forget $SOL price for a second because the real story is in the data: > tokenized asset volume more than doubled to a record $5.8B > tokenized equities up 4x to $4.8B, accelerated by SpaceX's tokenized IPO > 7 of 29 globally systemic banks now live on Solana, led by JPMorgan & Citigroup > SOL ETPs absorbed $120M in net inflows, even as BTC & ETH ETPs bled billions revenue is still resetting from memecoins: > network revenue fell 43% QoQ > application revenue fell 31%, lowest since Q1 2024 > DEX volume down 44% QoQ, though it rebounded 26% in June on tokenized-asset activity speculative revenue is repricing, which I think is a good thing long-term as real utility comes more onchain settlement demand (stablecoins, tokenized equities, institutional infra) is growing through the same conditions that's the difference worth watching 👀