ChainCatcher report, according to Bloomberg, Solana is attempting to shift from a growth model reliant on meme coins and speculative trading toward more mainstream financial applications such as stablecoins and tokenized assets, in an effort to attract adoption by Wall Street institutions. Currently, financial institutions including JPMorgan Chase, Morgan Stanley, and Standard Chartered, as well as payment networks like Visa and Fiserv, are already conducting related business on the network. However, amid a sluggish crypto market and rising competition from platforms like Hyperliquid, Solana faces challenges in transitioning its growth model. Data shows that SOL has declined nearly 20% this year, and U.S.-listed spot and staked SOL ETFs have experienced consecutive two-week outflows totaling approximately $50 million. Meanwhile, Solana’s share of on-chain perpetual contract trading volume has dropped from 17% to 6%.
Solana Seeks Wall Street Expansion Amid Declining Reliance on Meme Coins
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Summary
Solana is striving to expand on Wall Street as it shifts away from a meme coin-driven growth model. The network is now focusing on stablecoins and tokenized assets to attract institutional interest. JPMorgan, Morgan Stanley, and Visa are already active on the chain. However, a weak market and increasing competition are creating headwinds. SOL is down nearly 20% year-to-date, with ETFs experiencing $50 million in outflows. The Fear & Greed Index remains bearish, and altcoins to watch include rivals such as Hyperliquid. Solana’s share of futures trading has declined to 6%.
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