to the initial public offering (IPO) of SpaceX.

Growth Driver: The SPCX Token and Interest in Space Assets

Tokenized stocks are digital representations of traditional securities on the blockchain, allowing investors to access markets without intermediaries. SPCX, linked to one of the most anticipated IPOs in history, attracted significant liquidity and speculative capital. This instrument became the primary engine of the weekly record, demonstrating how event-driven triggers can radically alter the structure of activity in DeFi.

Contrast with SOL's Fundamental Metrics

However, despite impressive results in the tokenized asset segment, the dynamics of the SOL token itself remain weak. The asset's price is more than 75% below its all-time high of around $295. The total value locked (TVL) on the Solana network holds steady at around $5.7 billion, whereas in September 2025, this figure peaked at approximately $13 billion. This indicates a significant outflow of capital from traditional DeFi protocols.

Analyst Opinion: Divergence or Temporary Phenomenon?

A clear divergence is observed: the niche market for tokenized stocks shows explosive growth, while the network's core metrics and the price of the native token are in a depressive phase. Traders are actively debating whether SOL has formed a local bottom, but I believe that the current activity is more of a short-term speculative spike tied to a specific event, rather than a signal for a fundamental reversal. For a sustainable recovery, Solana will need not only the success of individual projects but also a renewed inflow of liquidity into its base protocols.