#Messari just dropped the State of #Solana Q4 2025. Here's what stood out. Numbers look quiet on the surface. Fee payers down 20%, REV down 53% QoQ. But zoom out: institutions didn't slow down. J.P. Morgan did its first debt issuance on Solana. BlackRock's BUIDL hit $255M on-chain. Six SOL ETFs pulled in $1.0B in cumulative flows. App revenue per dollar of network spend actually went up. That's a lot of dry powder sitting on-chain. And #Alpenglow, which cuts finality from 12.8 seconds to under 150ms, hasn't even launched yet.
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