Solana’s price may have cooled, but the network itself is firing on all cylinders — driven in large part by a booming real-world asset (RWA) ecosystem and surging derivatives activity. RWA momentum - Despite SOL trading near $85, Solana’s tokenization narrative is accelerating. The network’s official X account reports tokenized assets on Solana have climbed to a new all-time high of more than $2.8 billion. - That milestone underscores growing demand to bring traditional financial products — treasuries and other yield-bearing instruments — onto-chain. Solana’s appeal for issuers and devs lies in its high throughput and low fees, which help scale institutional use cases. Perpetuals heat up - Derivatives activity on Solana is expanding fast. On-chain analyst David Alexander highlighted that total perpetual (perp) volume on the network has jumped to roughly $20 billion, second only to Hyperliquid (HYPE) at about $42 billion. - However, open interest on Solana perps remains relatively modest at $223 million versus HYPE’s $9 billion, suggesting much of the activity is high-frequency or short-term trading rather than long-term leveraged positions. - A substantial share of Solana’s perp flow is coming from GMTrade, an RWA-focused perp DEX, which accounted for roughly $16 billion. Other contributors include Pacifica ($2.9 billion) and Jupiter Exchange ($1.3 billion). - Solana also posted a record single-day perp volume of over $4.7 billion — a roughly +500% month-over-month jump — with SOL representing about 21% of all perp activity (HYPE at 36%). Rising perp volume often signals increasing market interest and liquidity during volatile, high-velocity periods. What it means - The data point to an ecosystem maturing beyond speculative price moves: tokenization and institutional-oriented products are bringing real economic value on-chain, while derivatives markets deepen liquidity and trader engagement. - Still, the disparity between volume and open interest implies that the market is currently skewed toward turnover rather than large, entrenched positions. Price snapshot - At the time of reporting, SOL was trading around $85, up roughly 0.41% over 24 hours, with trading volume ticking up about 1.61%. Bottom line: Even with sideways to downward price action, Solana’s on-chain activity — particularly in RWA tokenization and perp trading — is gaining steam, positioning the network as a notable hub for bringing traditional financial assets and advanced trading products into crypto.
Solana's RWA Surpasses $2.8B, Perp Volume Nears $20B
ChainGPTShare
Summary
Solana’s real-world asset (RWA) tokenization has hit over $2.8 billion, with trading volume on perpetual contracts nearing $20 billion. GMTrade accounts for roughly $16 billion of that trading volume. Transaction volume remains strong, reflecting heightened on-chain activity. Open interest stands at $223 million, while SOL trades near $85, up 0.41% in the past 24 hours.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.