solana at $293 had zero U.S. banks settling on it, fewer transactions, less stablecoin float, and no commodity tag. at ~$87 it has two U.S. banks live for USDC settlement, 10.1b tx in Q1 (a record), ~$14.6b in stables (up 167% YoY), and SEC/CFTC commodity status. ATH pricing was pure hope; today’s pricing is being applied to a network that no longer exists in that form. ~425m SOL is staked at two‑year highs. the FTX overhang is down to ~$16m a month. firedancer and alpenglow are hitting mainnet this quarter. the market is still valuing SOL like it’s 2023 and hasn’t updated the model for what actually shipped. // zero illusion
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