Solana's onchain activity has significantly decreased following over $1.6 billion in long liquidations, leading to a risk-off sentiment in the market. According to Solanafloor, daily token launches plummeted by 40.47% to 30,300 on September 22, and trading on Pump.fun dropped from $770 million to $229 million. Despite these declines, decentralized exchange (DEX) volumes have remained stable, with memecoins now representing only 10% of the market share. In contrast, traditional finance (TradFi) inflows into Solana-based products have increased, reaching $127 million. Notably, REX Osprey's $SSK ETF attracted $27 million in new capital. Additionally, publicly traded companies like Galaxy and Forward Industries are moving towards tokenizing stocks onchain, indicating a shift towards more mature onchain markets.
Solana Onchain Activity Declines Amid $1.6B Liquidations, TradFi Inflows Surge
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